News & Insights
“When the going gets tough, the tough get going” – Joseph P. Kennedy Sr.
The going for all businesses this year past year has definitely been tough and none has had it tougher than small business. Whilst the global vaccine rollout provides a light at the end of the tunnel, the speed of economic recovery remains uncertain.
Here are our top five tips to help small businesses continue to survive the COVID-19 crisis:
Don’t just dive in in a wild panic. Digest your position and get some perspective to allow yourself thinking space to start working on a survival plan. It’s also important to show leadership, to set the tone and be the calm in the storm.
If you don’t have a business strategy plan, now is the time to devise one. If you did, now is a great time to modify it. Re-evaluate your business plan and outlook for the year ahead and use your time wisely.
Now more than ever you need have a firm grasp on your finances. Cash flow is king right now and keeping cash in your business your number one priority. Make cash flow management a daily priority, include every penny and keep talking to your staff, your customers, your suppliers and your bank.
Don’t stop marketing, instead reduce your spend. Stay on your customers’ minds by being where they can see you, most likely on social media. Keep putting in the effort to remain relevant.
New business isn’t your focus right now. Existing customers are as they are your lifeline. Continuing to satisfy your existing customer base will guarantee you a steady revenue stream. Stay in close contact with them to understand how they are affected too. It is in both your interests to survive.
Being able to pivot quickly and creatively change your products and services to meet the new normal will give you a better chance of survival. Look to use key resources in different ways and give yourself a chance of turning a major negative into a big positive.
A great business is driven by its people. You want to retain key people so make sure they’re assured about being protected. Communicate honestly with them about your position as well as any policy changes such as sick leave.
To help save costs as well as to adhere to government guidelines, implement a work from home strategy for as many of your staff as possible. Set productivity expectations and implement procedures for weekly reporting to monitor workloads, customer interactions and projects.
If business is slow, invest in this time to tackle projects you’ve been putting off such as product or service improvements or finding operational efficiencies. Conduct staff training or train yourself as a leader in areas of weakness.
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More information surrounding small business survival can also be downloaded in our free guide: