With these business tips, your company will have the opportunity to operate, and even grow, despite the pandemic.
According to Shaun Stenning, given the widespread disruption from the COVID-19 pandemic, nearly all companies are having to reassess where they fit in the market and what they might change to stay viable.
But despite considerable headwinds, some businesses will find opportunities for growth by transforming themselves—sometimes radically, sometimes incrementally—in response to the pandemic.
According to Shaun Stenning, “the truly valuable thing is to assume that the new normal is here to stay for a while, so better adapt and evolve than lower the curtain on your business.”
“As the COVID-19 pandemic spreads, protecting your startup or small businesses means having a plan,” Shaun Stenning said.
To keep your company healthy during the coronavirus outbreak and positioned well for success when it’s over, take advantage of these contingency and business planning tips.
1. Put health and safety first
If you’re a solopreneur or sole proprietor, prioritize your health first. Limit your travel and maximize home office communication and collaboration tools.
2. Assess the impact on operations
What will happen to your business during this crisis? To help answer that question, run best-case and worst-case scenarios and develop contingency plans for each.
3. Reach out
Develop a communication plan to reach out to your clients, partners, suppliers, investors, and other stakeholders. Keep them abreast of your business policies at this time, any changes to operations, or new ways you can serve or collaborate with them.
4. Be ready to adapt
COVID-19 is changing our lives in ways and at a scale, we could never have imagined. The business plan you had 90-days ago isn’t what it is today.
5. Evaluate your finances
Any emergency or contingency plan should account for financial risk and impacts. Regularly update and track your cash flow forecast and look for opportunities to reduce non-critical expenditure.
None of us knows what’s coming next or if we’ll face a pandemic like this again in our lifetimes. But it pays to have a plan to bring your business through emergencies like COVID-19 and ensure it’s in a strong position for recovery once it has passed.
Shaun Stenning 