Is your Business Ready For Covid-19?
Can your Business Survive the Corona Virus?
Around the world, the response to the Covid-19 Pandemic (now a Pandemic as per the World Health Organisation) is slowly intensifying.
The USA has cut travel from Europe, Italy is in lockdown, sports competitions, as well as huge public events, are being postponed or cancelled. As the virus spreads so does its effects.
Some companies are now faced with tough choices. They have to decide whether to encourage everyone to take a holiday or to stay home or even whether to close their doors. This, of course, affects their turn over and their ability to service their clients’ needs.
Your Revenue is Going to Drop
It is realistic to say that for most businesses you should expect lower turn over (unless you are selling hand sanitizer ..or toilet paper in Australia). Cautious people spend less than they normally do and are less often in places where they can make impulse purchases. If your business is used to bringing in stock from China you too may be unable to get replacement stock as easily as in the past and should expect a slow down in supply.
As sales go down, so do profits and you should expect to experience hard times in the weeks and months ahead.
‘If you are already struggling to make ends meet then now is the time to approach a Debt Counsellor for assistance’
If you are already struggling to make ends meet then now is the time to approach a Debt Counsellor for assistance. Things are not going to get better for a while unless your business is positioned in a niche that feeds off people’s current behaviour.
If you run a large business with many staff you may want to look at remote work options to reduce staff interactions. This can help reduce transmission of the virus and help your staff feel safe. Can some of your staff start to work from home? Do you need to get them set up with internet connections and tablets or laptops?
Do you know anything about remote work? If not you can check out this handy guide (1Mb download)
It is also obvious that many consumers will now rather choose (or be forced) to interact with Debt Counsellors remotely rather than face to face when discussing debt review. Are you set up to do so? If you would like to rather try keep that personal touch then you could make use of video chats on things like whatsapp, skype or other platforms as a way to try maintain that face to face approach.
A Positive Approach
Everyone being more concerned about better health is a good thing. Precautions taken to stop the spread of this virus will help reduce the spread of other serious infections as well.
Refining and redefining the way your company works may help better future proof your business and help you reduce overheads int he long run. You may find that a remote work culture is beneficial to your practice anyway and pushes up productivity rather than lowers it as you may expect.
The good news is that as of today 68 000 people who have had the virus have now recovered (a better stat to keep an eye on) and this figure will keep on climbing in the weeks ahead.