Tips to Keep Your Business Running During Hard Times

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By Muchiri Machua

There are a number of steps managers and business owners can take to keep their business in good shape during this time of economic and general uncertainty.

Communication is key
Be sure to contact clients regularly, communicating what is or is not possible at the moment. Make sure there is a point of contact that customers can always reach too. Make sure any changes to plans are communicated clearly in a timely way. Remember that staff will be dealing with their own home situations while working remotely and may need flexibility.

Identify opportunities and risks
Every business should have a risk register and a regular review process. Stay at home time can be used to review the risk register again and see what financial risks the business is exposed to. Beneficial opportunities may also arise, and business owners should be ready to take advantage of them.

Change your ways of working
It may seem obvious, but the quieter lockdown period may be, use it to look at the current state of the business, and what changes can be made immediately to ensure both the current and future fitness of the business.

See if your business can still operate
As the government has announced expanded restrictions to business activity and travel, see if your business can keep operating or if there are any changes you need to make to fit in with these mandatory requirements.

Understand your current financial position
It’s essential to make informed decisions about your business based on your current financial position. Pending restrictions imposed by government, your ability to trade through this period, pay outstanding debts, keep employees or meet existing leasing or loan repayments will be determined by your financial position.

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