We have developed the 4 stages to consider in preparing your business for any crisis which can form part of your own Business Readiness Plan.
Find out about stage 3: Surviving through battle below and keep your eyes peeled as we release stage 4 later this week.
Stage 3: Surviving through battle
Once the initial shock of a realised threat has worn off, you may find that your business falls into a new flow of “business as usual”.
Don’t get complacent though; as the threat perseveres you will want to make every dollar work as hard as possible. This means only spending on items or activities that are critical to revenue, or allow you to capitalise on timely opportunities.
It’s also important to keep up communication with employees, and recognise how they are responding to the threat. During COVID, many businesses (those who could operate) experienced a boost in productivity, however this can also lead to burnout which carries its own risks during a sustained crisis. Try to encourage good workplace practices, and remember that the health and safety of your employees is still your responsibility (even if they are working from home). This may mean facilitating extra avenues to stay connected – such as virtual “water coolers” – or encouraging people to take time out by using some of their annual leave.
From a customer perspective, never stop promoting your business or seeking new avenues for growth. This may also include seeking out potential acquisitions, which is a strategy that could place you well ahead of your competitors when the dust settles.
Lastly, if your business is bleeding money, take immediate action. It may be necessary to let some staff or assets go in order to save the business. If you fear that you are facing insolvency, talk to a restructuring and recovery expert who can advise you on your obligations and provide the directors guidance to avoid insolvent trading in the future.
Getting help in stage 3: Ask your accountant or business advisor to help keep a close eye on your financial situation, while securing every available financial incentive. Even if you believe you’re not eligible, this can always change, and it may make all the difference in keeping the business afloat.
For more information, contact our business advisory team here