So, we’re all in iso because of rona, we’ve been told not to be magpies at the supermarket and to maintain social distancing. Whilst we wholeheartedly agree with that advice, there ARE five types of (non-physical) contact we think you should still be making to help your business get through this crisis in one piece.
1. CONTACT YOUR CUSTOMERS
Make your Customers feel like they are valued and reassure them about how you are handling these changing times. Update them on any changes in process that might affect how you usually do business. Tell them you are there for them especially in the tough times. Support them now and they won’t forget you later.
As well as checking in on your Customers, actively monitor them by getting alerts sent to you so you are forewarned of any possible insolvency events.
2. CONTACT YOUR DEBTORS
Your debtors will more than likely be hurting so try and ease them through this time. Separate the “won’t pays” from the “can’t pays” and act accordingly. Try to plan your cash flow and be aware that the laws have now changed for issuing of Statutory Demands and Bankruptcy Notices. Click here for our infographic on the new changes.
3. CONTACT YOUR CREDITORS AND SUPPLIERS (INCLUDING YOUR BANK)
Be upfront and honest. Don’t put your head in the sand, find out your options and tell them how you intend to cope. Do not over-promise but be realistic and try and work together to negotiate outcomes that you can all live with.
Consider also monitoring your suppliers by having alerts sent to you especially where your supplier is a critical part of your business.
4. CONTACT YOUR FAMILY, STAFF, WORK COLLEAGUES AND FRIENDS
We are social animals and we need regular social contact – call, face time, zoom or skype to check in with the people in your life to monitor their mental well-being. Support your staff if they are struggling to cope with the “new normal.” Be aware of how their individual circumstances may affect their productivity and work with them accordingly.
5. CONTACT A LAWYER OR INSOLVENCY PROFESSIONAL IF YOU NEED HELP – AND DO IT EARLY
For our Special Counsel, Terry Ledlin, this will be the 4th major economic downturn he has seen in his lifetime. That practical wisdom learned by experience is there to be shared. We know we can help. If you need advice about contracts, negotiation, collecting or securing your debt or legal position then just reach out.
Most importantly, stay safe and healthy during this challenging time.
For more information, contact Terry Ledlin