There are a number of things you may have already done but it’s worth revisiting the list:
– How have discussions gone with your landlord on rate abatement/rent relief? Have they provided any support?
This is always your first port of call, having an open and honest conversation with your landlord on options.
– Have you reduced all your other overheads to free up cash? Cash is king right now so you need to find channels of credit if you don’t have cash reserves. Make sure you cut all the none essentials immediately.
– Have you reached out to your bank for business continuity support or any restructuring you can do? This is also a critical option for you.
As we move from Tier 4 to tier 3 in the foreseeable future:
– how are you set-up for click and collect, online retailing, etc?
– If you reach out to your customer base you can still help serve their needs through those alternative channels.
– Have you been keeping in touch with your customer base? If not how can you so you have people ready to engage and spend with you when you can trade again.
Do you want to continue trading? It’s an important question. Over the coming weeks, there could be more good news or (god forbid) more bad news. What we know is that lots will change and this isn’t going to pass quickly, so look for the opportunities.
This is tough, and it’s scary and often you can’t see the woods for the trees. But sit down and make sure you have a plan and a list. I have a very comprehensive one I can send you if you like, just contact me at email@example.com