It has been such a long time since I’ve heard the expression …
Necessity is the mother of invention.
With the corona virus pandemic It’s certainly true, bringing forth the development of vaccines and turbo cures. Yet you have to look far and wide to find something on the horizon, in terms of dealing with the economic calamity.
Now, however, it is opportune to address some financial issues, exacerbated by the pandemic but not arising directly from it.
It is the ideal time to do some business restructuring, look at how your business is organized and improve the economic efficiency of the cash flow going through the business. Small, medium and even large businesses, in a lot of instances, are throwing away money all the time.
For example, wage structuring when implemented for middle income earners. An employer could actually reduce wage costs by around $20,000, per worker per annum. Apply that number to the number of employees you have, and see what sort of a capital cash sum, you could actually produce. And then, If that freed up capital money you apply it to growing your business, start looking at pushing it into marketing. Let’s see, then what the result would be if you are serious about addressing the economic consequences of COVID-19 and want to substantially improve your financial position?