Thinking Inside the Box
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Published: 26 May 2020
If you think the pandemic has scuppered your plans to sell your business, think again.
You may feel it’s premature to ask me to value your company, especially if sales have fallen off a cliff and most of your staff are on furlough, but it’s no good burying your head in the sand.
Practical steps need to be taken.
Obviously, some costs can be curtailed or deferred to help the cash flow, but more importantly, are there radical steps that need to be considered?
Thinking inside the Box on your desk to maintain the value of your company
If your customers used to come to you, should you now consider taking your business to your customers? Either physically (with social distancing) or through technoIogy? That’s right: the Box (laptop screen, iPad, computer monitor) that sits on everyone’s desk showing Zoom or its equivalent!
I know that it does not work in every situation, but there are some companies completely changing the way they deliver their service. Take the case of Wedplan, a wedding planning service, as an example.
Emotions are running very high for brides and grooms, with weddings being cancelled with no future date fixed. This presented a huge business impact to Wedplan, so they decided to bring the wedding service and reception to the invitees. Using Zoom in gallery view and the wedding ceremony with just the bride, bridegroom, best man and celebrant, they stream the service and singing, enabling the guests to join in the ceremony from their own homes.
“What about the food and drink to celebrate afterwards?” I hear you say.
Well I am sure that a local restaurateur can make up dishes and drinks to order and deliver. If some folks live far away, they can be accommodated by a restaurateur local to them.
This is how Wedplan is maintaining the value of their company, it could work for christenings and funerals as well.
Do you need to “think outside the box or inside the box” in order to survive this pandemic?
If you would like to talk this through, do give me a call on 07749 080 806 or email me.
