The COVID-19 pandemic came to disrupt everything: markets, systems, government, consumption habits, beliefs, lifestyles, ways of working and money management.
And companies were one of the actors most affected by the socioeconomic impact of this global health emergency that began at the end of 2019 and is still ongoing, although with flexibility in health measures.
For this reason, at Coopealianza we have become a strategic ally and a support for our associates who were impacted by the pandemic. And today we want to share with you some of our recommendations.
Financial advice in a trans pandemic society
- Analyze and understand how your industry and market changed as a result of the pandemic. Consult studies by PROCOMER, CINDE, MEIC and other institutions on the impact of the pandemic in your business area and consider this data when making financial decisions in your company. For example: How will you invest in Marketing and Communication? Will you invest in new technology? Will the price of your products or services go up? How will it reach the new consumer?
- Review your income and expenses and establish a budget adjustment mechanism. Learn to manage your business with austerity and make decisions based on data. Do you know what types of expenses you can cut without affecting your customers' experience or the quality of your products or services?
- Assess risks and establish emergency response mechanisms. Develop an emergency fund that will allow you to stay afloat for at least 3 to 6 months against the risk of a new wave of infections. Take advantage if your income is increasing right now to save.
- Focus on response plans for risks generated in the supply chain. If possible, make sure you can invest in enough supplies or stock materials to sustain your business for a while in case ports and airports are closed again due to the pandemic, but don't buy too many products that can be damaged to avoid losses.
- Invest in online sales and express service. The pandemic showed that virtuality and the ability to adapt were the formula for many companies to survive the strictest confinement measures during the pandemic. Although taking the step towards the digital environment can entail a significant investment, this is the time to assess whether it is a good idea to have an electronic commerce platform and a home delivery system to guarantee the continuity of the service without the need for a physical store. or attendance.
If you are thinking of opening an account for an emergency fund, establishing greater controls on your income and expenses, or a savings goal in the short and medium term, and of course if you also require a loan to boost your businessRemember that at Coopealianza we offer a line of business credits. Contact Us if you have doubts about it.