It’s the classic business dilemma; do we save our nuts like squirrels to get through the winter, or do we plant the seeds and prepare for a good harvest?
Those who argue for ‘cut and save’ would say:
Keep the money you have in reserve
Reduce all costs
Defer all big expenditure
Cut all non-essential spending
Clear out your inventory
Sell unused assets
Cut staff hours
Then use cheaper staff
Find lower cost supply chain alternatives.
Then there are others who argue the opposite:
Increase advertising and promotion
Invest in marketing and sales
Increase brand awareness
Improve your website and online presence
Always keep promoting
Look for cost effective mediums
Continue to engage with your customers
Encourage loyalty purchases
Develop new products or services
Engage with your supply chain
Improve your online offering
Look for another business to buy
Buy specific assets
Find profitable add-ons
Seek out lower cost providers
The question really is, how will you position yourself to come out the other side?
Be smart during this time of lockdown and restrictions. Be on the lookout for new opportunities, to grow, develop and improve.
Let me know if you need a hand
Peter