Leading and managing your business through Coronavirus

As the current situation unfolds, I am having a lot of phone calls with business owners, many of whom share the same concerns about COVID-19. 

 

I thought I would summarise here my top 10 tips for leading and managing your business throughout this period. 

1. Make a plan and write it down 

2. Prepare for the worst and hope for the best 

3. Create a three month cash flow forecast and update it weekly, sometimes daily 

4. Make time to work on the things that will make your business stronger 

5. Manage debtors proactively – be firm but fair 

6. Keep doing your Management Accounts – financial management has never been more important 

7. Don’t pay any taxes – ring-fence this money for now 

8. Put non-essential overheads on hold e.g. Director pension contributions 

9. Pay suppliers if possible (even if you can’t pay everything, pay something) – you will need your supply chain when we emerge from this crisis 

10. Communicate brilliantly with staff, customers and suppliers – relationships that will last forever will be forged in these times 

 

Please get in touch if you want any help or support.