Lockdown - Keep Your Customers and Suppliers Informed
/In the sort of disruptive events we are experiencing during this pandemic it is important to keep your customers and suppliers informed. In the current situation, everyone will know your organisation is working in abnormal circumstances. It is a good policy to keep them informed.
Be proactive
Go proactive with your customers, especially if something has happened that has the potential to make the news media. Tell them what you are doing, what the issues are and how you are dealing with it. Customers will give you a window to work with the issue and can often help with their own resources or provide quick payment to help with your cashflow.
Similar with suppliers, talk the issues over with them and explain what you are doing. They may well give you extended credit or discounts. Again, if the supplier goes that extra distance then you will be very, very loyal to them.
Don’t be the bad guy
When you are caught between your debtors and your creditors, it is difficult not to react to the uncertainty by turning up the heat on late payers. But squeezing people already in financial difficulties does not help you longterm. If someone can’t pay, no amount of pressure will change that. Don’t be the bad guy. Communicate with customers and work out something together that will help get you and them through this, with partial or deferred payments, drip-feeding or credit extensions where possible. Be remembered for the right reasons when we come out on the other side of this situation.
Co-opetition
Something you never do is take advantage of a competitor that is in trouble. History shows that if you do, it will eventually bite you in the rear end. History also shows that in cases of a major impact on an organisation, businesses in the same business group have stepped up and helped them. It is better for the industry group that competitors are seen to be working together.
Bringing it all together to make a plan
In this series of three articles I have briefly covered the financial issues, personnel issues, flow of information and social media, and talked about communicating with and preserving your customer base. Hey folks, we have the basis of a plan.
Before covid-19 I and my consultants have been through many disastrous events that have been incredibly trying for organisations. We are only too happy to share our insights further . As disaster recovery and business continuity specialists we can provide advice and support to those wanting guidance in getting through the coming weeks, and navigating this extremely difficult time we find ourselves in. If you have any questions, I encourage you to reach out, either on this platform or privately.
Sam Mulholland is a Certified Business Continuity Planner (CBCP) and disaster recovery planning specialist with over 25 years’ experience in this field. Sam and his team can be contacted through the Standby Consulting New Zealand and Middle East offices.
