Businesses are in distress. The Coronavirus is putting significant stress on businesses and the community.
Here are four tips for getting your business through the corona period so you can look forward years of business ownership.
Focus on your existing customers
When companies go through tough times, many owners turn their focus to bringing in new business. The downside is that existing customers are often forgotten, but those are the most efficient people to make sales to. You don’t need to stop marketing yourself to new customers, but make sure you give extra focus to the customers you already have, to ensure they remain loyal. Find out what their current needs are, how successful you are at meeting them, and what you can do to maintain an ongoing relationship. Communicate with them, and always provide exceptional customer service.
Reach out to others
We are all in this together. Reach out to your colleagues and industry bodies for support and help navigating the current challenges. Ask what’s working, how they are adapting and what support have they received. Some—if not all—of their answers could be applicable to your business, or could at least inspire a solution.
Examine your marketing plan
Your marketing plan brings in new customers. Now is the time to consider fresh marketing ideas and new ways to deliver your products to bring in new revenue. Is there an area of your business you haven’t promoted before but could bring in clients? Is there a new way to market yourself you haven’t tried?
Examine previous marketing efforts to determine how successful they were. If they weren’t successful, stop wasting your valuable time and money on them. Use your efforts on something new.
Improve your cash flow
Assess your company’s financial health to see if there are ways to improve cash flow. Review your expenses and trim the fat. You will be surprised what you will find in subscriptions that you do not need or use!
Make sure you can account for every dollar your business spends. Don’t hide from creditors, communicate with them to find out if you can restructure your debt or extend your terms. Free up as much money as you can without setting yourself up for failure when things turn around.
Update your cash flow forecast daily and ensure your bookwork is up to date to take advantage of the government stimulus packages. For more information on the stimulus details refer to our blogs —
Final thoughts
Chances are your business has tough times ahead. It’s important you take action to help get you through it, rather than crossing your fingers and hoping the difficulties pass.
Join our Facebook group Covid Survival Plan for up to date information and resources.
Got a question? Please don’t hesitate to get in touch. You can click here to schedule a FREE strategy session Sandra.