With increasing worldwide concerns and fresh cases daily, COVID-19 will bring unprecedented challenges to almost every activity in our society, from business operation to our daily lives.
We are reducing travel; the international tourist market has collapsed and borders are closing. The domestic market will undoubtedly follow with mass gatherings being banned and days out cancelled.
How many of us tested our businesses for an event like COVID-19? How many of us have an adequate business resilience plan in place?
While some organisations will defer financial asset payments some will simply refuse to accommodate such requests. A local authority may offer to continue making payments for school contracts not operated but fully expect repayment when the situation improves. Staff will expect to be paid. If you let them go, will they return?
I received good advice from a well-respected operator many years ago to never put my house up as collateral for a coach. That advice has served me well. I owe nothing and have good cash reserves. I have been divesting all my vehicle assets in recent years with the last coach having recently been sold and paid for.
I can honestly say I have never felt so relieved to be out of coach operation.