A guide to surviving COVID-19 for SMEs
15 Ideas for businesses to consider regarding the Corona Virus
- Maximise your access to government benefits. Talk to your accountant.
- Apply the 80/20 rule to your customers and canvas the top 20% to understand how they are being affected and how you can help them
- Identify businesses/organisations whose overseas supply chains have been disrupted and look for opportunities to meet their needs
- Leverage your resources . How do you do that?
- More effectively concentrate resources on key strategic goals
- More effectively accumulate resources
- Complement resources of one type with those of another type to create higher-order value
- Conserve resources wherever possible
- Rapidly recover resources by minimizing the time between expenditure and pay back
- Factor the Coronovirus impact into all your planning
- Make a concerted effort to consult your staff and draw upon their intellectual resources for meeting the new challenge
- Conduct some ‘working from home’ experiments to understand what will be required if ‘isolation’ is required—for you and your human resources
- Review your customer list for opportunities for your business
- Review your customer list for ‘hotspots’ for your customers
- If you already have a regular newsletter then build the next issue around the coronavirus OR if you don’t have a newsletter use the telephone to talk to your customers
- Monitor your cash-flow harder than ever
- Look for more opportunities to conduct business and meetings online
- Review your office cleaning procedures and your office hygiene facilities
- Develop talking points for engaging clients about their concerns
- Take the opportunity to review your business model and identify areas where it could be streamlined or innovated
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