There are so many draws on our time at the moment: concerns about family and friends, concerns about drop in income or loss of income altogether, concerns about our own health, concerns about whether our business can continue. With everything going on in the news and in reality all around us every day, it is very difficult to stay objective and dedicate sufficient time to the right things in our business. Here are our insights into the top things you should be doing as a property business owner RIGHT NOW.
- Look after your staff and contractors
Whether they work in your business itself or are valued external contractors providing vital services, you should absolutely be making sure they are looked after in the best way possible. This means keeping them safe but also productive if at all possible; and if there is work to do, give them the tools to enable them to keep doing it. - Look after yourself
There is not much point having happy staff if you have a nervous breakdown. Take time out – an additional hour a day at least – to focus on your own personal challenges. - Stay connected
Amongst your team you must do your best to stay connected using whatever tools you have to hand; in reality, this means using email, phone and skype etc. rather than face to face.
- Keep focused on the cash flow and profit
Focus on the things that add most to your bottom line and drop everything else which is a nice to have. - Keep paying your bills
Keep paying your bills if at all possible or, ask for as small a deferral as
possible if it would really be a stretch. This will be storing up a supply of goodwill in the community of people you do business which can be called in in the future in the form of better service and new business leads. It will also protect your credit rating and will enable you to borrow money at competitive rates should the need arise. - Defer expenditure
In parallel to 4) defer any expenditure or ‘new projects’ which you are able to without impacting ‘goodwill’ or would result in an unnecessary resource drain or organisational challenge. - Improve efficiency and adapt
Whilst recognising that efficiency will be challenged under the current circumstances, be ruthless in seeking out and applying any new technology or ways of working which will allow you to maintain or improve your efficiency and reduce cost. - Look to the future
Keep one eye on what the future may look like in say six months to one year and plan accordingly. Continue to operate assuming you will still be in business.
- Avoid laying off staff if at all possible
Avoid laying off staff if at all possible as you will struggle to get them back. - Continue to grow the business
Whilst it may be an uphill battle, continue with acquisitions if at all possible and particularly if they are immediately positive to the bottom line. Continue to push forward new business whilst being sensitive to the personal circumstances of your business prospects and the capacity of your staff. If you allow inertia to grow it will paralyse your business and it will take you a long time to build it back up again. - Tell everyone you are still in business.
Again, whilst remaining sensitive to the climate around us, you must continue to promote your business and explain to your potential customers that you are not only surviving but you intend to thrive as well. Remind them that you are still able to solve their problems even if those problems have changed slightly in the current times. Give significant value without expecting anything in exchange.
