RIABU - Tips and tools for getting paid on time by your customers

10 things you need to do to survive and prosper during and after the COVID-19 shutdown: 7) Target acquisitions and take share

COVID-19 measures have drastically reduced revenue for many, and it may take at least a year for things to get back to normal.

RIABU’s Mark Laudi discusses with Simon Littlewood how there may be opportunities to acquire or invest in weakened (and undercapitalised) competitors, who offer technology, access to new markets or advantageous supplier relationships.

10 things you need to do to survive and prosper during and after the COVID-19 shutdown: 6) Develop specific post-crisis growth objectives

COVID-19 measures have drastically reduced business activity. It may take at least a year for things to get back to normal.

RIABU’s Simon Littlewood explains to Mark Laudi that business leaders who have used the crisis to get closer to customers and competitors and to maximise free cashflow, should identify and capture new growth by displacing less resilient competitors, if necessary using liquidity to attract and retain them with gentler terms of trade

10 things you need to do to survive and prosper during and after the COVID-19 shutdown: 5) Don’t be shy! Why you need to communicate early

COVID-19 measures have drastically reduced business activity. It may take at least a year for things to get back to normal.

RIABU’s Simon Littlewood explains to Mark Laudi that business leaders sometimes hold back on honest communication as they are afraid of giving bad news. To retain the trust of staff, customers and other stakeholders leaders need to frame the challenge clearly, explain what needs to change and why, and make the changes quickly so that confidence levels can then be restored over time.

10 things you need to do to survive and prosper during and after the COVID-19 shutdown: 4) How to scale your operating cost during a pandemic

COVID-19 measures have drastically reduced business activity. It may take at least a year for things to get back to normal.

RIABU’s Simon Littlewood explains to Mark Laudi that businesses should take rapid steps to trim headcount costs, and shed discretionary and other spend. This podcast includes a detour into economics as Simon points out the dangers of governments bailing out the private sector with borrowed money.

10 things you need to do to survive and prosper during and after the COVID-19 shutdown: 3) Suppliers want to stay in business too

Uncertainty creates the opportunity for you to change your relationships with suppliers. You can help your cash situation and build lasting relationships.

RIABU’s Simon Littlewood tells Mark Laudi how to selectively aggregate supply with fewer suppliers, and how to work with them to plan for a future together.

10 things you need to do to survive and prosper during and after the COVID-19 shutdown: 2) Customer confidence is key

If you are tempted to start pressuring your customers now that times are tough, think again. You need them, they need you, so pay increased attention to their needs and concerns.

RIABU’s Simon Littlewood tells Mark Laudi how companies can identify the important customers they should be paying closer attention to, and how to have additive conversations with them around improved service and support which will deliver good commercial outcomes.

Below is the "virtuous revenue cycle" illustration Mark and Simon discussed.

10 things you need to do to survive and prosper during and after the COVID-19 shutdown: 1) Plan to survive

The shutdowns occurring around the world mean life has changed significantly for most companies. Some will fail altogether. But companies that are agile and prepared to adapt quickly can survive and emerge from shutdown in good shape, positioned for growth.

RIABU’s Simon Littlewood lays out 10 things that companies need to do NOW to be winners, and expands on the first one - "plan to survive".

Unpopular measures SMEs must take to survive this COVID-19 crisis

SMEs are now facing unprecedented challenges due to the COVID-19 situation. RIABU’s Simon Littlewood tells Mark Laudi about the necessary measures SMEs must quickly take to survive this crisis.

The measures include using a binary approach to customers, cutting your losses, and reviewing your headcount. They will not make everyone happy, but these actions are pragmatic and might just save your company.

What you have to do in a COVID-19 crisis – get closer to your customers

As the COVID-19 outbreak gets declared a worldwide pandemic, a Singaporean minister warned that things may change on a permanent basis and this means businesses would also need to change the way they operate.

RIABU’s Simon Littlewood tells Mark Laudi how this crisis provides opportunities for companies to improve their relationships with their customers, but warns against offering discounts.

Bombardier took 223 days to pay a caterer. Here’s what you should do to avoid this.

Bombardier has been criticised for making a £5,600 payment to a caterer after half a year, much longer than its own payment terms of 60 days. RIABU’S Simon Littlewood tells Mark Laudi what SMEs can do to avoid being in such a situation, and it is simple – just have the initial conversation. Listen to find out how to have the initial conversation with your new customer.

We contacted Bombardier for their side of the story but we did not receive a reply.