Survival tips for your business
In times of great economic uncertainty, the future for small business owners, who are seeing their sales and profits plummeting, may appear bleak. Unfortunately, there’s no magic wand or secret strategy to staying afloat, but there are things you can put into motion to help steer your company through such uncharted territory. Economic cycles are inevitable, and we have to be ready for them. There’s no doubt that small business owners will be the hardest hit from the current pandemic but with careful planning, resilience, and determination, we can come out of this stronger.
Size up your problems
Unless you know how much of a problem your business faces, you won’t be able to create an effective survival plan. The biggest problem is likely to be cash flow so assess this for the next 12 months. Find out what options you have over the next few months in relation to your key expenses (salaries, office rent, and utility bills). Tap into government resources and see if there’s a way to spread out the costs. As a last resort, look at ways you might be able to cut costs, for example downsizing or getting rid of office space and halting any new full-time hires, instead opting to take on freelancers on a project basis.
Don’t panic
As the old adage goes; “keep calm and carry on.” This can be especially difficult when cash is running low but remember that it’s important to take care of yourself in order to make the right decisions for your business. Taking care of yourself not only helps to keep you calm but in turn, creates a healthier environment for everyone to come up with innovative ideas to move forward. We may not be in the same boat, but we are all in the same storm. Taking a step back to reassess, asking for help and advice from those around you, and keeping perspective will help. Things will get better.
Make a plan
A business plan isn’t just for the start of a new business - it is something you should consistently review. Consider your business plan as a route map to help you get to where you want to go. Set targets against which you can measure and ensure you stay on track. It will force you to think about your business model, what you do, and what makes you different from your competitors. It will also enable you to view your business through the lens of a customer. Prepare a detailed plan now, review it on a monthly basis, and keep it up-to-date as things unfold.
Streamline processes and systems
Ensuring the processes and systems you have in place are as streamlined as possible will not only save time (and thus money) but will also be perceived well by customers and business contacts. Identify any sticking points or system breakdowns now and try to ensure that each aspect of your business runs seamlessly like clockwork.
Refocus your marketing
Whilst it’s important to keep an eye on costs, this doesn’t mean you should stop all your marketing activities. Rather it means you should stop wasting money on things that don’t drive sales to your business. Explore low-cost or even no-cost ways to advertise your business, including social media tools such as Facebook, Twitter, and LinkedIn, and make sure your website is as effective as possible. SEO is an important business tool and something that you should prioritise in order to drive leads to your website.
Find the opportunities
There are always opportunities in times like these and whilst it’s never nice to capitalise on events such as this, it should serve as a wake-up call as to what you could be doing better or differently in order to keep going and rise above the rest. Is your current business model adept to survive the current crisis? Think about how you expect your customers to behave moving forward and what will and won’t matter to them. Can you find new ways to connect with your customers by leveraging technology and offering certain products and services online? Differentiate yourself.
Service your current customers like nothing else
Most importantly, don’t forget about the people who have stayed loyal to you and your business. Reward your current customers with a free product, upgrade or something to thank them for sticking with you during these tough times. Now is the time to make them a customer for life.
Wherever you may be, we’re here to help grow your business.
Call us on 020 3021 0503, or email info@blueumbrella.co.uk
“Forget past mistakes. Forget failures. Forget everything except what you’re going to do now, and do it.”