For a lot of leaders in SMEs this will be the first global economic downturn that they've experienced but also the pressure must be immense with both lives and finance at risk.
1) What actions should you be taking now to future proof your business?
2) Are there good case studies from other events or 2001/2008 to help plan?
3) With legislation changing at pace and being outside of your control - what's the best way to stay focused on longer term without getting pulled into crisis management 24/7?
Hi Liz - great question and I imagine one that many will be considering.
I would suggest moving the business to a services based entity would work. IE use suppliers for various functions rather than holding a huge permanent workforce.
Following both 2001 and 2008 the agile businesses were the 'winners'. Those with large war chests didn't necessarily survive long term because they couldn't adapt.
Manage costs and expectations of others. Negotiate well but not taking 'advantage' of the situation. Write shorter contracts to stay agile.