Business survival in a pandemic

Covid-19 has forced the world to accept a new normal. It is unclear if this new norm will last for 6 months or for the next decade. But what is clear is that this is the perfect time to reevaluate every aspect of your business and take the necessary actions to set the business up for current and future success.

Determining the correct strategy, product offering, pricing, staffing and overhead cost structure will be the difference between survival and closure for many small and mid-sized businesses. Now more than ever, proper visibility to critical financial data is crucial to making the appropriate informed decisions. Data, rather than emotions or intuition, must drive decisions about product and service offerings. It is an excellent time to increase price and profit and key offerings, while at the same time discounting and clearing out less successful lines. How you utilize available cash is critical, investing in the products and resources that will deliver quick turnaround and solid margins. Just as critical could be working with your vendors, suppliers, landlord, etc to determine how they can help during this time. This could equate to free rent periods, or a vendor providing some product on consignment for a period of time.