Tips to get your business ready to re-open in alert level 3

If your business is preparing to re-open, our top tips will help ensure we can slowly and safely restart our economy.

1. Understand how to make your business COVID-19 safe

Under alert level 3, New Zealanders are being encouraged to continue working from home. Where that’s not possible, businesses that can operate safely can re-open alongside essential businesses, by following strict health and safety guidelines including 2-metre physical distancing and contactless trading with customers.

As you prepare to re-open, make sure you’ve put the right measures in place to continue to keep your employees and your customers safe. This might mean staggering shifts to reduce the number of employees working on site, providing hand sanitiser or Personal Protective Equipment (PPE) and increased cleaning of high-touch surfaces like counters and EFTPOS terminals. There’s more advice on the Government’s website.

2. Update your business continuity plan

New COVID-19 related risks have emerged for businesses over the past few weeks. Be prepared by updating your business continuity plan to understand how quickly and effectively you can get back up and running at alert levels 3 through to 1. Start by writing out a list of risks that apply to your business, work through whether they are actual or perceived, then decide how to respond or reduce the likelihood of it occurring. The Ministry of Business, Innovation and Employment has a useful step-by-step guide to help.

3. Take a look at your books

If you’re taking time to update your accounts, forecast your cashflow for the immediate term and for the next 6 months. This becomes your business case to take to the bank, and your source of truth for decision making. Update it weekly and use it to cut out every expense that isn’t part of your core central product/service offering.  Having control over cashflow will give you the confidence to identify and tackle new opportunities.

Three of the biggest costs facing businesses today relate to employment, debt servicing and rent/lease payments, so if you’re looking for advice or relief, please contact us to talk through your options. You might also want to take a look at your balance sheet and think about the ways to maximise your inventory levels to bring cash in. There are some great resources out there to help you – such as this NZTE workbook.

4. Seize new opportunities to thrive in the new normal

What might feel like restrictions to the way business is done during alert level 3 could lead to opportunities to drive business value in new ways. Consider involving your employees to brainstorm different and creative ways to operate and add value in the new normal. For example, if you can’t physically open your doors, you might be able to offer virtual consultations, online shopping or contactless delivery. You might also think of a completely different revenue stream to capitalise on an opportunity or gap in the market as a result of the COVID-19 situation.

5. Continue to look after your employees

There will be a period of adjustment as people return to work following four weeks at alert level 4 – especially if your business will operate differently than it did before. Make sure you are following the correct employment practices and stay connected with your employees by communicating regularly so they feel informed and supported, even if you don’t have all the answers. Once clearer, let them know about new working expectations, alert level interpretations and process updates. Particularly during times of uncertainty, looking after our mental wellbeing is as important as our physical wellbeing, so check out the Mental Health Foundation website for helpful resources.

6. Understand the impacts to your supply chain (if any)

An important part of recovery will be reactivating your supply chain and distribution channels – but just because you are starting to operate again, doesn’t mean your network or customers are too. This is where communication is key. Make sure you are talking to your suppliers and distributors so they understand your reopening plans and how you can work together to support each other with as little disruption as possible. Also be aware of any transport and logistics issues, which might cause delays and mean you need to look at other new and innovative opportunities and strategic alliances to take advantage of. A five-minute conversation could save many weeks of pain. When reviewing the supply chain, also consider overdependence and investigate possible alternatives for diversification and creating opportunities.

7. (Re)connect with your customers

Once you’ve confirmed how you’ll re-open at alert level 3, let your customers know when and how they can begin doing business with you again. Remember to include any differences they can expect to the level of service you give, for example, if some orders will be prioritised over others, or what contactless trading options you will offer. Continue to keep them informed as things change and in preparation of future alert level changes.

8. Stay across all of your support options

The range of Government and ASB-specific support options continue to be available through all the COVID-19 alert levels, so familiarise yourself with what’s on offer and get in touch with us sooner rather than later if you need assistance.

9. ASB is here to get you through

Under alert level 3 the Government is encouraging us to continue staying in our bubbles. As an essential service, our team continues to be available over the phone, via video call or email as we have been to help get you through. A limited number of branches are operating one day a week for limited hours to provide essential banking services, so please check that your nearest one is open before leaving your home.