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COVID-19

blog - 3 min.

A checklist for you as a business owner to follow and a couple of helpful websites for more information and live updates

The purpose of The Next Women is to help founders and your companies succeed in building companies which have a positive impact on our society.
We are here to help you, especially when the times get rough, so here’s a checklist for you as a business owner to follow and a couple of helpful websites for more information and live updates.

Stay healthy!

 

What to do as the leadership team:

Have a tactical session and identify key risks and scenarios for employee health, wellbeing of customers and suppliers?

Identify the main risks and scenarios for the business, current and upcoming projects and our customers?

Identify the main risks and scenarios for the financial development of the organization in the near future? And are the other stakeholders connected to this?

Plan a daily short and weekly call to anticipate developments.

Agree on a communication plan with all stakeholders

 

What to do with your employees:

Communicate clear objectives, tasks and vision for the coming weeks

Determine and communicate your KPIs for the coming weeks

Keep moral up

Make as much of the work virtual working with meetings at company and team levelC

Choose the systems you will use during this time and communicate them to everyone in the company (Slack, Google Drive, Zoom, e.d.)

Make sure everyone have a personal plan how to deal with issues such as childcare, caring for others, vacation / leave, working from home

When necessary apply for a working time reduction at the Ministry of Social Affairs and Employement

Projects that weren’t a priority can now be worked on

 

What to do with your customer and business:

Communicate towards your customers and determine which channels you will use, when and how often?

Know what is going on with our customers and what their considerations are with regard to your services / products
When possible have someone collect these customer insights

Determine what you can currently still offer your customers. Can you take certain components of your business online?
Can you offer alternatives?

Let your sales team work on filling up the pipeline, so you can do an outreach when everyone is back in business

Determine your policy on possible cancellations

Know what’s going on with your suppliers, partners and other key figures in your supply chain

Determine where the risks are

 

Manage your cashflow:

Gather a team (with specialists such as an accountant, tax specialist, lawyer) around you, who can assist you in the coming period with advice and assistance regarding possible cash issues

Short term costs to save on

Medium and long term costs to save on

Optimize your cash conversion cycle

Determine short-term financing options – The Dutch government has set up a Guarantee for SME loans for these kinds of situations.

Follow a strict debtor policy

Make agreements with creditors if possible

 

Relevant links for additional help and information

Latest update on COVID-19 (Rijksoverheid.nl)
Are you eligible for a working time reduction? (Rijksoverheid.nl)
What help can I get as an entrepreneur / freelancer? (KVK.nl)
Everything you need to know about COVID-19 (KVK.nl)

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