Did you miss the South Waikato Business Support Webinar Series? Watch our Episode 1: Top 10 Things Businesses should be focus on now.
If you don’t have time to watch the full video here is a summary of the tips shared.
1. Bookmark Trusted Sources of Information
Given the prevalence of misinformation on social media, bookmark trusted sources such as business.govt.nz, employment.govt.nz, ird.govt.nz, health.govt.nz and covid19.govt.nz.
Don’t rely on people’s opinions or advice in on social media and verify the information before you take it as truth. Our go to places for information right now are:
South Waikato Business Support & info
COVID-19 – Information for Businesses
Employment NZ – info for employers
Tax relief for businesses
Ministry of Health Information
2. Apply for Wage Subsidy
If you havent already applied for the wage subsidy do it now. Not just for your employees but also for yourself. Check with your accountant in the first instance if you don’t pay yourself a wage or salary with PAYE. This is available for sole traders and contractors too. Here is the link again: Wage Subsidies
3. Manage 30 Days Cashflow
Understand your liquidity or cash position, so make sure you know all your outgoings (business and personal) and what bills you have to pay.
Ask all creditors and suppliers for help. Conservatively estimate the which debtors will pay you and the time frame for payment.
Categorise all expenses as essential or discretionary. Calculate your weekly cash burn (expected cash in less essential cash out). If still trading, calculate your new break even.
4. Contact Your Bank
Check your bank’s Covid-19 page first. Talk to your local retail branch manager or business banker. An overdraft or increased overdraft may be easiest option to provide. Otherwise consider interest only, extended loan terms or worst case repayment holiday. Ask for fee waivers. Links to main bank’s covid pages are:
5. Other Revenue
Do a SW/OT or at least strengths analysis on you, your team and your business. Check out The Innovator’s Method, Edge Strategy, and Lean Start Up for low cost and rapid creation of innovative new products.
6. Keep Marketing
Now is not the time to go silent on your marketing. But be mindful of your tone. Depending on whether you are an essential business, can work from home or arent traing right now will depend on what you do for your marketing. But stay active with appropriate messages on social media. Stay in contact with your customer base via email. Use this time to work on your marketing assets such as website updating, search engine optimisation, your brand story (purpose and point of difference). Try and understand your target audience and the likely impact that Covid19 will have on them and how they can use/purchase your product or service.
7. Look After Customers
Work out the dollar and strategic value of your best customers. Develop a contact or relationship strategy. What else can you offer your customers to prove your commitment?
8. Connect With Staff
Check in with your staff regularly in a supportive but not intrusive manner. Be mindful of their resilience coping with change. Reassure without over promising.
If you have downtime, work on a business plan for the new normal. Incorporate new revenue ideas, marketing and even a refreshed business model. It’s not too late to do a risk management and business continuity plan.
10. Look After Yourself
Running a commercial or charitable enterprise is one of the toughest paths. Prioritise actions to improve your resilience, motivation, positivity and physical health.
What is your Action Plan?
What are you going to do today, what are you going to do in the next seven days and what are you going to do by the end of April to move your business forward and make sure you, your family and your team are ok?
Finally ask for help. Access the Regional Business Partner Network’s Management Capability Development Scheme for subsidised training and coaching with Firestation.
About the South Waikato Business Support Webinar Series
The South Waikato Business Support Webinar Series has been arranged by South Waikato District Council, South Waikato Investment Fund Trust, Firestation and Ignite Business Networking. Each week we will have a webinars covering a range of topics to support South Waikato business owners and their staff.
Got a specific topic you want covered in a webinar or question you want answered? Email it to email@example.com
Sign-up for updates on webinars running and other local information for businesses at https://www.swnz.co/covid-19-response/
Tuesday 7th April @ 10am – Employment Advice with EMA
Tuesday 14th April @ 10am – Banking Advice – tips for dealing with your bank and what support you can expect
Tuesday 21st April @ 10am – Marketing Essentials for Surviving Covid 19