If your business is still operating – even at minimal level- but you know you will come through the lockdown ok, can we suggest:
that you have a rethink of all the people you have contracted in – and I mean everyone and consider ‘cost effectiveness.’ Determine whether you have had value for money and whether such services, supplies, etc actually brought any real benefit to your business.
For example: would it be more cost-effective to pay someone $90 for the same service that you charged someone $200 to do. Go through all your service people and suppliers like that and see what you come up with.
Remember. Things have changed during and post lockdown. There will be dramatic changes in consumer spending, and yon ou may not have the same customers as before. In fact your suppliers or people who provided services will be having an equally challenging time.
Take note that there are still alot of customers who prefer to pay by cash too rather than by the card. You may even have less staff.
One of the things we try to avoid via this blog is advising what business owners should be doing. It’s through experience that we have learned that each business has to be worked with on a ‘case by case’ individualised programme.
One of our biggest concerns is that when free business advisory/consultancy initiative kicks in more, business owners will be given the same advice they were given precovid19 – which is simply redundant now that the economy and business has changed. There will be some business models or beliefs that will simply no longer be built for purpose post lockdown.
Take care, and let us know how you get on. You know where we are, don’t be a stranger.