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o matter the size, industry or current state of your business, if you are to survive lockdown and this pandemic, there are two parts of your business you need to manage and measure very closely – cash flow and marketing. Without comprehensive management of these critical areas of your business, you are going to face an upward battle in overcoming the current challenges. Cash Flow Here are our top four tips: If you have not already done so, apply for all the relevant payment holidays and benefits available from government and other institutions. The businesses who have access to cash are the ones that are going to survive this pandemic. Ensure you have a running, updated cash flow forecast at all times. You need to have a strong handle on what your cash position looks like. We suggest at least two, if not three months’ forecast at all times. Communicate with your outstanding debtors. They are also going through a tough time, but constant communication is key to understanding how much and when they can pay you. Keep in touch with your creditors and keep them abreast of when and how you can pay them. If cash continues to flow through the
Cash flow and
MARKETING ADVICE FROM DARRYN LE GRANGE ON HOW TO GET YOUR BUSINESS THROUGH COVID-19
cycle, then the economic wheels can keep turning, albeit very slowly. Marketing Sales is the lifeblood of any business right now. Sales is a function of lead generation (marketing) and conversion (sales). You do not want to stop marketing at this point, and should endeavour to keep filling your pipeline. While everyone wants to preserve cash at this time, there are a number of
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marketing strategies that won’t cost you a cent to implement. Here are our top five strategies: Re-connect With Past Customers: Make a special effort to contact all your past customers, not just for the sake of a sale but to see how they are doing. You want to remain top of mind with them. Referrals: The best form of marketing! Ask your most valued customers if they can refer any of their
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ABOVE: ActionCOACH Ignite team Chenal Brummer, Darryn Le Grange, Deborah Coskey and Natasha Swartz.
ZOOM COFFEE CHAT A no obligation coffee chat about your business, its challenges and opportunities via Zoom. Contact Darryn Le Grange on darrynlegrange@ actioncoach.com or 083 703 5235 to schedule your complimentary session.
