To help your business navigate these uncertain times, we like to concentrate on four main areas – Money, Market, Systems, People. We analyze each from an opportunity standpoint, as well as what can be done to mitigate any potential risks. This approach allows you to not only weather the storm, but to emerge as a stronger, leaner business.
- Apply for the interest-free $40,000 Canada Emergency Business Account loan
- Review your business for cost-reductions and maintain these once operations return to normal
- Take advantage of historically low interest rates combined with increased access to capital
- Review your cash flow and optimize it wherever possible
- Perform a break-even analysis so that you can properly gauge the health of your business
- Set up real-time bookkeeping for a true snapshot of the current status of your revenue and expenses
- Create a service-differentiation advantage by providing your products and services in a new way
- Provide an exceptional level of customer service
- Allocate additional resources to high-demand products
- Be proactive with your customers and touch-base often
- Communicate with your customers to ensure they know you’re still open for business
- Share your story with your market and outline the steps you’re taking to protect customers
- Familiarize yourself with, and adapt to, remote and virtual work arrangements
- Embrace new technology that can help safeguard your business continuity
- Use down time to improve your operations to ensure you have a seamless transition in the rebound
- Practice safe-distancing in your business and operations to prevent a business-wide shut down
- Use shift work to help protect your team and minimize the spread of illnesses within your business
- Ensure that team members are employing best-practices for cyber security with remote applications
- Capitalize on the increase in availability of highly skilled workers
- Utilize slow periods to train your existing team members in other areas of your business
- Take advantage of online training courses being offered free of charge during the pandemic
- Apply for the 75% Canada Emergency Wage Subsidy (CEWS)
- Reduce overtime commitments if deadlines allow
- Implement strategic layoffs where necessary
The current pandemic has created many difficulties and challenges for businesses. However, there are many improvement-actions that you can be taking right now to provide an advantage in the future.
If you need help with any steps of this process, our Business Consulting team is here for you. Complete the form below to connect with an advisor today.
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Tyler Brack has been admitted into the Partnership at Avail CPA
Tyler brings with him an extensive knowledge of financial planning, wealth management, retirement planning, and insurance.
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