How resilient is your business?
The whole virus situation has been a shock to the system. I still can’t believe it’s happening in some ways.
And when this is over we’re going to be looking at an uncertain world. We can’t have this much activity shut down for so long without consequences. The time to prepare is now.
So here are five things you can do today:
Cut expenses carefully. Cut the fat, not the muscle, but make sure your outgoings are in line with your income.
Understand what you need to bring in. What do you Need to Earn? And how many clients does that translate to?
Analyse your cashflow. How much is being put aside for a rainy day? How much just flows straight through your fingers?
Be honest about your clients. Some are a pain. They don’t pay well, they complain and they eat up lots of time. Concentrate on the good, reduce the bad and then look for more of your best clients.
Put a plan together. Now you know what you can cut, what you need, where your money is going and who your best clients are, you can choose what your near future is going to look like. Build solid foundations and weather the storm.
Each step is simple. But it takes honesty and guts if you’re going to get results from this.
And if you'd like some help with this, I'm doing a talk on how to perform some of these steps. It's completely free, with no sales pitch.