It’s been over 6 months since the first reported cases of Coronavirus appeared in China. Millions of people have contracted this illness and approximately 500,000 people around the globe have died from it.
Lockdowns have become the norm as they are an effective way to reduce the spread and save lives. These have been sudden events that give you little time to prepare, you simply need to adapt. Thankfully, they appear to be working and the gradual easing is allowing life to return to a semblance of normality.
In fact, this is when it can be more difficult, especially for business owners. You need to get your business off the ground fast and start making a profit if you want it to survive post virus.
That means getting prepared now.
One of the biggest issues is the lack of cash coming into the business. It’s essential to afford supplier and staff payments. Without cash coming in you will struggle to meet your own commitments and may have to shut the business down.
Fortunately, there is a solution with invoice finance. You allow customers credit. But, instead of waiting for them to pay inline with their credit terms. You transfer the account to a third party. They pay you approximately 85% of the invoice value, the remaining 15% will be their charge. The advantage to you is instant cash, allowing you to push your business forward.
You can even use customer credit as a means to get more customers using you.
Alongside this, it’s a good idea to see what else you can do to improve cash flow. This may mean asking suppliers for more generous payment terms or perhaps trimming excess expenses.
When preparing to reopen your business you also need to be aware of the regulations, especially regarding masks and the number of people allowed in your business at one time. Ignoring the regulations will place people at risk. It will also increase the potential for you to get a fine, which will seriously hamper your business recovery.
It’s also important to consider the hygiene changes which need to be incorporated into your reopened business. Maintaining hygiene is essential to preventing a new wave of COVID-19 which could really damage your business. You’ll also have to consider the social distancing rules for your staff and customers.
Consider The Crisis
With so many businesses closed there will be specific items that people are more likely to purchase after lockdown. Consider if the production of your normal goods can be altered slightly to create desirable post-lockdown items.
It’s not just masks and gloves that are needed, plastic screens and luxury items are also in high demand. Consider the market and see how you can cater to it, even if it’s temporary.
You’ll find it improves your rate and chances of recovery.
You need your employees to be productive and motivated. You also need them to be working! Consider offering work from home opportunities wherever relevant. This will help them to retain their jobs and your business to flourish post Coronavirus.