Four Last-Minute Business Preparations Pre-Lockdown
Lockdown is less than 36 hours away, but there is still time to implement some last-minute contingency plans. We know you're under pressure, so here are our top four tips for preparing for lockdown and navigating the challenges ahead:
1. Be Open with Your Staff and Suppliers
This is not the time to mislead the people your business relies on. Take an honest approach and inform your staff about where they stand. If necessary, it might be better for staff to take immediate pay cuts while keeping their jobs for when operations resume. Investigate local relief services and the Unemployment Insurance Fund (UIF) for financial support options for employees facing reduced work hours. Share all relevant information with your staff so they feel supported. It's equally important to communicate with landlords and creditors about any potential late payments and try to arrange agreements in advance. The last thing you want is to default without notice.
2. Decide on a Clear Communication Strategy
Ensure the entire company is on the same page regarding communication during the lockdown. Check that Wi-Fi connections are functional and that online meeting platforms like Zoom, Skype, or Slack are set up. WhatsApp groups can also be useful for staying in touch. Consider how you will communicate with your suppliers; the same platforms may work for this purpose. Whenever possible, opt for video conferencing to add a personal touch to interactions.
3. Get Your House in Order
Address practical matters to ensure everything runs smoothly. First, make sure your banking is up to date and set up automated payments. Before closing shop, turn off gas, water, and electricity, and activate your alarm system for security and insurance purposes. Create a dedicated remote working space for yourself. If you need support, AMI offers a free “virtual business survival boot camp” webinar to help with tasks like risk forecasting.
4. Start Alternative Income Plans
While you don’t need to commit to these plans immediately, it's crucial to consider alternative revenue streams. Think about what unique offerings your business can provide during this period. For example, if you're a chef, could you offer online cooking classes? If you're a therapist, can you provide virtual consulting? If your customer service is top-notch, could you create online training courses? The key is to identify what makes your business unique and explore ways to capitalize on it during the lockdown.
The Bottom Line
The country is on lockdown, not shut down! Now is the time to tap into your entrepreneurial spirit and think creatively. You can do this! If you need advice on cash flow stimulation for your business, get in touch with Merchant Capital today.
