Be conservative with your spending. Take a critical look at your budget and your cash flow. Conduct various stress tests to help guide you on where to limit spending and where to increase spending. Consider where you can reduce operating costs and how limited nonessential expenses will affect your company. Try our Cash Flow Forecaster to help see where your company is headed, and where you can cut costs to stay afloat.
Find potential supply chain disruptions. There will likely be some kind of supply chain disruption during the coronavirus pandemic. Companies with suppliers who operate out of foreign countries will likely see supply chain disruptions. If you experience a supply chain disruption, maintain communication with your supplier, while also considered alternative ways to complete your supply chain.
Lastly, always be prepared for the unexpected. Anything can happen during these times and legal roadblocks are among the most disruptive. In order to prepare for these unexpected situations, companies should conduct risk assessments, find preventative measures, and manage potential contract disputes.
In order to survive these challenging times, we are going to need to work together. At TGG, we want to help your company get clear on their future business plans, contact us for your free 15-minute evaluation.