In these troubled times your business may be heading in the wrong direction and you need a turnaround plan.
Your bills may be piling up, but you still need their services. Call them up, talk to them explain the situation to a point. No need to give them every grisly detail. Try to work out a plan where you do not get shut out and they collect their money. If they are a small business, they want you to continue to be a paying client.
If you are in the service business, you need to talk to all of your clients and find out what is going on in their worlds, you need them in business to pay you and use your services in the future. You also need to talk to your centers of influence, make sure they are filtering in referrals to you, and you to them. Also, you need to find ways to get in front of people who may not want to meet, which is where Zoom comes in.
If you manufacture products, you need to be talking to your vendors and your customers both. You need to know where your weak links are. You need the customers to pay, but you need the suppliers to be there when you order materials and supplies. Also, your salesperson/staff have to be talking to people to continue to bring in those new sales.
Here is where poor management or bad decisions will have their greatest impact on your business. When your business is distressed you can’t afford to make mistakes, their impact is far greater than under normal circumstances.
Work with your Board of Director/Advisors. If you don’t have on get one started. You need people you trust and in the appropriate field to help you make decisions from time to time. This helps get you recentered. I use my Board for this all the time.
Hopefully you have reserves, or lines of credit available to also whether the storm. The government has been fairly generous recently with funds, and I encouraged those who felt they did not need them to get them. They are now happy that I did so, they have had to use them.
For help or guidance, give us a call so we can assist.