As lockdown continues what should you be considering for your business?
9 April 2020
Wherever your business sits at this time, the three biggest determining factors for your success are:
1. How you respond – and continue to respond with each passing day, week and month?
2. What is your response – is it appropriate and does it demonstrate leadership?
3. How do you communicate that response – and continue to adapt your communication with every new development, sometimes daily?
ARE YOU FULLY INFORMED?
? Are you up to date with all government directives for your business and your employees
? Do you know what financial support is available for your business from all levels of Government
? Have you spoken to your bank manager, accountants, advisors etc to totally understand your current position
? Do you know what regulations are specific to your State. Each State Department of Primary Industries has a dedicated website with specific information.
WHAT ABOUT YOUR EMPLOYEES?
? Have you updated your policies (for now and then ready for a post COVID19 climate) and shared them with your employees
? Are your workplace sanitation procedures current and relevant for COVID19
? Do your staff clearly understand their health obligations at this time
? If your staff are working remotely or from home, do you have guidelines in place and are they aware of them
? Are your communication plans with staff suitable for working remotely
? If you have let staff go and then need to recall them – do you understand how the JobKeeper initiative may affect their decision
? Do you have someone on your team who is the go-to person or who can reach out to staff to keep them calm and informed
WHAT ABOUT YOUR CUSTOMERS?
? What is your message to your customers – what do they need to know right now
- Maybe film a quick video on your phone to distribute to customers keeping them informed
- Have you closed down for a period of time or reduced your hours
- Is it business as usual
- Have you launched new products and services
- What do your customers need to know right now to continue to operate their businesses with your support
WHAT ABOUT OTHERS IN YOUR COMMUNITY AND INDUSTRY?
? How are you demonstrating being a good corporate citizen - Can you share values-based posts that spread positivity and good news?
? How do you want to be remembered when this is all over? Did you panic or were you a leader
WHAT ABOUT YOUR BUSINESS?
Now is the time to ask!
- For the work or sale – be upfront, fortune favours the brave
- An introduction to a potential joint venture partner
- Getting help to develop a new idea
- More time to pay your invoices and for your clients to pay you – can you find a payment plan option that keeps income flowing?
Now is the time to plan!
- A new product – be creative about your client’s needs – what problems will they need solved that they do not even know they have yet?
- Selling your new (and existing) products in different ways
- Building up goodwill with potential customers
- Identify new joint ventures and partners
WHAT ABOUT YOU?
? Are you finding a healthy balance and limiting news and social media if you and your family find it too distressing.
? Are you accessing credible sources of information from government and health authorities
? Are you maintaining perspective? Remember that experts around the world are working hard to help.
? Are you staying calm and being practical? Follow advice from credible sources and resist the urge to panic.
? Are you staying connected and/or seeking support? Keep in touch with your family, friends, colleagues or professional support services by phone, video call, social media or email.
? Are you getting plenty of sleep, maintaining physical activity, eating healthy foods and allocating specific work hours and breaks?
If you haven’t been in the past, maybe this is a chance to develop some new habits
DO YOU REALLY UNDERSTAND YOUR BUSINESS EXPOSURE?
? Are you on top of your debtors and communicating well with your creditors
? Have you reviewed your current insurance position
? What is your current staff entitlement and what flexibility do you have in your employment agreements to make changes
? Have you put in place a clear staffing plan going forward
? Does your business have the IT capability to work remotely and do you have security measures in place to protect your data
? Have you identified and developed a management plan for the key risks in your business
? What is your inventory position and do you require additional finance to support an increase in inventory
? What dependencies in your supply chain put your business at risk
? Are you aware of your customers current position and their ability to pay, what flexibility do you need to build into your plan
WHAT WILL YOU DO WHEN THIS IS ALL OVER?
? What weaknesses have you uncovered in your business – can you plan now to strengthen your position
? Have you identified any new skills that you and your team many need? Are there on-line modules that can be offered right now
? Have you undertaken a review of your competitors and identified the opportunities that maybe available for your business
(mergers, acquisitions, new partnerships and products)
WHAT SUPPORT DO YOU NEED FROM YOUR INDUSTRY ASSOCIATION?
Please contact us if you need any specific assistance or have any issues you want investigated further.
Send us an email or give us a quick call - we would like your help to identify
? What is the most critical need for our members at this time
? Where is our most powerful impact going to be
Australian Fertiliser Services Association
AFSA Executive Officer