By Steve Sudbury
As a planet, we're currently experiencing something we've never seen before.
But have we?
Bar the significant health measures being taken to isolate a serious virus, we have been here before. Think 1987. Think the Global Financial Crisis (GFC) -
- Stock markets hits that make history
- Currency rates dropping through the floor
- Whole industries upended
- Government bailouts and stimulus packages
- Business owners under strain
- Job losses
After 30+ years in business, I’ve seen enough to know we will get through this. Will there be some tough decisions for business owners and an impact on our economy? 100%. But we will come through it.
Now, more than ever, is the time to do the basics of business well:
- Ensure you leverage good capital backing
I have been banging on for years about equity levels!
- Make sure your debt collection process is robust
Cashflow is key and this process needs to be able to continue even if your team are working remotely.
- Review non-essential spending
Look at things likely monthly charges that sneak on to your credit card or software subscriptions.
- Look after your customers!
Depending on your industry, many of your clients could be doing it tough. Now’s the time to go the extra mile on the service front. Work hard to minimise disruption to the service/product you normally provide. When in doubt – communicate!
- React to what’s in front of you
To use a sporting analogy – play the ball that’s in front of you right now. We don’t know what will happen next week but businesses who wait till then to act will get left behind. Respond to things like exchange rates and price changes now.
- Did I mention communicate?!
Communication really is key. Formulate your key messages for employees, stakeholders, clients, suppliers, your bank! And then deliver. And deliver often.
Experience matters when things look uncertain. We’ve been here before. We’ve helped navigate clients and business through tough times before. We’ve come through the other side together before. Let’s go.
If you'd like to find out how we could help your business, contact us by emailing info@sudburys.co.nz or phone 09 430 4888.
