07 Jun How to Make Your Business Thrive After the Pandemic
There is absolutely no denying that the last year and a half has been rough on all of us. Mentally, emotionally and even physically, many of us will carry the impact of this time with us for a while to come. But one of the other things to feel the impact is the business community. Big or small, there has been some impact at every level, and now that there is an end in sight, many SMEs are struggling to rebuild, grow and thrive again as lockdown restrictions ease. Post-lockdown is a critical time for many businesses, so here are a few tips to make sure your business can thrive.
Market, Market, Market
One of the biggest mistakes many businesses made in lockdown 1 was going into full protection mode, often cancelling services or letting ‘non-essential’ staff go in a bid to protect their cash flow. And one of the first things to go was the marketing budget. While cutting these costs might have seemed like a good idea, the reality is that businesses needed to market then more than ever, and the story is still the same. With so many businesses shutting down during 2020 and 2021, radio silence from your business could be deadly. If you want to come out of this pandemic with a healthy cash flow and a line of prospects, you need to be actively and aggressively marketing your business. Get specific with offers and campaigns that hit those pain points for customers, and run general brand awareness campaigns to make sure everyone knows that you’re still here, and you’re ready to work with them.
Keep an Eye on Cashflow
That all being said, cash is still king, so you should keep a keen eye on it. Figure out where your essential spending is (and yes, marketing is in that category), and make cuts where you can. This may mean reducing your service level with some suppliers, switching in others, or moving some staff onto part-time temporarily. It might also mean looking into some of the government assistance programmes, or taking out a loan to give you a bit of freedom while you get back on your feet. If you don’t have one already, put together a cash flow forecast based on your last few years of performance, and take the time to understand your finances. You’ll probably find there is a lot of fat you can temporarily trim while you focus on growth and recovery.
Support Your Employees
We know how stressed business owners are right now – but don’t forget that so are your employees! Many businesses reacted poorly to news of the pandemic, and now that the world is reopening, similar mistakes are being made (just look at the backlash Apple are facing from asking employees to go back to offices). Make sure you engage with your team, provide them with mental and emotional support, as well as any support they need for their role. Your business performance is a reflection of your employee satisfaction. If you work hard to keep your employees happy and supported during this time, they will work harder for you, and help your business thrive.
Create, Maintain and Build Relationships
Just because the normal way of things has changed, doesn’t mean you should be neglecting your business relationships. Existing connections could be one of your most valuable assets right now, and that support could be vital to your growth post-covid. So be as open and honest with them as you can, and treat them as you want to be treated. How you act at this time could define your relationship going forward – and people will certainly remember who supported them or worked with them through this challenges period. Reassure your customers, and get them on board with a shared goal of continued trading. At the same time, now is the time to get your name out there and make new connections. Business networking events are an absolute must right now.
At Starfish Admin Services we are dedicated to helping our customers grow as much as possible, even without a global pandemic. Our team are on hand to be your sounding board, help you develop ideas and give you the administrative support you need to thrive during and after the pandemic, without needing to take on more staff to do it. If you would like to find out more, just get in touch with the team today.