8 areas of Business to focus on Covid -19 time
Updated: May 4, 2020
COVID-19 has drastically changed how we live and work . Today’s new normal for businesses includes checking in on employees health and well being coming back to their working places, disrupted supply chains, cash crunches, uncertain compliance obligations, and the mechanics of applying for new government programs.
Most businesses and organizations have already put their business continuity plan on.
1) Cash flow: Apply for a line of credit or for a credit stretch giving your customer the possibility to have 60 days of interest free credit
2) Focus: Break down what you need to do into smaller steps and prioritize them by how urgent they are. Don’t forget to give yourself credit for doing your best right now.
3) Marketing & Sales: Get creative! if you create helpful video on your sector that address specific topics you can improve your SEO and attract potential customers. Keep a proactive approach and put yourself on a local app that sell on your area. Get communication right: communicating with customers on any changes to its operations. The same goes for other stakeholders so they know what your status is and what to expect moving forward.
4) Evaluate the supply chain.
5) Budgeting & Unexpected expenses: Schedule a weekly budget review to make sure you are on track.
6) Keeping up with legislation: In order to understand and follow new legislation and changes in the crisis, business owners will need to monitor news from an official source, such as a government website, accountant, or other professionals in your networks.
7) Safety and well-being of your employees. Secure the safety of your workforce and establish response structure
8) Strategize Design a strategy for emerging stronger in the post Covid-19 economy.