Until recently, the corona crisis seemed to be entering calmer waters for more detail shlomo rechnitz. The government decided to stop supporting entrepreneurs because the market was found to be stable enough. Yet many entrepreneurs are in a less rosy situation: with the recent tightening of the measures, a lot is again being asked of some. As an entrepreneur you are used to dealing flexibly with changes. In fact, you are constantly looking for opportunities to grow. How do you get through this period of crisis and lockdown with your company?
Clearly map out your business situation
The government has now announced that they will expand the support packages for the time being. Check carefully which schemes are still relevant to you and what you are or are not eligible for.
In addition to the support packages, a clear overview of your business situation helps you determine the course of action for your business. Which changes in the situation are temporary? And which ones are permanent? For example, has the demand for your product changed temporarily or would you do well to adjust your offer?
1. Supply and demand
How has the market changed for you? Has the demand for your product changed and have you adjusted your offer accordingly? Perhaps you have gained new competitors? And what about your customers? Are you still targeting the same audience?
2. The process
What has changed about the way you do business? How do you need to adjust your processes to be able to continue doing business in this situation?
How are you doing financially? Have you had to call on your buffers lately? Or have you just seen your business grow? What changes do you see on your annual accounts?
To help you map out the impact of the corona crisis on your company, we have developed the Corona Canvas for you. A handy overview that you can fill in for yourself and with which you make the situation clearer.
Health check: know how you stand financially
Good financial health is the basis for growth of your company. If you are in good shape financially, you can handle setbacks and you are in a good position to attract business financing. Fortunately, you don’t have to be an accountant or bookkeeper to map out your financial situation in broad terms. We help you on your way with the following 6 points of attention.
- What is your turnover?
- Are your costs in line with your turnover?
- Is your company making a profit?
- Do you have sufficient spread in your customer portfolio?
- Do you have positive cash flow?
- Solvency: what is the ratio between your equity and debt?
In this blog we explain in detail how you can answer all 6 questions for yourself.
Time of crisis: time for change?
If you know what your business situation looks like and you also have insight into your financial health, it is important to think about how the crisis may further affect your results and situation. Get started with an action plan to embrace opportunities and mitigate risks. Actively adjust your strategy to developments and increase your chance that your company will emerge well from the crisis. In any case, these 7 tips will help you to tackle the contact with your customers and the service.
Take care of yourself
A survey by the ONL entrepreneurs’ organization shows that more than half of the entrepreneurs experience more stress. The National Center for the Prevention of Stress & Burnout warns of an increase in burnout complaints among entrepreneurs. The corona crisis has an impact on the health of entrepreneurs. It is precisely during this time that it is important that you take good care of yourself. Work on your physical and mental fitness. Focus on the things that you can influence and that you can change. On the website of the Chamber of Commerce you will find answers to frequently asked questions by entrepreneurs . Try to clear your head from time to time. You will notice that a fresh look helps to deal with this crisis in an entrepreneurial way!