5 things you should do to help your business weather the COVID-19 storm:
- Ask your accountant to model what a 30% drop in revenue would look like
- Talk to your bank and see if you can increase your credit facility
- Have a mandatory work from home day to validate your readiness for all staff working away from the office. Review the results and work on a plan to improve – more on this here
- Be ready to make the though decisions before the time comes – determine what you’ll need to do if this continues for any extended period. Will you need lay offs, how many, who etc
- Put a plan together to attempt to avoid the previous point – Reduce hours, limit unnecessary purchases etc
Take care out there and wishing everyone the best during this tough time.
