Protecting Business Against Pandemic - Deepstash
Protecting Business Against Pandemic

Protecting Business Against Pandemic

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Protecting Business Against Pandemic

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Prepare For The Next Disaster: Ample Liquid Savings

Cash is the true sign of the health of a business.

When whole industries ground to a halt last year, survival depended on how long companies could survive on the money they had stashed away. It is crucial to have enough money to survive at least three months with no income, but six to 12 months would be better. This goal should be prioritized and tracked quarterly, along with sales and profits.

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Companies should be looking to maximize flexibility so they can more quickly respond to changing conditions.

Suggestions: Reviewing of financial and workforce agreements and exploring options that would increase flexibility, such as establishing lines of credit with banks, renegotiating payment terms with vendors, considering a flexible workspace rental, and rethinking fixed labor contracts.

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In a downturn, most owners follow their immediate instincts and dramatically cut costs in an attempt to outrun any revenue shortfall. Unfortunately, these moves leave them entirely unable to respond to the inevitable rebound.

Clients should avoid gutting their payrolls and other costs, because a bare-bones staff is unable to sufficiently serve customers, let alone help the business grow. Instead, companies should focus on winning more market share when business resumes.

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It’s much easier for employees to weather emergency pay cuts if you’ve set them up to be financially stable. Small-business owners need to prepare thorough financial well-being programs.

If you don’t have a plan in place that helps take care of your employees and their financial anxiety, you’re not going to be able to perform well as a company.

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In a disaster, a strong online presence can help a business develop new sources of income. “Focus on the online ‘buying journey,’” says Mark Verwoert, founder of digital marketing company Mark’d Agency in the Netherlands.

Even if consumers continue to frequent brick-and-mortar stores, “90% of all customers will research your product online.”

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It is crucial to building an arsenal of high-revenue products and services that require the lightest lifts. Times of crisis require the ability to stay light, lean, and agile.

This is not the time for your complex, labour-intensive pet projects. When disasters hit, if sources of income are light on costs, one has to be as lean as possible.

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