“Obviously I could consider cutting down staff. I run off nothing anyway, out of a home office.”
But Barber made the decision to keep her team close.
“It’s more important to keep my team together.
“If I did fire someone it would take six months to replace them and train someone new.”
Consider whether staff stand downs and redundancies will actually cost more over time.
2. Investigate alternative finance options
Cameron Owens, CEO of Radium Capital, says alternative finance solutions such as R&D finance are taking centre stage right now.
“Some traditional forms of finance are not as available as they once were,” says Owens.
“We’re seeing people gravitating towards alternative capital to help them continue doing R&D.”
James Graham, executive director of Recce Pharmaceuticals, is a proponent of R&D finance.
“By taking a short-term loan, only tied to future R&D refunds from the government, we not only boost our share price, but deliver on more objectives,” says Graham.
“We’ve completed that strategy about three times over the last three years… It works as a capital solution.
“You’ve got to think differently.”
3. Hone in on your business purpose
“Don’t see COVID as a marketing opportunity.”
Sound advice from Melanie Wiese, Chief Strategy Officer at Meerkats The Brand Leadership Company.
“It’s a context in which you can better serve your customers in a genuine time of need. But you need to follow your business purpose, rather than noticing a market gap and wedging your product through it.
“Because this time will end, and you’ll be left with something nobody wants and you don’t want either.”
Now is not the time to forget why you started your business in the first place, and what makes it unique.