Re-energise Your Business
9th June 2020
As we begin to emerge from COVID, are you ready to get back in the game and re-energise your business?
It’s been an interesting time for businesses across the UK and without doubt across the whole business landscape there have been winners and losers. We’ve seen it very clearly in the technology, comms and software development companies, a sector we specialise in.
Companies that provide remote tools and apps are absolutely booming because of the need for us all to move to working from home (think Cisco, Zoom et al). Exciting times but, as we’ve seen from our clients, overwhelming too – a pace of growth not planned for and difficult to manage due to its unpredictability.
Others, however, those who provide applications for the retail, travel and hospitality industries for instance, saw their clients’ businesses come to a halt with the inevitable knock-on effect. Even for those with clients who paid monthly fees, as contracts came to an end and many chose not to renew. With little to no trade in these industries, new sales to fill the gap have been almost impossible to come by.
Now, though, with restrictions lifting, regardless of your circumstances, there are things you can do to re-energise your business, make the most of any gains or ensure your income wheels start turning once more.
Review your plans
If you haven’t already done so, your first port of call is to revisit your business plan and budget. Take a really honest and thorough look at what’s changed in your industry and the way your customers (and their customers) are engaging. While some of your competitors have been able to pivot during this time, you may not have been in that fortunate position, so adjustments will need to be made to ensure you can enter this next phase with a clear and revitalised plan of action.
While you’re doing your review ensure you take the time to do some cash flow planning too. It’s crucial to know what you have available and what you’re going to need to move forward in a realistic way.
Now is a great time to get your year-end accounts sorted! If things are quiet (or even if they’re not) get organised and give yourself the opportunity to get a clear picture of where your business is at. Your yearly accounts have to be done anyway, so you might as well get ahead of the game and get this task off your plate.
Where are your customers at?
So much has changed over the last months and you may find there’s a whole new learning required about your customer base and how they operate and purchase in the ‘new normal’. Take some time to plan out where your customers are going to come from over the next 12-months, and how you can make it super easy for them to buy from you.
The best way to do this is to talk to them! Pick up the phone to your best clients, reconnect and re-engage and ask them what they need.
An injection of funds
If funding is tight you may need to consider refinancing your business or taking advantage of one of the many loans or grants that are available. We’ve shared lots of information about the funding that’s out there on our blog, so feel free peruse and use this as a helpful resource.
Wise spending decisions
Every small business needs to make wise and informed spending decisions. Regardless of whether you’re surfing the COVID-19 wave quite nicely or you’re struggling to keep your head above water, the one big lesson we’ve all learned through this is that we never know what’s just around the corner! So, make spending plans for the immediate and for the future, to give your business a fighting chance to continue trading no matter what disaster strikes!
As I mentioned before there will be some small businesses that are actually finding themselves in a growth spurt right now. If this is you then now is the time to get some rock-solid systems in place. Great systems will support your growth in a streamlined and organised way, so you know at all times what’s happening and how it’s happening, and your teams know exactly what’s required of them.
If that’s not you, getting those same rock-solid systems in place now will mean when things start to bonce back you are able to scale back up quickly and easily.
As always Grant-Jones is ready to support you with your business growth needs, so if you’d like to discuss how we can help you re-energise your business, then get in touch and speak with our team. We look forward to hearing from you!