The Business Exchange Swindon & Wiltshire Edition 49: June/July 2020 - Page 29

COMMUNITY VOICES MAL” d our lives both and possibly life. This has re to. 6. Talk to your accountant. We are helping our clients with these calculations, because without firm figures, decisions cannot be made. 7. Once you have a grasp on your figures and you consider you have a viable business longer term, ask yourself if you can you survive for the next six months: • Involve your staff in a discussion of likely trading conditions and seek their input on reducing costs and maintaining revenues. • Review your list of products and services and eliminate those that are unprofitable or not core. • Part company with customers who won’t pay. • Review your debtors’ list and chase overdue invoices (where appropriate). • Offer existing debtors extended payment terms and/or discounts. • Agree extended payment terms with all suppliers in advance. • Put extra effort into strengthening relationships with your most valued customers. ngs and my Rob Stokes, Optimum’s Head of Audit 8. If your business is not viable, make sure you talk to an advisor to run through the options. At Optimum, we can advise on many of these issues so please come and talk to us. Whether we are acting as that all important sounding board/sense check or helping compile the figures, our role is to offer solutions that see you and your business continuing to survive, and indeed thrive, into the future. For more information about Optimum Professional Services visit: email or call 01793 538 198. Paul Holmes customer spend, plan cashflow and credit accordingly. 5) Work ON the business, review processes, get projects done now, look at the business model, review the team structure, check profitability and review products. 6) Review your message, sharpen it, is it clear?, do more on social media, on your website, in articles and blogs, raise your profile, build networks and collaborations, focus on showing the world exactly what you do. 7) Finally the most important thing; ADAPT - look at your products, innovate the way you deliver services, your whole business model, use all your experience and knowledge to solve customer problems in different ways, find disruptive ways to operate, create an online service that compliments your main business – “It’s the way we have always done it” won’t be the safest way to be, from now on. In fact it could spell the end for your business. If you would like to discuss the challenges facing your business now or would like support to make sure you come out of lockdown positively, please get in touch. 07715008521 For more info: THE BUSINESS EXCHANGE 2020 15