Hey everyone, I hope this reaches you well.
In the light of recent developments this week, we have taken the decision to implement a ‘work from home’ policy for our teams in London and Northern Ireland. Our main priority is the health and safety of our team, their families and you, our clients.
Our objective is to keep providing you with the service you need and expect. We are in the relatively fortunate position that we designed flinder in the cloud and business continuity planning means we can do this at the drop of a hat. This temporary shift in working location may mean meetings are done by Zoom rather than in-person and we are assessing face-to-face meetings on a case by case basis.
The outbreak will no doubt have impact on business. Here are some things to consider:
Depending on your sector, you may experience a drop in business activity and thus sales which may result in missing budgeted numbers.
Work from home policies
Many companies, especially in London, are implementing work from home policies where possible. Technology means this is much easier but physical retail or where in-person BD meetings need to take place will be affected.
Markets have taken a huge hit and companies looking for investment may find it even more challenging given the huge economic uncertainties.
Supply chain disruptions
Global supply chains are becoming impacted and you may need to seek alternative suppliers if possible. Service companies and pure technology companies will have less of a supply-chain impact but there are likely to be general risks due to cascading economic effects.
The ramifications of the virus could affect business for several months, if not longer. I suggest you consider every assumption in your business and review/challenge your risk assessment.
Revisit your cash runway and consider what would happen to your cashflow if you had a few impacted months, or the launch of new products/services were pushed back a few months.
How will spending habits be broken and how will this affect your customer lifetime value? Consider this in your spend for customer acquisition and consider if this should be dialled back some.
Many of our clients are in hiring phases – consider if this is something that should be slowed down until there is more certainty around forecasts.
This could be a very hard time for people and for businesses, if there is anything we can do to support, please let us know.