1. Tear up the rule bookTear up the rule book and start again. If you have a business plan then burn it – it was probably useless, anyway. It’s time to think of ways to adapt, to step out of your comfort zone and into the new world. One thing’s for sure, the world will never be the same again, even when the craziness is over. Ideas are currency at the moment and everybody is crying out for them. Keep an open mind because, even if you hate the idea, buried in there could be a nugget which could trigger a thought that could change everything. Write ideas down, share them and test them.
2. Check out the chancellor’s rescue packageGovernment support measures must be top of everyone’s list this week. The Chancellor’s rescue package includes grant funding, extra time to pay VAT and income tax and a coronavirus Job Retention Scheme. If you’ve got employees, you might be able to get 80% of their wages paid and they get to keep their jobs.
3. Avoid debtOne of the reasons PopUp is still able to keep going is because we always avoid debt. I recommend the same to you all. There are plenty of loan companies out there are looking to profit from our business misery. It will take years to pay them back – please only use debt as a last resort. Meanwhile, dial back on your spending, both in the business and in your personal life.
4. Get online – nowThe internet offers the best chance of your business keeping going, even if it’s just about communicating with your audience. Last week, we ran two Facebook live sessions for business owners and were amazed by some of the ideas coming out. Pub quizzes on Zoom, gigs on Facebook Live, tonnes of ‘how to’ guides being uploaded onto YouTube. Don’t trust Facebook? Not that excited about making videos? Tough. In fact, it was tough luck before the virus hit, you have to deal with business reality now, and the reality is virtual.
5. Keep communicating and help peopleAt PopUp, we’ve been communicating ten times more than we usually do, and it probably still isn’t enough. Communicate as soon as possible with everyone you’re connected to – customers, suppliers, employees, family, friends and neighbours. Find out how they’re getting on, what their problems are and offer to help solve them. People need support and encouragement.
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