UWR 085 – My revenue has dropped to zero with Coronavirus – what do I do?

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Welcome to Uncover Wealth Radio Episode 085 – In this episode, we will be talking about My Revenue has Dropped to Zero with Coronavirus – What Do I Do?

Today, Annette Ferguson, who is the host of Uncover Wealth Radio and a pro in helping entrepreneurs take home more money from their business for them and their family to enjoy, is here to tell you all about money, business wealth and creating financial freedom

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Welcome to Uncover Wealth Radio episode 85 where today I’m speaking about what happens when your revenue has dropped to zero at the moment as a result of coronavirus. So, let’s dive in. Coronavirus has hit us hard in terms of business owners and many, many business owners are now experiencing a sudden massive drop in revenue. For many businesses, that has gone from perhaps five figures a month, six figures a month to zero, and that is incredibly, incredibly challenging.

I’m speaking to a number of clients where they have seen their revenue literally drop to nothing. So, what can you do at the moment if that is happening to your business? But what do we need to do at the current time to make sure we preserve our business and to make sure that we can see through this difficult time period and that we can see it at the other end with our business still is intact as it possibly can be?

If your revenue has literally dropped to zero, you actually have zero revenue coming in, and you still have expenses going out and you cannot see a way at all that you can generate revenue over the next time period when we are going through this crisis in the country, then you may need to think about essentially hibernating your business, if you have no way at all to generate revenue.

Now it might be that you need a little bit of outside-the-box thinking to generate revenue. For example, if you’re a gym, you could start holding online classes. So, there can be alternatives that you can think about, but if you really have absolutely no way of generating revenue during this time, then one thing that’s going to be incredibly, incredibly important is to look at the businesses ongoing expenses and shrink those down as much as you possibly can.

Now there’s going to be some things that you are required to have. You may still have to have things like business insurance in place. You’re still going to comply with laws, legal regulations, compliance with company’s highest HMRC, all those things you still need to legally comply with. But what can you do to reduce everything down? You may need to still keep hold of things like your CRN because you still want to be emailing out your prospects. You still want to be keeping in touch with people even if you’re unable to sell them anything at this moment in time. You still want those lines of communications to be open.

So, there will be some things that you can’t shut down and close, but there will be other things where they’re now just nice to have. So, if you have no revenue, they’re not actually going to be doing you any benefit at all. So, you may have a look at cancelling those, reducing plans, speaking to people about putting programmes and things on hold potentially at this time. You also are going to want to, if you have any, speak to your team because if you have no revenue coming in, you have no money to pay your team. So, you may need to again put contracts on pause. Unfortunately, some people during this time will have to lay people off. Those types of things need to be considered and thought through strategically.

Now, what I want you to remember is that this is a short-term pain, and I know it’s an incredible pain for a lot of people. But it is short term, and if you had a solid, sound business before all this started, you can have a solid, side business afterwards. But you need to be able to ride out that time period between. Now, in the ideal situation you find another revenue stream, something that will work in that time period to at least generate some revenue taking over. As I said, if that is not open to you, which is what we’re speaking about in this video, then it’s time to hibernate your business over that time period so that you can rise again when things change. There are certain things that you’re going to have to keep taking over in order for that to happen.

So, as you’re looking at this, please try not to think incredibly narrowly in short term because we want to make sure that your five-year plan or your 10-year plan can still be achieved, that you’ve not culled everything for this short time period which will in the wider scheme of things be a short time period even if it lasts for a number of months. In the life of your business, it will be a short time period, so making sure that you don’t burn bridges just now or anything like that in order to have a business that is able to be released again from it’s hibernation state in the future as well.

I hope that you have found this episode useful. My name is Annette Ferguson. I am CEO of Annette & Co., UK-based accounting firm. I’m an income strategist, profit mentor, Chartered Accountant, and certified profit-first professional. If you enjoy the podcast, I would love if you want to subscribe and perhaps even leave us a review. Reviews are the way that other business owners and entrepreneurs can find this podcast and benefit as well. So, we would love to support as many people as we possibly can, and we can do that when you leave a review.

We can also do that if you screenshot this episode and want to share it on any of your social media channels. If you do that, please do tag me. If you’re doing it on Twitter or Instagram, I’m Annette_Fergs, but you can also find all the other social links that I have in the show notes to this as well. I would love if you want to connect on some of the other platforms with me, too. That would be wonderful. So, thank you for tuning in, and I’ll speak to you soon.

 Hello! 

I'm Annette Ferguson

Owner of Annette & Co. - Chartered Accountants & Certified Profit First Professionals. Helping online service-based entrepreneurs find clarity in their numbers, increase wealth and have more money in their pockets.

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