BridgePoint Group’s Director Mitchell Turnbull looks at five key elements to help your business we come out of NSW’s lockdown.
As NSW is coming out of lockdown, here is a quick key list you should have sorted when lockdown is lifted. In essence it’s a checklist of sorts for business owners to consider.
- Engage suppliers and check any supply issues. Talk to your suppliers, make sure that when you open the shutters you can provide the services and goods that you customers want from you. Are there any delays? Can you source from a different supplier?
- Staff – Returning to work will be quite challenging for some of your team. Ensure that you have listened and heard them out on what some of their concerns might be. Give some consideration on how to work from work again.
- Are your operating procedures ready? There could be an influx of demand, have you got scale in your operating procedures? Do you need to refresh skills or provide additional training? What has changed since they were last at work?
- What’s changed in the market? What can you capitalise on? What do you need to look out for? Can you supply a good or service that will see you grow your market share?
- Where’s your cash flow at? You need to identify a start point. What’s the state of your debtors ledger? Have you got an appropriate amount of working capital? Creditors – discuss when payments will be made. Ensure you have a plan to compare to. That will help you to understand how you’re performing and likely to be trading over the short to medium term.
Last year, NSW roared out of the blocks when lockdown was lifted. We are hoping the same will occur this time. There’s a lot of pent up consumer demand. Take the time to make sure your systems, procedures and operations are ready.
I hope that these five key elements to help your business as we come out of NSW’s lockdown.