How to Protect your business from a COVID-19 Coronavirus Recession

A COVID-19 Coronavirus recession is looking likely but it may not happening. (updated June 2020)

You can protect your business, by adjusting your business strategy to ensure your business success.
I’m not here to preach doom & gloom, I just want all people and businesses to plan for the worst so they can come out on top.

Want to protect your business from Coronavirus COVID-19 induced meltdown?

I’ll show you how.

Ok – just a few things 1st.

  • I don’t know why people want so much toilet paper.
  • COVID-19 is not as deadly as other viruses (SARS/MERS)
  • We’ve had more flu victims over the last year than COVID-19 Coronavirus victims

So what’s all the fuss about????
Here’s my view:

  • The global economy was already teetering on the edge with a slow down in many global markets eminent. COVID-19 is simply a catalyst.
  • Death rate from the COVID-19 is not the main issue, the issue is the rate of spread could overwhelm our health systems.
  • Serious cases require ICU treatment. We don’t have thousands of empty ICU units laying around doing nothing. So how do we manage a mass spread like Italy?
  • As more people get sick the rate of spread can also affect the number of people available to support patients – hospital staff, cleaning staff, etc.
  • The quarantine approach will likely affect all businesses, supply chains, etc. We may see a Coronavirus Recession, or even a Global Coronavirus Recession.
    • Quarantined & sick people will produce as much,
    • Quarantined & sick people spend their money on very specific things (e.g. Panadol) and not other things (e.g. drinks at the local pub).

I’m about to give you the tools you need to survive (absolutely free – no sign-up, no trickery)
So what’s all the fuss about????
Here’s my view:

There are several things you need to think about. I have highlighted the main topics here. Download our comprehensive set of tools to get the full picture:

  1. First and foremost is Health and Safety – you must prioritise health and safety over profit at this time.
  2. Reassess your Business Strategy – focus on Cash Flow over all else in the short-term
  3. Implement Remote Working capabilities – this includes your sales cycle. Plan for shutdowns for you and your suppliers.
  4. Look for opportunities – there will be demand for delivered goods, online services, perhaps safe travel options
  5. Secure your Supply Chain – we have already seen kinks in the armour where goods are sourced overseas

Using our free tools below will give the best chance of Business Success…
So what can you do?

I’m not going to give you advice on how to protect your health (I’m not qualified) but I do have some ideas on how you can protect you business.

I’ve been collaborating with Andrew from Jazoodle to come up with a comprehensive set of tools to help you plan for a COVID-19 Coronavirus Recession.

Use these tools to plan for the worst, whilst hoping for the best:

  1. Coronavirus COVID-19 BUSINESS READINESS CHECKLIST
  2. Coronavirus COVID-19 RISK ASSESSMENT & MATRIX
  3. Coronavirus COVID-19 FINANCIAL HEALTH CHECK
  4. Coronavirus COVID-19 3 EARLY WARNING KPI TO KEEP YOU BUSINESS IN CHECK 

Jazoodle is also offering free access to there financial modelling system to help SME businesses (details within Coronavirus COVID-19 FINANCIAL HEALTH CHECK) – Use Promo Code
Lucrature3

Check out the Podcast in Audio Only or Video format
Audio Only; Here
Video version; Here

Please Help by taking our Coronavirus Business Survey:
Fill in our Business Impact Survey here:
Coronavirus (COVID-19) impact on Australian Businesses – Survey

Free Downloads:

I am opening up my calendar to support businesses. If you want help to understand and/or apply these tools to your business. Please book a 15 or 30 min phone meeting with me here.
https://go.oncehub.com/ChatWithBradHoran

About the Author:

Brad Horan is an accomplished Chartered Accountant, that loves business and particularly the human psychology of business decision making to achieve success.

Brad has over 20 years experience in consulting to businesses across finance and operations. Early in his career he recognised that there was a disconnect between operational and financial goals within businesses. This disconnect often resulted in businesses taking different conflicting actions despite trying to achieve the same result.

He recognised these conflicting actions were at great expense to businesses and their employees. In extreme cases they led to the demise of businesses.

Brad worked with hundreds of businesses over the years big and small, eventually coming up with a framework to drive ownership through all levels of the business. This improves employee relationships, customer experiences, and ultimately reduces work and stress for those managing the business.

Businesses big and small have benefited from Brad’s unique services; Midas, Diamond Pasta, Universal Pictures, HSBC, MetLife, Otis, Transport NSW, Hannover Re, Exxon Mobil, Care Fushion, Cleaning Star, Lonergan Research, to name a few.

 

Additional reading curated for you:

  1. Roadmap to Recovery – Recession Proof and be a Corona Virus Winner
  2. 1 Hour of clarity for a successful business and a better life.
  3. How to get More Money Fast in your business


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