11- ways to help you and your business get through Covid-19, and be stronger at the other end
by Douwe Hoogstra | Apr 14, 2020 | Business, Mindset |
- Consider who is already involved in your business and if they have not already reached out to you, reach out to them.
- Consider, if you have not done so already, to apply for staff subsidy. This most likely can include yourself also. Put this money into a separate account, and transfer 1/12th of this amount across to your current account each week.
- Consider your business strategy/ strategies going forward, and what the operational requirements are to be operating in Level 2 or Level 1 conditions.
- Consider your staff. Have clear and upfront communications. Obtain HR advice for any interactions with staff that affects hours of work, or reduced wages. Please note that Employment Law has not changed, and terms and conditions still apply. Get HR advice when necessary, rather than running risks of Personal Grievances (PG’s) down the track.
- Work with your suppliers and contractors. Each will have their own current issues. Everyone is in this together, and probably more than eager to assist. Discuss any terms of payment if need be, and at all times be upfront, and keep the lines of communication open.
- Don’t rely on any advice found online (eg facebook, or linkedin). Often commentary on social media is from people thinking they understand things and wanting to help, but misinterpreting, or misunderstanding facts, and given without fully understanding the context or background to which it will apply.
- Do a cashflow forcast, and then update this weekly.
- Talk to your bank about your cashflow and any immediate and medium term cash requirements.
- Talk to your landlord about lease and rent, and see what arrangements can be negotiated.
- Check out resources and short courses from your Regional Business Partner to help improve aspects of your business. https://covid19.nzte.govt.nz/page/regional-business-partner-network
- Consider working with a business coach. There is nothing like being supported in these uncertain times. Lots to work through. This support works through all the areas outlined above. It involves dealing with the ‘now’ but also looks at the longer term planning and re-direction of the company as well as identifying and actioning opportunities that will exist in the new environment.
