The country rejoices at the beginning of a new era of freedom from their homes and the chance to re-enter their places of employment. For you, the last few months have been extremely pressurised as the bills continue to need payment, while your incoming funds are either minimal, or nothing.
There are a few areas for you to focus on to keep your business on its feet when your doors reopen:
- Reassure your staff
This does not mean lie to them, it means that you need to trust them to work with you in rebuilding the business. They need to understand where the business is, what the prospects are, and what their role will need to be in making the business strong again
- Take control
During the lockdown period you had much time to consider various strategies, bounce these off your business coach, and plan a path that can make your business stand strong. Use those plans to move your business ahead
- Watch your money
From operating expenses to inventory control, you need to be very prudent about where and how you spend your money. You need to spend as little as possible, and gather in what is owed to you
- Talk to your suppliers
Every business is looking for long-term sustainability. Your suppliers need to work with you to ensure your long-term usage of them, and their ability to stay in business. Ask for discounts or adjust terms so that your money goes further, and your relationships remain intact
- Focus on growth
You need to push marketing and sales as much as possible. Larger businesses did not take the same level of pain as the smaller businesses. Their reserves saw them through this time. To keep your business alive, you need to grow as much as possible so that those clients who cannot pay or go out of business are easily replaced
- Think like an accountant
Considering refinancing your debts or delaying your capital expenditure may make an enormous difference to your business. There are various areas that your business coach can advise you on that may seem like a small step, and may make a big impact
Time will heal the economy, and a new form of life will be established. Focus on making the decisions that will keep your business alive, and your business will not just survive, it will grow.