Getting back to business after the impact of the coronavirus
Posted on 4th June 2020 at 11:19
Very few businesses have been untouched by the impact of coronavirus, with industries, livelihoods and communities all being affected, both financially and emotionally. Whether the effect on your business was instantaneous, with a complete closure as soon as lockdown was enforced, or the knock-on effect was more gradual with unpaid invoices and redundancies, now is the time to take stock and make positive steps forward to regain control.
Here is a list of ways to fight back against the impact of coronavirus on your business and make the second half of the year a solid framework for recovery and in turn growth.
Get your business finances in order
Take a long hard and honest look at your business finances. A cashflow forecast is critical at any time but none more so now when the future is uncertain. Make sure you have taken full advantage of all government loans and grants that could be available to you. We’re all in the same boat and the financial pressure of running your own business can be all consuming on your mental health.
Control costs and increase efficiency
Review every overhead, subscription, membership, resource and assess whether it is a necessity for the running of your business. Cashflow is King and reducing costs can help keep money in the business to spend on wages and business critical resources moving forward.
Diversify into new markets
The flexibility to move into new markets and diversify your products and services will open new doors and access a new revenue stream. Is there an existing product that you sell that could be modified for use in a new market? A recent example of this is gin distilleries turning their production to producing hand sanitisers.
Get online with marketing and PR
If you have just started trading again after lockdown start by telling existing customers and potential customers you are back open and ready for business. Low cost communication channels include getting online with social media and sending news stories to the local papers. Raise the profile of your business with a good news story about how you’re supporting the local community or a charity close to your heart.
Continually monitor and review your progress
For your business to remain competitive you must become a leader which is agile, quickly responding to change. One thing that this year has told us is that we never know what the future holds and although we can’t control the unique circumstances we are in, we can react quickly to grasp every opportunity. Continually review what activities are working and which need to change to ensure the best return on your investment.
For more information and advice about moving your business forward after coronavirus or any of the accountancy services by GM&Co, please give the team a call on 0121 550 8509 or email email@example.com.
Tagged as: Business planning
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