COVID-19 Business Action Plan

Many are wondering how their business will fare during these uncertain times. Will my customers business survive? What can I do to protect the impact of this crisis on my business?

We have put together a COVID-19 business action plan featuring 17 things you can do right now to protect you and your staff in the coming months.

1. Protect you

In any way you can. But just in case, create digital manuals that your staff can follow “step-by-step” should they need to do a task that you usually do.

2. Protect your team

Are you and your team set up to work remotely? What protections and processes can you put in place if you have to work from an office?

3. Protection for your customers

How are you ensuring your customers are protected during these times if they have to visit your work place? What can you put in place that will make it so that customers do not need to come into contact with you?

4. Create COVID-19 Board / Response team

Who are your key members of staff who can take lead and manage areas of your business? Appoint, delegate and make them accountable.

5. Model your Cashflow (Part 1) 3-6 months:

Look at variations of cash-flow forecasts and how it could be affected between the next 3 to 6 months based on the below. Then create plans to ensure your business can still survive should the worst happen.

– Bad
– Worse
– Extreme
Variables: Activity, Receipts, Length of Time

6. Defend Against Revenue Declines

Take a look at all of your customers and put them into categories based on the below. This is your COVID Customer Classification for customers that will:

  • Thrive during the period (A)
  • Thrive after the period (A)
  • Always survive (B)
  • Survive and struggle after the period (C)
  • Survive and fail after (C)
  • Will fail or close (D)
  • Can & will pay (A)

Targeted Prioritised Communication Plan: Make a plan to determine how you will respond to what classification your customers fall into, then create a plan as to how your marketing communicates with them.

7. Re-Classify Services Levels & Portfolio Manager

  • Partner Access
  • Manager Access
  • Team Access
  • Leveraged Access

8. Create Organisation Structure:

Based on the current climate / economy what will your business look like 3 months from now & 1-5 years from now?

  • 3 Months from Now
  • 1 /5 Years from Now

9. Model Cashflows (Part 2- know what your finances will look like)

  • 3 Year Cashflow forecast & projections

10. Plan the who’s: Who needs to do what and when? Make people accountable:

  • Short Term
  • Long Term
  • Team & Resource Actions

11. Cut Costs & Conserve Cash

  • Critical & highly valuable: What costs do you need to keep spending? Do you need to make members of staff redundant and outsource areas of your business for a cheaper price than keeping a full-time member of staff?
  • Highly valued but not mission critical: What services or supplies do you want to keep but that are not critical to your business mission and targets? Again, is there anything you can out-source instead?
  • Non mission critical & low value: What will not help you right now?

Direct outreach to key suppliers to discuss deferring payments, or removing services.

12. Remodel Business Services

  • Now – what do people want during a crisis?
  • Future – what will they need after this crisis?
  • What can you provide to customers that will help now and in the future?

13. Implement Systems & Procedures

  • Leverage IT Automation
  • Document Operating Systems & Procedures

14. Plan your customer outreach based on COVID Customer Classification (number 6 above)

15. Stand Out by Truly Making a Difference

  • Help People – Really Help!

16. Identify Future Target Market & Service Offering & Adjust Marketing Message & Sales Focus

  • Plan to grow your customers during the crisis

17. Identify & Start Building to Avoid The Next Crash

C Cash Buffer

R Reduce Costs – Technology, Automation, Offshoring, Flexible Working

A Assets Build Them, Team, Process & Procedures, Intellectual property

S Stand Out, Ideal Customers, Pick A Niche, Referrals, Marketing & Sales

H Help Yourself & Others, who are the who’s and who are you a who to?

Need help or advice on how to maintain a regular cash-flow? Call us on 01494 422742 or contact us here.