We have seen a lot of businesses impacted by government enforced closures and the downturn in economic conditions overall. Whilst you may be struggling to see light at the end of the tunnel, it is crucial that you stay focused to ensure your business remains in good stead.
Below are 10 actions you can take right now to ensure your business comes out on top!
1. Research Government Stimulus packages – claim what you are entitled to. The Government has announced a series of assistance packages to help you and your business during this difficult time. Take the time to research now, don’t risk missing out on extra income!
2. Take the time to implement a new budget or update an old one to save your money while your cashflow is strained. Make serious spending cuts now to take your money stresses away – you will thank yourself later. Its important to remember that you need to preserve cashflow now, so you have the financial reserves to ‘start back up’ when the economy improves, and restrictions are lifted.
3. Look at other ways you may be able to generate extra income – this may not be as crazy as you think. Think outside the box and maximise any opportunity.
4. Create a new and exciting marketing plan to kick start your business when this is all over. Now that you have the time, this is the perfect opportunity to implement exciting changes.
5. Create new business partnerships. Are there any business’s you could make a positive business connection with now and work together to visualise new potential services/ideas for when this is all over? Engage and build trusted relationships for future success.
6. Contact your HR Consultant for advice around your staff employment and fair work advice. The Covid19 pandemic has really highlighted issues in this sector so we recommend seeking professional advice on this if you have any doubts or concerns in relation to your employees or how to make staffing changes within your business.
7. Conduct positive Team training – Cross skill and upskill your employees for a stronger and more successful business in the future. Continue to take care of your team/work family – everyone is watching what you do right now.
8. Internal System upgrade – Create more efficient work practices/systems in your workplace, highlight any faults or items that need reviewing to then create long term improvement and increase profits.
9. Review your Sales/Product range – what is profitable and what is not? Make changes now to implement on your next order of stock. 10. Create online marketing content and stay connected with your clients and suppliers – this is important. Ask them how they are doing at this time, show them you have not gone anywhere. Keep both your client and supplier updated on your situation at present and voice your goals for after hibernation.
10. Create online marketing content and stay connected with your clients and suppliers – this is important. Ask them how they are doing at this time, show them you have not gone anywhere. Keep both your client and supplier updated on your situation at present and voice your goals for after hibernation.