Reducing risk in your business to help you mitigate the impact of Coronavirus:
In these unprecedented times, companies need to stay ahead of the competition and offer creative pricing of your product or service. So how can this be achieved:
- Offer discounts, bundled packages, phased repayment terms, monthly retainers, longer-term discounted contracts.
- Price is one aspect, your costs are the other aspect, both influence margin.
- Address fixed costs and transition to flexible costs.
- Negotiate with your suppliers’ new contract terms including pricing and repayment terms, discounts to consolidate numbers of suppliers and order sizes.
- For your rental premises discuss rent holidays and flexible lease structures with your landlord. Rationalise your property requirements, move to hot-desking, use of serviced facilities.
- Transition staff to flexible contracts, reducing total staff costs
And in moments of down-time be productive, talk to your stakeholders, undertake more training, review markets and competitors and start planning for when we are over this pandemic.