5 tips for your business to survive COVID - Corona pandemic
2020 has been a challenging year so far, but what are some of the actions you can take to help navigate your business through the pandemic? At FinanceWise we have daily conversations with business owners, accountants and financial officers about what the impact of COVID-19 means for the economy and their business. We have summarised the top-10 takeaways to help your business survive COVID19.
Tip 1: Create a 24-month cash flow forecast to help you look ahead and see how much available money your business has to ride out the COVID storm and potential recession in 2021. By knowing how much cash (revenues) come into your business and how much cash (expenses) leaves your business, you can plan ahead how long your business can manage with the current COVID challenges. You can also see the long term impact if you decide to cut certain costs or decide to tap into an additional revenue stream.
Tip 2: Analyse your business and determine what adds value to your business and what doesn’t. This allows you to focus where you’re good at perhaps change directions in areas of your business that aren’t adding enough value, but might be very time consuming.
Tip 3: Go back to the drawing board and think of what might have changed in your industry and see if this has created opportunities for additional revenue streams, or what might give you an edge over the competition. Business might have slowed down over the last few months, you can use this time to strategise and come out on the other side with a fresh vision.
Tip 4: Surround yourself with people who have fresh ideas and expertise. Brainstorming with the right people gives you new insights about your business, your industry and the economy which helps you plan ahead and take decisions to help your business flourish even when times are tough. FinanceWise can help you find the right accounts and business advisers. By telling us who you are looking for and what expertise they should bring we can help you navigate these challenging times.
Tip 5: Don’t waste valuable time in making decisions. Sometimes it’s hard to make decisions, but if delaying decisions have a negative impact on your cash flow, you should act sooner rather than later. This might make a difference for your business surviving the pandemic.
We hope these tips have helped you focus your energy in making the right decisions for your business. Please let us know how we can help you!