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.
If you would like any help or an informal conversation, please get in touch –martin.pattinson@focusfive.org