Covid 19 – A Business owners’ worst nightmare!! May 2020
No amount of business planning or fortune telling could have prepared the most organised business owner for the aftermath of Covid 19. What has happened is totally unprecedented and life changing but and it’s a big but, you cannot blame yourself as business owners tend to do, when things go wrong.
However, you can and will be responsible if you don’t start planning now for how your business responds to this Pandemic!!!
The Irish Government has done as good job as any other countries leaders in bringing in a Furloughed payment scheme but this is a short term stop gap and you are now facing a monumental challenge to restart your business.
So, get back in the saddle, clear your head and your desk and start planning as I guarantee your competitors are already started. So, let’s get back to basics, what did you do in the past to be successful, make a plan, tweak and modify the plan and then IMPLEMENT IT.
The two biggest challenges you now face are your company’s Financial health or otherwise and generating Sales in a new business environment. I believe you need to focus on creating a Business Survival Plan for the next 12 months so that you can proactively arrange a meeting with your Bank so that you take the initiate and control your own destiny.
This plan needs to incorporate the following
- Full P & L Report
- 12 months Budget & Cash Flow
- Sales Development Plan
- Pre Covid 19 Staffing levels and Redundancy costs if applicable.
- Contingency plan and any self-funding availability.
- Communication Plan for Staff and Customers.
- Shareholders / Creditors arrangements
- Detailing of Government supports such as Enterprise Ireland grants
Want help with the above, contact firstname.lastname@example.org