Why businesses should reflect and relaunch

Here, SCR Growth Hub Business Growth Specialist John Hassall gives some guidance on planning for the unknown in these uncertain economic times.

“Back in April, which seems like an eternity ago(!), I penned my thoughts on planning for the unknown.

This blog looked at how businesses could deal with the impact of the first stage of the coronavirus lockdown.

Since then, the full impact of COVID-19 has been felt by businesses, but now the majority are able to start trading again and are looking to gain lost ground.

A great deal has happened to all business owners and leaders over the past few months and I have worked with my clients to help them to make the best use of the government support packages, manage personnel issues, overcome financial challenges and plan to return to work in a vastly different environment.

“Stage 2” – July to December 2020 will be very challenging and therefore I thought it might be an appropriate time to go through my checklist and ask you to reflect for a few minutes on how you are doing.

I recommend rating your business on a scale of 1-10 against each of the following points:

  1. Continue to monitor your cash flow extremely closely – make sure everyone in your leadership team understands your cash flow perfectly.
  2. Do your best to communicate brilliantly with your team – they are as worried and uncertain as you are, perhaps even more so.
  3. Become closer to your customers than ever before – they need your help and you will need theirs.
  4. Pursue your refreshed vision with the passion, energy and enthusiasm of a new start-up.
  5. Take a heightened interest in your profit and loss report – this is not the time to be transacting unprofitable business that will eventually impact on your CASH position.
  6. Preserve cash – this will be a bumpy journey for many. he only way your business will survive is if it has CASH.
  7. Be ready and prepared for some unexpected business interruptions e.g. a second wave or local outbreak.
  8. Make time to laugh and smile together.

So, I’m interested to find out how you got on? Are there any areas for improvement?
These are extremely challenging times for all of us and there are bound to be some gaps in every business. I hope this quick review might help you to focus in on the areas of your business that may require more attention.

If you need support to overcome the challenges you are facing and help to come through this crisis stronger than before, get in touch about the Sheffield City Region Growth Hub’s Restart to Growth business programme.

please email growthhub@sheffieldcityregion.org.uk or telephone 03330 00 00 39.