Was also asked my advice on how to survive as a business owner during this time. My advice is cash is king! Look at who you are selling to - focus on the one who pays you in full on time & see how you can increase sales to him/her.Reduce or limit selling product or services on
Credit. In these tough times everyone is trying to extend payables so be careful about credit. Stress test your projections - come up with scenarios - what’s the best case (given all the crazy) and the worst case. Can you do something else to cover the shortfall? Or is it
Time to see your bank about a credit line or your angel investor for more money. Look at your costs - can you cut down somewhere. Any FX costs you can get rid of esp given the crazy Kwacha!! No new hires, cut out of town trips, no overtime). Time to look to efficiencies
Look at marketing costs - what’s the most cost effective medium for yr product, cut out eg billboards if they don’t help! Probably not the time to buy new fleet or buy equipment remember it’s about cash conservation in a crisis. Please share what you are doing to survive!!!
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