Leading and managing your business through Coronavirus
Posted on 15th April 2020 at 16:47
As the current situation unfolds, I am having a lot of phone calls with business owners, many of whom share the same concerns about COVID-19.
I thought I would summarise here my top 10 tips for leading and managing your business throughout this period.
Top 10 tips for leading a business during Coronavirus:
1. Make a plan and write it down
2. Prepare for the worst and hope for the best
3. Create a three month cash flow forecast and update it weekly, sometimes daily
4. Make time to work on the things that will make your business stronger
5. Manage debtors proactively – be firm but fair
6. Keep doing your Management Accounts – financial management has never been more important
7. Don’t pay any taxes – ring-fence this money for now
8. Put non-essential overheads on hold e.g. Director pension contributions
9. Pay suppliers if possible (even if you can’t pay everything, pay something) – you will need your supply chain when we emerge from this crisis
10. Communicate brilliantly with staff, customers and suppliers – relationships that will last forever will be forged in these times
Please get in touch if you want any help or support.
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