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1. Map the impact in detail
First of all: measure the damage. How much has your company been affected financially? What does your current cash flow look like? Can you still fulfill your obligations to pay off debts? Have you benefited from any support measures?
Mapping some detailed answers to these questions will give you valuable information, and help you make smart decisions moving forward.
In terms of support measures, be sure to assess the long-term impact they will have on cash flow. Don’t get caught off guard. Some measures, like postponing social security contributions, only provide a forbearance period – rather than a full forgiveness.
Next, make sure you are aware of your customers and their situation. Good communication with your existing client base allows you to more accurately estimate impact on your current AND future sales figures.
And of course, don’t forget your suppliers. They are likely facing challenges too. Make sure you identify possible delays or complications with deliveries, logistics, and transport so that you can have a backup plan ready.
Lastly, how do things stand with your employees? Have your team members or their loved ones been affected by the virus? Check in to see whether there is a skill or experience shortage due to the absence of important colleagues. Provide open and clear communication. Motivate your team while remaining clear about your expectations, and staying in compliance with guidelines.
2. Make a survival plan for 2020
Reculer pour mieux sauter… the fact is, you have to take a step back in order to jump forward towards a brighter future.
For the remainder of 2020, your goals should be to simply survive while determining which direction your company will take moving forward.
Make clear choices. Work in survival mode while evaluating your business plan in the short term. Later on, you can roll out long-term strategies. For now, be agile and flexible in order to get through the crisis intact.
Now is the ideal time to focus on innovative digital ideas for your work tasks. Many of these may even be possibilities you toyed with in the past, but never implemented because other projects took priority.