Financial concerns are rife right now across the world, with businesses of all sizes having to consider significant changes in a turbulent landscape if they are to survive. Finances have long been the cause of considerable leadership time as they can make or break a company, we remember the shock of significant corporations like Leeming Brothers catastrophic fall from grace. Subsequently, a substantial amount of resources is spent evaluating the financial landscape identifying.
With the increasing spread of coronavirus and the need for social distancing driving many companies to be considering their future; while navigating the challenges of remote working, self-isolation and potential look down, now is a challenging time to be a business leader.
Kim-Adele Platts FInstLM, an Interim CEO, entrepreneur and board-level coach who specialises in helping executives lead with impact and humanity, gives us 3 tips on how entrepreneurs can financially navigate themselves through the COVID-19 chaos.
Evaluate your cost base and reduce any unnecessary costs where possible
Also, identify the savings the business will automatically get such as reduced travel costs. Renegotiate payment terms – Cashflow is king in times like these and proactively managing it gives you back control.
Understand what options are available to support you
The government has announced the Coronavirus Business Interruption Loan Scheme (CBILS) https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-scheme-cbils/.
They have also announced grants covering 80% of staff salaries. https://www.bbc.co.uk/news/business-51982005
Facebook is offering $100 million in grants across 30 countries https://www.forbes.com/sites/maneetahuja/2020/03/17/facebook-announces-100-million-grant-for-small-businesses-being-impacted-by-coronavirus/
Look at how you can pivot your business
Are there areas you could take online to reach your clients in their homes. Can you diversify to take advantage of your existing skills and equipment to produce something new? Think about the distillers who are now making hand sanitiser.
It is a challenging time, and now more than ever, we need to focus on our hopes for the future rather than our fears of what might be. After all, it isn’t the strongest who survive it is the most adaptable.
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