Communication is the key to recovery
The iconic BT television advertising campaign of the 1990s had the slogan,‘It’s good to talk’.
It’s a message that Lancashire’s small businesses would do well to adopt today as they come out of lockdown and look to find a path to recovery in the wake of the Covid-19 pandemic and its impact on the economy.
Communication will be key as businesses work to get back on track. That means starting meaningful conversations with their workers, customers, suppliers and advisors – and keeping those channels of communication open.
As ever, cashflow will be crucial. And that may mean having frank conversations with suppliers and customers when it comes to payment terms. Strong relationships, based on an honest approach, will go a long way to helping ease the strain.
Good communication with workers will also be important. Transparency and honesty about the situation will help ease anxiety and focus minds on the task ahead.
Businesses need to take their people with them on the journey to recovery. Share the plan for that recovery and get their input.
If some, but not all, of furloughed people are brought back, businesses need to explain that it doesn’t mean those who aren’t returning are not important or valued – but it is part of the bigger plan to get everyone to return.
If hard decisions on staff numbers have to be made – again businesses need to be frank and honest about the situation.
Talking to advisors is also more important than ever. They can help when it comes to planning, strategy and funding options and issue like tax incentives and relief.
There’s also a strong support network out there that is focused on helping businesses on their recovery. It isn’t just good to talk – it is crucial.
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