Every business needs CPR – some in the medical sense, in times of crisis don’t leave it too late, but in every day trading, all should have a focus on Cash, Profit and Risk.
In times of crisis it starts with “have I got enough CASH headroom to deal with, react and cope with the ‘shock’ of the crisis on the business?”
Almost inevitably it leads to some form of lost PROFIT – sales start to dry up, customers delay payments, supply chains slow down, and costs are not scaled back quick enough.
The businesses that survive are often those with foresight or access to the experience of having been through a similar crisis who quickly identify the RISKS and plan accordingly to the new ‘norm’.
This may include areas not considered previously or taking steps that you had been mulling over or been uncertain as to whether to action or not – your hand is now forced:
- Should I pivot my business model from offline to online or from face to face to remote?
- Can I make a stepped change in my significant costs by working with less staff, using part-time but focused resource and more remote working, also resulting in reduced property costs?
- Do I have the right products and services – has a new market opened up?
Whatever you are thinking, having access to an experienced person on tap, as required, from outside the business can be invaluable to bring experience and knowledge to help evaluate and challenge your decisions.