The COVID-19 shutdown has been a huge shock to everyone, certainty of employment and certainty of income has disappeared over night. What is important to people at an individual level is changing as a result of people resetting their priorities based upon a level of uncertainty that many have never experienced before.
All of this will result in a change in sales revenue for every business, some will grow, some will decline, and others will shutdown. What is important is that you build your plan now so that you are planning and executing, not reacting.
Things you should be thinking about include:
What is your short term revenue and how long it will take you to get back to full revenue
Determine the progressive re-introduction of your team back to full salary/wages
Determine the cash hole in your business for the next quarter and your current working capital
Do you need to buy plant and equipment to shift the focus of your business
Do you have surplus plant that you could sell to clear surplus debt
Communicate with your employees, suppliers and customers
You can have a go developing your own Scenario Plan by using our free resource: Download Scenario Planning Instructions
If you require our assistance please email our team at firstname.lastname@example.org