COVID-19 – don’t even talk to me about business!!!

Everybody is stating that their business has been affected by the covid-19 pandemic and they might well be correct, but there are questions around this statement that need to be answered before this is a factually correct statement in the context of the world of business today.

These questions (not the only ones) are :
How are you tracking the impact of the Pandemic on your business?

A vital aspect to monitoring anything in business is to track it. There are many reports that can show you a variety of variations. The important thing here is this: finding the correct one for you. This is not a “one size fits all” situation, unfortunately.

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What are measuring impact of COVID against?

This may seem obvious to you but it often is overlooked. The reports need to be of the same period length and preferably the same time of year. For example: there is little point to compare a one month period with a four month period or January (your worst turnover month) with July (your peak time of your). The most useful would be six months from March 2020 to August 2020 compared to March 2019 to August 2019. Again this may seem obvious to you.

Did you trade but with limited products?

This was a common way of trading for certain companies and again it can be tracked and compared to prior periods to pin point accuracy. There is a huge proviso here though. If the system is not set up to beĀ  tracked like this, then you can’t do it.

Once you have got all the answers around the statement of “business is so because of (insert problem here) then you can have an accurate opinion on that person’s statement. Without ALL the facts, you can’t make this opinion. This again is applicable to all aspects of life.

So, what is the plan from now?Covid-19 and it's impact on business

We all have been in the situation where things are a bit rough or taken a down turn life is like that, especially business life. Having said that, the only way to think is about the way forward. With the correct facts, you can accurately plot a way forward. This is difficult for people and that is understandable but it can be exciting because your business is now going to get better and hopefully recover and flourish.
I repeat once more, this may seem obvious but not many businesses do it. Many time businesses don’t have a plan for the future. The future can be the next six months to five years. With difficult times such as a global pandemic, a month to month is often the way to go leading up to the six months plans etc. The bottom line is that you have something in place.

Before getting sucked down the road of “everything is so bad because of (insert problem here), make sure you have the facts on hand. These facts will ensure that you are able to make an accurate decision on any situation.

If you would like to know more about how we can help with this reporting and plans going forward, please contact us here

If you require any information regarding Covid-19 – please see the following website: www.sacoronavirus.co.za

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