Minimising the Impact of Covid-19 on Your Business
It is entirely possible that COVID-19 could generate challenges in the following areas:
- Manufacturing / Logistics & Supply Chain –
How to make sure you will receive the products you need on time. Will you need extra insurance to cover the risk of receiving the goods late? Do you need to realign production numbers based on the current purchase trends? Will you need to pay more for shipping in order to guarantee delivery on time?
Will you need to identify new suppliers, new manufacturing countries and what will be the costs or investments involved? - Public Events / Collective Gathering –
Governments and private organisations have taken steps to postpone or cancel events (concerts, fashion shows, trade shows, racing competition ...). This has started to affect many big events, yet it does not yet seem to be affecting so much retail traffic.
However, there could be measures you could be taking in your stores which would offer regular customers more confidence, e.g. offering hand sanitiser/washing facilities, Online messages …
Look at building up online sales to offset any in-store sales issues - Customer spending –
Due to the possible uncertainty, some customers may decide to spend less. There is, therefore, a need to build an online business to reach out to many more customers. You should also consider how to get the most from every single interaction. Improve sales techniques and product knowledge. Never assume that your staff knows it all.
It may also be an opportunity to introduce new products (either your own or from a third party). - Staff –
If staff is affected, can office work be organised from home?
Support your staff in these difficult moments - Personal –
How will our state of mind react to this situation? There is no need to panic. It is about being calm and taking the right decisions based on good and relevant information and data. Feel free to bring somebody from outside to review the different options offered to you and your business.
ACTION
As a Client said: "Don't stay alone".
From the exchanges we had, around 20% of companies are "panicking" and do not have a clear road map about how to go about it.
Roughly 60% have built a steering team to address the opportunities and challenges. YES there are many opportunities as many Brands will do little, nothing or the wrong things.
Around 20% have built the steering team with internal staff and outside advisors.
Advisors bring real critical thinking and challenge the organisation. They are not afraid to say the truth even though it may hurt!
We are only a phone call away and we have provided valuable policy changes and procedure revisions as well as mentoring which gave business owners more certainty and clear visibility on how to go forward.
Reach us by email or via WhatsApp +44 7951 198 769.
Top Tips to plan, preserve & sustain your Fashion Brand in 2024 - 3-day bootcamp. FOR A LIMITED TIME.
You, us, our friends and colleagues have all gone through really challenging times. You are not alone.
After working with Brands and Retailers for over 25 years, let us share and make you discover
*The top golden rules to follow to preserve and sustain your Brand
*The top mistakes to avoid to grow the Brand
*The 5 ingredients for personal and business success
A Client stated: "You care more about my business than I do". The reason is that we see the green flag where the business owner sees a red flag (or the reverse).
By attending this 3-day bootcamp (flexible attendance), Designers and business owners told us that they had the real feeling that it has opened new doors of opportunities.
They appreciated that we acted as a trusted advisor for their Brand.
Why not you?
You can email us your question as you attend the webinar.
We will answer all questions.
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