Every organization is coping with a new reality. Some organizations have quickly assessed their changed situation, made decisions and started executing changes. Others have barely begun to adjust to this new environment. Although we’re all moving at various speeds and trajectories, we are all moving through the same recovery framework.
To meet you where you are right now, we’ve put together a COVID React Toolkit – Strategies, tools and resources to help you navigate and propel your people and organization forward from a position of confidence and strength.
Every organization has been impacted in some way by this new environment. The timing of impacts varies significantly depending on your sector, but as a bare minimum, moving to remote work has increased costs and reduced productivity to some degree.
Here is a simple chart that illustrates the type of revenue variations organizations might experience over the balance of the year.
Assessing your situation and formulating an action plan should be based on an intentional and thorough review of your income statement and balance sheet. There are several resources and programs available from the Federal government to support employers, employees, and individuals.
Your efforts are best focused on your immediate pain points. Questions you should consider:
We’ve broken down and expanded the Big Picture below to provide you with resource considerations and tactical approaches that you may want to consider.
The Canadian government has stepped up to support employers, employees, and individuals but you may still need to make some tough decisions to manage your people expense and your bottom line.
As you consider your options for managing your salary/wage-related expenses, we have identified the federal programs that are available depending on which route (or combination of routes) you choose to take.
!Take Action! Now is the time to plan ahead and think about what your workforce needs to look like when business recovers. This will help inform the actions you take in the shorter term to manage your people expenses.
We’re here for you!
|Our HR expert Neil is here to help if you have any questions or if you just need a friendly ear to talk through your options. No charge of course. He’s here to help!|
|Connect with Neil|
Of course, there are people expenses beyond salaries and wages. Chances are you’ve had other people initiatives underway that were an expense on your income statement, but important to the growth of your team and organization. Here are some ideas on how to manage these additional people expenses.
You can do a lot to manage your other expenses. Everything from occupancy, fixed assets, inventories and supply chain to your technology, general overhead and projects. We’ll take a look at each and provide you with some thoughts and a few actions to improve the health and strength of your current financial situation.
Home is where the heart is, so ensuring your space is there when you emerge from isolation is important, but it doesn’t have to be such a heavy burden to your finances. Here are a few steps and actions for you to consider to help lighten the load.
!Take Action! Talk to your landlord about your rent and possible changes that could be made to assist with you cashflow needs (rent reductions, deferrals, etc)
We’re here for you!
|Our finance expert Norm is here to help if you have any questions or if you just need a friendly ear to talk through your options. No charge of course. He’s here to help!|
|Connect with Norm|
Now is the time to do a little spring cleaning in your business. Clean up equipment and storage, streamline your distribution, and perhaps find opportunities that didn’t exist before. Here are a few suggestions to strengthen your resolve and improve your cash flow.
!Take Action! Consider purchasing hard assets that will be required in the future. They may be at a much lower price or with better payment terms than under normal circumstances.
We’ve all made the move to working remotely or adapting the way we work to include social distancing restraints. This shift may have put a focus on your technology infrastructure, applications, and support. Here are some considerations as it relates to your technology expenses.
Getting overhead costs down doesn’t mean you have to put a halt on progress, in some cases you may want to step on the gas. Here are just a few things to consider to justify or minimize overhead and project costs.
!Take Action! Contact your insurance provider as there may be a change in your policy coverage, cost and payment schedule that can be made to help increase your cash flow.
We’re all in this together. You’ve heard it a lot the past few weeks and it’s true. Exploring your balance sheet and looking for improvements within your financing expenses can mean interacting with your partners and clients in ways you perhaps haven’t in the past. Here are a few ideas and approaches that you might want to consider to help you financially, and that may also improve your relationships going forward.
We’re here for you!
|Our strategy expert Colleen is here to help if you have any questions or if you just need a friendly ear to talk through your options. No charge of course. She’s here to help!|
|Connect with Colleen|
There is more to our current situation than simply damage control. Amid the chaos there are opportunities for improvement, growth and transformation that we were unable to see before. As you move through the stages of disaster recovery at your own pace, consider some of these strategic approaches to strengthen and improve the health of your organization.
We are here and ready to help you with any needs you may have in this time of upheaval. If we can help you provide strength to your leaders and organization please don’t hesitate in reaching out, especially if you’re worried about finances. We’re happy to have conversations, act as a sounding board and provide advice without charge. We are here to meet you where you are right now. We genuinely want to know and care about:
Our greatest reward is in our client’s success, and that’s seeing you and your business through this uncertainty such that you’re stronger than before the upheaval.