Surviving COVID-19 … Cash is King and 6 Activities to Consider!

Posted by stevetucker

Surviving COVID-19 … Cash is King and 6 Activities to Consider!

Wow, who would have thought that this “lockdown” would last this long and affect so many business owners? The new economy may look very different as things open up and we walk out the doors of our homes and into a different version of our world.

Until then…please know that your community needs you to survive! I’ve said it before and believe to my core that business owners are the heroes of our economy. YOU ARE NEEDED!

The economy is never consistent for very long. Some business owners are prepared for the slow times, seasonal adjustments and have been profitable enough to endure an extended crisis…even like the one we all face today. However, most business owners are simply unable to survive times like these due to lack of funds.

It is said, often in the business coaching space, that all businesses should have at least 45 days of cash reserves to endure a crisis. My guess is that we won’t be saying that any longer. Most likely, it will be changed to 90 days cash reserves or maybe even 180 days!

So, if you are struggling or know someone who is, what adjustments and or pivots should you be implementing NOW?

1. Cut ALL non-essential expenses!
This can be an easy process. Simply download your last 6 months/1 year bank transactions into Excel. Sort by Debits/Credits. Then sort debits (ascending or descending). Now you can see all of your outflow. Pay close attention to the monthly debits for subscriptions, software charges, online tools and so on. Then highlight ALL debits that you could do without for now. Be purposeful and eliminate as much as you can. Add it all up and see how much cash it would free up for you. THE SURVIVAL OF YOUR BUSINESS MAY DEPEND ON IT! You must be vigilant about cost cutting.

2. Call your creditors to see if they are offering any relief.
Some financial institutions are offering delayed principle payments. Take advantage of that.
Some of your vendors may be in a position to help you out by delaying payment and allowing you to maintain your supply or goods and services. They need you to survive too!

3. Don’t give up on the government assistance programs!
Keep applying regardless of what you read on Facebook! Other people have different circumstances than you and may not qualify for lots of reasons they don’t mention.
Offer guidance for your laid off employees to help them file for the programs they may be eligible for. Show them you care and when this is over, they will want to return to work for you.

4. Use this time to plan a short term and long-term strategy
While it is important to be sensitive to what your prospects and customers may be feeling, you must continue with marketing. Develop a short-term strategy with an offer that is needed during this time. Make sure you have a message with an offer and not just a reminder that you still exist!
Your long-term strategy should be based on what you believe your market will need or want in 6-18 months from now. Let folks know what new and exciting products and services you are working on that will provide value to them.

5. If you can go virtual then DO IT NOW!
If you have anything that can deliver value in a digital format, then get busy! Online engagements are way up during this crisis. Folks are adapting to online meetings, webinars, digital live events, and so on. What can you offer to your market online?
Create some online resources that you can direct people to for downloads, education, instruction and differentiation.
Provide value and a great experience.

6. Retention – “Our rallying cry right now is this: Retention is the new acquisition and helping is the new selling!” Sangram Vajre, Co-Founder of Terminus via HubSpot.
The retention of customers has a much lower cost than (new) customer acquisition. Ask yourself, “What am I able to offer my existing customers even though I am unable to provide normal products and services?”

Is there a way that you can offer assistance to your clients now that will keep them engaged with your business?

We can help! If you would like to chat about how to position your business during this time, please reach out to me. No sales, no pressure, just a nice chat.

If you would like to join one of our Facebook Groups so that you can see and hear from other business owners, then visit:

Adelphoi Business Community

All the best,
Steve Tucker
CEO / Business and Marketing Strategist / Author
Adelphoi Labs
214.471.5490 | steve@adelphoilabs.com | adelphoicoaching.com
twitter.com/steveatadelphoi | Linkedin.com/in/stevetuckercoaching

Explore my E-Learning site for information, ready to use, “Done For You!” marketing content and 52 weeks of delivered content! adelphoibusinessacademy.com

 

#COVID19 #Surviveandthrive #cashisking

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