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While many unknowns remain about the Coronavirus and the full impact it will have on anyone business, one thing is clear: There is no shortage of people rallying, no shortage of businesses pushing through and no shortage of planning.
With that in mind, many business leaders and experts are sharing their insights to help those who need guidance right now. Women in Business – Leading the Way Best Selling Author Leticia Latino van Splunteren, CEO of Neptuno was recently interviewed. Leticia shared her candid responses to Top 6 questions that every business owner and entrepreneur needs to ask about, when trying to assess how the Coronavirus is going to impact its business:
If my economy takes a serious hit, how will it affect my customers or clients?
Any financial turmoil in the company will undoubtedly affect customers and clients. Cash at hand and cash flow preservation is vital these days, in my opinion. You need to make sure that you have the financial capacity to deliver to the end-customer as promised. Otherwise, it is better to be straight forward with them, and re-assess expectations at the end of the day, the survivability of your business reputation is one of the top assets to safeguard.
Understanding this impact on my customers or clients, how will it affect how, when, and what they buy from me?
Being in an essential industry like Telecommunications, our dynamics are a bit different. The demand for work is there, but the “pace” at which is happening is rapidly changing. Meaning something that was going to happen in May, now will likely occur in August and so on. Many of our customers are wanting to renegotiate terms which is understandable, but ultimately will create more operational distress.
How can I take steps today to best position my company to best and most profitably serve my customers as these shifts are happening?
We are prioritizing on those services that we provide where we add value to the customer but for which there’s less financial burden to execute. For instance, we offer engineering services, those can be done remotely, and we don’t have to send a worker to the field to be completed. We are focusing on those services, the ones that maximize value, minimize health hazards to our workers, and reduce our overall risk.
“What steps can I take today to mitigate the risks to my company born out of Coronavirus?”
– Pay extreme attention to Cash Flow and Cash in hand for the 2020 period.
– Revisit your budget and forecast and re-work your business plan under Post-COVID Scenarios.
-Evaluate any products that you could launch that help solve the new reality we are living in.
-Be vigilant of any Federal Economic relief programs available and for which your business qualifies.
-Communicate transparently with your employees so that they know what they can expect in the coming months (even if it includes losing their job). I am a firm believer that it is better to know what’s coming your way, than waking up one day and learning that you no longer have a job, Give your employees some reaction time.
“What big opportunities exist for me and my company born out of this situation?”
I believe that it is a little too soon to pinpoint, but absolute changes and disruption are happening that will bring new and exciting opportunities. We need to focus on “weathering the storm” while seizing our industries and markets so that we are aware of any new opportunities that arise from this unfortunate situation.
Let’s fast forward to an optimistic scenario. It’s March 2021. The economy has recovered. What do you hope will have changed to make it a better economy for Women in Business?
What this pandemic has brought about is, unfortunately, a big test for any company. I am convinced that in a year, the companies that are left standing are those that have solid foundations and were able to withstand and pivot during these hard times. I think there will be many opportunities for the Minority-Owned Business that are able to navigate these difficult times.
Learn More about Leticia Latino van Splunteren, CEO of Neptuno –
Website URL: www.neptunousa.com
Tera Jenkins is a Best Selling Author, host of Business Innovators Radio and contributor to Small Business Trendsetters and Business Innovators Magazine covering Influencers, Innovators and Trendsetters in Business, Health, Finance, and Personal Development.