11/05/2020
Fight For your business
Right now, is a tough time for small businesses especially if you offer a service that must be done in person. That does not mean you should give up on your business, in fact it is the best time to fight for your business! As a small entrepreneur/business owner you might be thinking that your business does not matter. That is incorrect because you are part of contributing to society and your business is vital in contributing to the economy. You would have spent a huge amount of time growing and nurturing your business and so you need to fight to keep and save it.
Now the reality is, as much as you want to fight, depending on the sector, there is a strong possibility you might have to start all over. But before you do, please examine a few ways to get the fight going:
Analyse Your Assets and Liabilities
Analyse your numbers. Make a note as some assets can now become liabilities. Check those direct payments, you might now need to let things go and plan! Let’s not forget the obvious - cash! Do you know your numbers? Do you have enough income to survive? What is the minimum income you need to bring in to survive? Can you cover your expenses? If not, get to know, so you can fight for your business. Knowing your number is always important and often many things come down to cash flow.
A good way to help your survival through this time is to go through all your expenses and see if you can cut any of them. Are you paying for software or subscriptions or any other direct payments you don’t need, can you shift to working remotely? Have you reached out to suppliers and re negotiate prices to still offer a version of the service. This will help with your cash flow and give you some breathing room if required.
Keep ecosystems going
Even though you were not prepared for these crazy times in your business, it is important to keep the momentum going as much as you can. Communicate with staff, you might have, liaise with your clients, and people you need to keep them informed about the status of the business and its services.
Show them that you are still in the helm and the leader of your business. Get a clear understanding of your clients current needs to check if you can still offer a service. Think about reducing prices, a buy now pay later scheme are just some of the ideas to get you in survival mode rather than giving up completely.
Keep Visible
This is key during these times and the process of fighting for your business. I was so delighted to see one of my clients at this time raising the company’s profile as they distribute hampers within the community. Do not use this time to hide, drop videos and content. As you do this though, be attentive to people, their feelings and views at this time, so be sensitive.
Think about the outcomes as you put information within the public view. You might need to follow instincts. Statistics are showing there are more people accessing YouTube than ever.
Believe it or not, right now is a good time to advertise, the cost of advertising has gone down. You can now invest in advertising and grow your client list. If you cannot afford to spend on advertising right now then make sure you use your organic platforms and speak to your audience, customers, and potential customers. Keep current and visible so your brand can stay on their minds.
You might not see the benefits of the above immediately but believe me you are building the foundations for sales. Building a relationship with your client base will allow you to get to know them better and therefore you can tailor your services or offers to suit their needs and solve their problems.
You can use this time to ensure you are online and present, if you are not online can you adapt your services so they are, or you can deliver online rather than offline? Doing all these things will help you not only fight for your business but grow in most instances, as you. stay current.
Keep Your Day Structure
No one could have predicted this pandemic and working from home for most of us is currently the norm. But what effects is this having on your business performance, have you got boundaries between home and work activities? Structure your day so that routine supports productivity. Identify your priorities, set deadlines, get energise, but most important rest as well so you can bounce back into action again.
Develop a survival action plan to take you through this time.
Keep The Mindset Positive
Be careful you are not pulled in with all the negative noises around you. I was in the early stages of this pandemic, I demanded thinking time and pulled away to protect my mindset and started to become creative as I moved into survival mode.
Now is time to examine skills set and tactics, revaluate the people in your circle as you fight to remain positive and develop the right attitude.
You can use this “downtime” wisely, perhaps you have wanted to do a course, or learn a new skill that will help you grow but you don’t usually have time, or you have needed to re-do your website, rebrand or start a new service. Now is the perfect time to focus on these things and strengthen your business. This is also a great time to document all of your operations in your business if they aren’t already done. Documenting and Centralising all of your operating procedures means, not only are they there if you want to outsource or delegate, should you want to take time off or focus on something else you are prepared to step away from the day to day of your business.
Hope the above assist you in become proactive rather than reactive as you fight for the cause “Your Business”.
