As a business owner, along with your own wellbeing and resilience, supporting your family and team through the lockdown is critical. While the #Covid19 lockdown is out of your control, you can minimise the impact on your family and team to help bolster morale as well as business out outcomes.
Many of our clients have been busy ‘firefighting’ and haven’t had a chance to document a clear plan beyond this critical phase. Hopefully the initial shock of going into lockdown is fading and you have capacity to consider what you can do to mitigate the impact of Covid-19 on your family and your team.
Your resilience is a priority
You must put the oxygen mask on yourself first, otherwise you’re not much use to anyone. Try to maintain a daily routine as much as possible; including getting adequate sleep, sunshine and fresh air.
Your family always come first
Include them in your plan and communicate openly. For those of you with children, you may be juggling work with supporting their e-learning. Do what you can to keep morale up, including not being too hard on yourself if there’s less schooling and more TV going on.
Reviewing your budget
It’s likely you’ve had to reduce your salary or drawings from the business, so trimming any fat from your personal budget is key. Use an online tool or a simple spreadsheet to create your budget, listing all expenditure from the last two months. Then, identify where you can make savings; every saving you make takes pressure off what the business needs to provide.
Personal asset planning
Now is a timely reminder to ensure your personal affairs are in order and that important documents are stored securely:
- Ensure you and your family have sufficient insurance cover
- Review and update your Will or write one if you don’t have one
- Ensure your Memorandum of Wishes and Powers of Attorney are up to date
Supporting your team
Your team will be worried about job security. Be open and honest about the impact Covid-19 is having on your business. It’s likely you’ll need to make some tough decisions about your organisation’s structure. You may need to reduce hours or even make some team members redundant. Legal advice is imperative to ensure proper processes are followed.
If your team can continue working from home, ensure you stay connected with regular online meetings. Stay socially connected with your team by holding Friday drinks online using Zoom, Teams or House Party.
Plan your priorities right now
Ensure you have a plan in place to manage your bubble at home while continuing to support your team as much as possible.
We’re here to support you at this difficult time – while it’s tricky for a lot of people, we’re firm believers that often where there are challenges there’s an opportunity too. Whether you need help developing your Business Continuity Plan, need clarity on the financial support available to you, or just need to chat about your business and how you might be able to pivot to explore new opportunities, get in touch.