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At this time, we are grasping for certainty, something that won’t change daily and a plan that we can stick to.  At The McKinstry Company, we don’t have all the answers but you can trust us that following these 5 top tips will stand you in good stead going forward.

Employers

1. Survive – Work out how your business is going to survive over the next 3 months. Survival is the key at the moment.  Preserve your cash, trim all unnecessary spend and cut your staff complement to the minimum required to ensure business continuity.  Every employer has the benefit of government furlough support – use it.

2. Communicate – to your clients, colleagues, stakeholders and the community. Let people know you still exist.  Many businesses will disappear as a result of the economic shock of this crisis.  Make sure everyone knows that you are still around, the plans you are making for the future and how you will be looking forward to continuing to service all your clients and customers at the end of lockdown.  There are so many free channels through which you can communicate without the impacting on your cash reserves – Twitter, Instagram, Facebook, LinkedIn, your website.

3. Plan – how does your business look post-lockdown and who do you need around you to succeed? There is no better time to analyse your business plan, expenditure and your staff complement.  Be ruthless – what do you really need to spend money on and which staff members truly add value to your business and will help you succeed.  Remember that marketing spend is always easy to cut but if you are not spending money attracting people to your business how are you going to get business!

4. Exit – the exit from lockdown and furlough is going to be the most important phase for your business. This is where most businesses will make mistakes and risk collapse.  The exit will not be a light switch to turn the economy back on.  This will take time and all businesses will be different.  Think about the different elements of your business and which parts might pick up first and how much lead time there will be for others.  Bring your staff back from furlough in stages.  Once furlough ends the government life support is switched off.  Your business and your staff need to be making you money.  If you have staff surplus to requirements then you have to make quick decisions – our Employment Law team can advise you on the best way to re-organise your team and do so without finding yourself before an Employment Tribunal.  This may seem cruel but you have to remember you have a duty to your business, your clients, your stakeholders (most likely the Bank) and all your remaining staff members to survive.

5. Stand Out and Succeed – cast aside the negativities, the worries and even thinking about Covid-19. Focus on your business and show everyone how good you are at what you do and deliver.

Employees

1. Survive – whether you are working or in furlough this is going to be one of the most challenging times as an employee. Work does not seem normal and life certainly has changed completely but you need to look after all those things that matter to you – your family, you, and your employer.  Stay fit, healthy and focussed.

2. Communicate – speak to your employer whether you are on furlough or not. Make sure that they know who you are, what you are doing and your commitment to the business.  Think about what you can do during this time to assist the business.  You might be furloughed and sitting at home but that does not mean you cannot be an asset to your employer.  Update your LinkedIn, rework your Instagram profile, write some blog articles or carefully plan business development ideas for when you are out of lockdown.  Whatever you are doing make sure your employer knows – you need to make yourself stand out and indispensable.  You want to be one of the first returned from furlough and considered a key member of the team.

3. Plan – what do you want out of work and what does the future hold for your career. Now is the time to re-assess and commit to the plan.  This might involve a change of employer or a complete change of career but whatever it is make sure that you have covered all bases.  This is going to be a difficult economy in which to work for the next couple of years so do your SWOT analysis and commit to the plan.  On the assumption you are staying in the same business then use this time well – get your CPD up to date, update your product knowledge, keep on top of industry development, brush up on your business skills.  There are plenty of tips and resources you can access online that will make you a better employee on exit.

4. Exit – just as for employers this is the most important time for employees. Be under no illusion that all businesses will be looking at their staff complement and deciding who makes the grade for the business going forward.  If you do not hit the ground running on exit and demonstrate your value to your employer you can expect to be looking for a new position.  You have rights as an employee and at The McKinstry Company we can advise you on all the protections that you are afforded.

5. Stand Out and Succeed – whether it is the bold tie, a new business suit, new heels or a different hair style you need to make your mark. Your employer needs to know how good you are and what you can offer to the business.  There will be many opportunities and excellent prospects for those who are prepared to stand out and excel.  Don’t hide your light under a bushel – demonstrate and implement your drive, enthusiasm and commitment to the business.  This will be your path to success.

Good luck everyone.  Remember that whatever issues arise during these months and years ahead The McKinstry Company will continue to do what we have been excelling at for the past 35 years.  We will be here for you and for your business because we are YOUR Law Firm for Life.

Robert Honeyman

Partner