Covid-19: Plan, don’t panic, urges Durban business coach

THE international award-winning business coach, Darryn Le Grange from ActionCOACH Ignite, shared 12 points to help protect businesses during the Covid-19 outbreak.

“We are living in uncertain times at the moment, but it is not a time to panic, rather to plan. We cannot ignore the impact that the coronavirus will have on our economy and our businesses. We need to plan to be ready for whatever lies ahead,” said Le Grange.

1. Communicate: There is no such thing as over communication. Keep your staff and customers updated. What assurances/information are you sharing with your team regarding job security? How will Covid-19 change your services or delivery to your clients?

2. Positivity: Be careful of fake news and passing on incorrect information. Always be factual and quote good, reliable sources.

3. Be ready for change: Plan for the worst case scenario but hope for the best. Look at your business model and identify what needs to change. If one of your staff gets infected, can you still operate your business? Are you prepared for possible lockdown?

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4. Financial impact: Businesses that have cash reserves will survive and those that don’t will suffer. Delay or postpone expenditure where possible. What can you do to bring in more cash? How long can you survive without billing your customers?

“Consider offering a settlement discount to outstanding debtors to make sure you have a cash buffer. Above all, have a cash flow forecast and know your numbers,” said Le Grange.

5. Analyse your supply chain: Are you still able to access stock or do you need to look at alternative or backup suppliers? Do you need to change the way that you supply goods and services? If your competitors can’t supply anymore, this might be a good opportunity for you to attract new business.

6. Your workforce: How would you cope if you lost part or all of your workforce?

7. Look for opportunities: Hand sanitisers and toilet paper sales are doing exceptionally well. How can you use the situation to your advantage?

8. Be prepared to work from home: Should a member of your staff need to go into quarantine, could they continue to work from home? Consider what access would be required at their homes such as Wi-Fi and access to servers.

9. Your biggest asset is your existing customer and repeat business: Stay in touch with your existing customers and offer them good deals to service your cash flow needs. Always over deliver to your customers and go out of your way to show them that you care.

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10. Common sense and compassion: Be sensible and do your part to contain the virus. Show compassion and always put people before profits.

“Where possible, please support local businesses,” said Le Grange.

11. This too shall pass: During tough times keep your pipeline full and don’t stop marketing and selling.

12. What you can do right now: “Ask the right questions and prepare a contingency plan. Sit with your team and plan for the varying levels of severity. Assess the potential impact on your business and prepare accordingly to ensure your business will survive,” he said.

Dear reader,

As your local news provider, we have the duty of keeping you factually informed on Covid-19 developments. As you may have noticed, mis- and disinformation (also known as “fake news”) is circulating online. Caxton Local Media is determined to filter through the masses of information doing the rounds and to separate truth from untruth in order to keep you adequately informed. Local newsrooms follow a strict pre-publication fact-checking protocol. A national task team has been established to assist in bringing you credible news reports on Covid-19.

Readers with any comments or queries may contact National Group Editor Irma Green (irma@caxton.co.za) or Legal Adviser Helene Eloff (helene@caxton.co.za).

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