7 Actions to Take in the Next 90 Days to Save Your Company
Business as usual will look very different after the pandemic is completely over. Here's what you need to do to keep your doors open. If your business is struggling, and you're chomping at the bit to bring your business back to full productivity, you need to be the first prepared.
Here's what you need to be doing right now.
Call Key Clients
Call your important clients or customers… the ones who have spent the most with you and who you have solid relationships with.
This aids two purposes:
- you’re calling to see how they’re doing and signifying that you actually care, which can only serve to strengthen your relationships.
- you can determine if there are any struggles they’re having that your company can assist with — assistance that hopefully they might be willing to pay a small fee for.
Offer Gift Certificates
If related, offer gift certificates whereby loyal customers can continue to support your business for products or services they are likely to use in the future but now. This helps you to bring in some future income.
While this is something that seems to be more applicable to brick and mortar businesses like restaurants, it might be something worth considering in other types of businesses — particularly if those gift certificates offer the ability to get products at a discount.
Evaluate Your Marketing Spend
In this existing climate, it’s very easy for a lot of your marketing and advertising dollars to be flushed down a black hole. The goal is to turn off underperforming or non-essential ads.
At the same time, it’s worth observing that you might be able to get advertising and marketing services at lower rates. Which is fine as long as the short-term value as different to the conventional lifetime value, beats the cost of acquisition.
Tap into local programs
While many business owners have been absorbed with the federal government's Paycheck Protection Program and Economic Injury Disaster Loan program, bonus resources are available at the state and local levels, such as local economic development groups and community development financial institutions.
Offer Remote Services
Deliberate on what kind of remote services you might be able offer your clients and customers. This might be especially appropriate for B2B companies.
Consider Buying Investments
If you have more than 24 months’ runway then search the merits of investing in extremely distressed stocks, bonds, real estate or commodities, perhaps via a diversified index fund, in order to lock in a significant capital gain during the recovery. If you purchase a stock that has fallen 50%, and it makes a full recovery in 24 months, then you have successfully doubled your money — it would seem to be a good time to buy if you have money.
This might also be a great time — if you have the capital — to buy competitors, or complementary companies that can give you access to resources or relevant eyeballs that will help you to increase your company’s revenue once this whole thing blows over, or even in the near term.
Caution: Nobody knows where the ‘bottom’ is and just how bad this thing will be, so it is possible that companies with characteristically sound fundamentals could go bust. There are no guarantees in life, and COVID reminds us that black swan events do happen and they serve to challenge our entire world view. Nonetheless, it is almost certain that the current bottom is not tomorrow’s top, and that markets will, over the long-term at least, make a full recovery.
Scale Back on Perks and Fringe Benefits
You might also want to look at other bonuses or fringe benefits that you’re offering employees — scale back or momentarily eliminate those that are non-essential and certainly not must-haves in the current climate.