COVID 19: Survival Tips in These Tough Timeby Warren Perriam Director at Perriam & Partners
ON THE HOME FRONT
LIVE WITHIN YOUR MEANS
Most people have a good idea of their income, but little idea of their outgoings. Even when they do try to put together a budget, they multiply what they spend in a week by four, when actually it is 4.33. The extra .33 doesn’t sound like much, but over a year it adds up to about a month’s expenditure!
SORT OUT YOUR MORTGAGE
If your fixed rate term is coming to an end, start thinking about what you are going to do now. Perhaps the current floating rate would be a better option for you now?
STOP BUYING THINGS
Hunker down and stop buying anything extra. Redecorating the house or a new car can all wait until next year or later.
SPEND LESS ON WHAT YOU ALREADY BUY
Make sure you are getting the cheapest broadband, petrol, bread, milk, gym fees, junk food, lattes, meals out, babysitters etc. Maybe it’s time to really knuckle down at work to make sure that your job is not dispensable.
There will be redundancies and layoffs and you don’t want to be one of these.
SELL STUFF ON TRADEME
Build up some emergency funds. Your credit card is not rainy day money … cash is!
TELL YOUR BANK IF YOU LOSE YOUR JOB
Don’t wait until you are in a mess. Your bank will help you restructure your debts if you ask soon enough and before you get behind in your payments.
ON A BUSINESS BASIS
BE AS UPBEAT AS POSSIBLE
Both as a consumer and as a person. The more we talk about the current difficulties, the more likely it is to become reality, so try to behave as you would normally or as best you can.
DON’T TAKE ON BAD BUSINESS
Taking on unprofitable jobs to keep staff busy is not the way to go.
GET DOWN TO THE BARE ESSENTIALS
Unless you operate in a “lean and mean” mode, your business may not survive. Cutting down on staff is unpleasant and costly, but you can’t afford to pay wages if there is no work for them.
REEL IN THOSE DEBTORS
Be as aggressive as you need be to get those account receivables in. Your debtors will be having just as hard a time as you are. Keep on their tails, cash is King.
MARKETING IS EVERYTHING IN A DOWN TURN
Keep your name in front of clients and prospects. Marketing is about understanding everything relevant to your current and future customers. Knowing what they need before they know it themselves, and a few other things like:
Who they are and how many staff they have
What will get and keep their attention
What they’re willing to spend on your product/service
Who they trust
How they buy and don’t buy
Who else is selling to them
GO BACK TO YOUR SUPPLIERS TO NEGOTIATE A BETTER DEAL
This is the time to do it. If your supplier is feeling the pinch, offer to keep up your volumes if they reduce the price. Look for a bargain.
Persuade your staff that every time they spend company money or waste company resources, they should do so as if it were their own.
KEEP IN TOUCH
Now more than ever, your clients and customers need you.
If you need any help then contact to Perriam and Partners. He will assist you what you need to do.
Created on Apr 10th 2020 07:45. Viewed 129 times.