All language subtitles for 2. Brace for impact - Business Preparation

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These are the user uploaded subtitles that are being translated: 1 00:00:00,360 --> 00:00:05,280 Up to this point you've probably thought a lot about what the situation will do to your supply chain 2 00:00:05,610 --> 00:00:09,580 and how you get product in the future and that you might run out of stock. 3 00:00:09,630 --> 00:00:15,750 But considering that this crisis doesn't just affect the country you have been sourcing from but maybe 4 00:00:15,750 --> 00:00:21,510 also the country that you're selling in or living in means that you also have to take other measures 5 00:00:21,630 --> 00:00:25,470 and other parts of your business are in danger and need a second look. 6 00:00:25,470 --> 00:00:29,800 The specifics here are probably very different for every single business. 7 00:00:29,850 --> 00:00:36,450 So I'm gonna go very broad here and describe the different areas that you should take a look and take 8 00:00:36,450 --> 00:00:39,960 preparations that fit with your current business. 9 00:00:39,960 --> 00:00:44,410 First of all I want to point out again e-commerce businesses are the lucky ones here. 10 00:00:44,430 --> 00:00:50,310 I mean everyone that is selling products has to supply chain issues but once panic hits your country 11 00:00:50,490 --> 00:00:55,650 or the country you're selling in people will buy online instead of going to the store and most likely 12 00:00:55,650 --> 00:01:00,270 deliveries will be available for longer than open retail stores. 13 00:01:00,270 --> 00:01:07,380 This also means that there could be potentially an increase in demand on Amazon for your product. 14 00:01:07,380 --> 00:01:14,370 I would say This highly depends on if you have a product that I would categorize as high needs or no 15 00:01:14,370 --> 00:01:17,730 need product in this specific scenario. 16 00:01:17,730 --> 00:01:22,800 A high need product is something like face masks right. 17 00:01:22,800 --> 00:01:26,630 It is something that specifically in this situation is highly needed. 18 00:01:26,820 --> 00:01:33,260 And in contrast if you're selling a pet glove people just don't necessarily have the needs because they 19 00:01:33,290 --> 00:01:36,870 won't improve or save their life as much in the moment. 20 00:01:36,870 --> 00:01:40,340 And be aware that sometimes it's not as obvious. 21 00:01:40,410 --> 00:01:43,650 Which product is a high needs versus low need product. 22 00:01:43,650 --> 00:01:48,440 It can be quite interesting to see what people buy in this situation. 23 00:01:48,450 --> 00:01:54,240 For example the demand for swimming goggles went through the roof because the disease can be transmitted 24 00:01:54,330 --> 00:01:55,360 via the eyes. 25 00:01:55,380 --> 00:02:00,420 And people want to protect their eyes and this is the best option for them to buy. 26 00:02:00,660 --> 00:02:04,650 So overall your business is facing risks in multiple areas. 27 00:02:04,770 --> 00:02:12,090 And the first and probably most obvious area is if everything is being closed and nothing can be delivered 28 00:02:12,090 --> 00:02:15,420 anymore you are out of business for a while. 29 00:02:15,420 --> 00:02:18,250 And how much that impacts your business. 30 00:02:18,330 --> 00:02:23,330 Probably highly depends on the size of your business and on your cash flow needs. 31 00:02:23,370 --> 00:02:29,280 If you are running into cash flow issues frequently already you should have a deeper look into your 32 00:02:29,280 --> 00:02:35,760 cash flows and ask yourself Are you ready to be out of business for two or three months without selling 33 00:02:35,760 --> 00:02:42,550 anything having your inventory set at Amazon but still having to pay suppliers inventory that you're 34 00:02:42,580 --> 00:02:43,280 ordered. 35 00:02:43,410 --> 00:02:47,840 Loans that you have maybe your employees or freelancers that you can lay off. 36 00:02:48,000 --> 00:02:54,000 So the most practical step here is to to make a list of everything that you're paying every single month 37 00:02:54,180 --> 00:02:57,690 and see how long can you go if your business is being closed. 38 00:02:57,960 --> 00:03:00,770 And then think about what costs of those. 39 00:03:00,770 --> 00:03:06,330 Could you reduce if your business is being closed for an extended period of time especially if you have 40 00:03:06,330 --> 00:03:08,070 a low ROIC product. 41 00:03:08,070 --> 00:03:13,460 This is where you need to watch out and you have a higher risk of running into cash flow issues. 42 00:03:13,470 --> 00:03:19,530 In contrast I also want to point out that the US government is trying to keep the economy going and 43 00:03:20,190 --> 00:03:23,100 loans have just become even cheaper. 44 00:03:23,100 --> 00:03:29,970 And as a result this also provides an opportunity to potentially get a loan to lock in fixed interest 45 00:03:29,970 --> 00:03:36,360 rates and have enough cash at hand so you can still pay for your next inventory and keep your business 46 00:03:36,360 --> 00:03:41,350 running and especially make sure after everything opens back up you're the one having inventory. 47 00:03:41,400 --> 00:03:47,910 And while I have described this as a massive risk to your business if you're smart about it this can 48 00:03:47,910 --> 00:03:54,420 also be a huge advantage if you have fierce competition because if your competitors don't take the right 49 00:03:54,420 --> 00:04:01,350 steps they might go out of business or they might go out of stock and you're the only one left selling 50 00:04:01,470 --> 00:04:02,870 that specific products. 51 00:04:02,880 --> 00:04:07,230 Now let's say the worst case scenario doesn't affect you yet there's still other ways how your business 52 00:04:07,230 --> 00:04:11,580 could be affected one of which is your employees and freelancers. 53 00:04:11,580 --> 00:04:17,130 If you're paying people on a monthly basis and they get sick from the corona virus they might be out 54 00:04:17,130 --> 00:04:20,370 for an extended period of time in regards to employers. 55 00:04:20,370 --> 00:04:26,520 Of course it's important to follow local laws here and see if you have to pay them during the time when 56 00:04:26,520 --> 00:04:27,110 they're sick. 57 00:04:27,570 --> 00:04:33,270 But even if you have people freelancers that are working for you full time from the Philippines for 58 00:04:33,270 --> 00:04:39,870 example you should consider if you keep paying them while they're sick if they have been with you for 59 00:04:39,870 --> 00:04:45,000 an extended period of time can they have delivered good work and you support them even through this 60 00:04:45,000 --> 00:04:46,250 hard time. 61 00:04:46,320 --> 00:04:50,770 They're very likely to stick with you in the future and be very loyal to you. 62 00:04:50,790 --> 00:04:56,370 So consider the long term effect of still paying them while they're sick and if you're facing a lot 63 00:04:56,370 --> 00:05:03,120 of cost pressure you could also consider negotiating them that they're receiving a lower rate while 64 00:05:03,120 --> 00:05:03,860 they're sick. 65 00:05:03,870 --> 00:05:06,230 I'm sure they will really appreciate your help. 66 00:05:06,240 --> 00:05:12,720 On another note if you have people working locally for you you could also consider sending people home 67 00:05:12,750 --> 00:05:14,280 and letting them work from home. 68 00:05:14,280 --> 00:05:16,590 A lot of big businesses already did this. 69 00:05:16,600 --> 00:05:20,660 Now lastly I want to talk about raising prices and reducing costs. 70 00:05:21,000 --> 00:05:26,000 And this is something you should be continuously thinking about throughout this process either. 71 00:05:26,040 --> 00:05:32,070 If you demand increases or decreases as a result of the virus if your business is being closed for a 72 00:05:32,070 --> 00:05:36,570 while or when getting back into business when your business was closed temporarily. 73 00:05:36,570 --> 00:05:39,390 So first of all consider raising your prices. 74 00:05:39,420 --> 00:05:45,420 This special situation might lead to you to increase costs in your production process and your sourcing 75 00:05:45,420 --> 00:05:48,240 process or anywhere else in your business. 76 00:05:48,360 --> 00:05:53,520 And you can justify increasing your prices in this specific situation. 77 00:05:53,520 --> 00:05:59,180 And specifically when inventory is low and demand is high increasing prices is a good idea. 78 00:05:59,340 --> 00:06:05,820 So do go ahead spy on your competitors see how much inventory do they have left because they might also 79 00:06:05,820 --> 00:06:08,010 be affected by this situation. 80 00:06:08,160 --> 00:06:11,460 And second you can reduce your cost every single month. 81 00:06:11,520 --> 00:06:14,110 You have expenses that are coming up no matter what. 82 00:06:14,220 --> 00:06:21,600 But most likely temporarily you would be able to lower these costs by negotiating with your suppliers. 83 00:06:21,660 --> 00:06:27,000 Negotiating with your employees especially if your business is shut down for a few weeks during these 84 00:06:27,000 --> 00:06:33,450 negotiations and thinking of smart ways how you can reduce your cost will massively help you to stay 85 00:06:33,450 --> 00:06:34,570 in business overall. 86 00:06:34,770 --> 00:06:40,020 Consider that in these kinds of situations businesses can go bankrupt. 87 00:06:40,110 --> 00:06:45,970 But it also provides the opportunity for businesses to grow and make an absolute killing. 88 00:06:46,020 --> 00:06:52,350 So just spending some time taking these points and analyzing your situation would probably drastically 89 00:06:52,350 --> 00:06:56,660 help you to increase the profits you can make in this situation. 10112

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