We are currently in desperate times. Several companies have had to make the difficult decision of retrenching their staff and severely cut down on their budget.
We are currently in desperate times. Several companies have had to make the difficult decision of retrenching their staff and severely cut down on their budget.
Your small business may have suffered since the lockdown was first announced, but there are ways that you can guide your business towards finding new, possibly more lucrative business, despite the current circumstances.
If you are an entrepreneur or a small business owner, and you are wondering about what your next move will be, then these tips could guide you on your way to growing your business.
Review your accounts, paying close attention to profit and loss this year and compare to the same period last year. This gives you a broader understanding of how much money you may have lost so far. Assess how your business has been affected this year – from retrenching employees, updating budget costs for campaigns, and so on. This gives you a clearer understanding of how significant your loss may be.
Now is the time to evaluate your business strategy and possibly set up a new business plan. Take time to understand the strengths and weaknesses of your small business, determine what has worked for you in the past and what is currently not working, and find ways in which you can continue to remain competitive and, ultimately, successful. Take a look at what your competitors are doing and identify any gaps that could potentially make you stand out during this time. You may have previously set up business goals; however, due to the Covid-19 pandemic, things have, most likely, changed. Make specific alterations according to the current times. Ensure that the goals you set up for the company are achievable and realistic.
This pandemic has hit several small businesses quite hard, and - even harder - those who did not adjust to the digital world. If you have not already done so, find ways to become more digital-savvy. For example, if you own a brick-and-mortar business, it’s vital that you set aside a budget to offer online shopping to reach more customers and to ensure your business continues to thrive despite the fluctuating ‘levels’ of lockdown the country goes through. Don't forget to market your small business' unique selling points!
If your company has taken a huge financial hit, consider applying for funding. There are several funding schemes available that are targeted toward financially assisting SMMEs during this period. Get in touch with MiBusiness Assist offered by Miway, which can provide support to businesses by reducing unnecessary operational costs. You will have access to guidance in getting business funding or payment relief, so you do not have to do so yourself. Have a look at organisations such as the Debt Relief Fund which can provide assistance on existing debts and repayments your company may have. The SAFT Employer Relief Fund is also aimed at relieving the financial stresses on employees due to the impact of COVID-19. Have a look here to see what other support is available for small businesses.
Your employees will most likely use company equipment such as laptops and routers while working from home. The last thing you need is the extra expense of replacing damaged equipment. Get a business insurance quote and find out how you can save on your insurance premium per month while getting peace of mind.
With just a few smart insights, you can help your business recover, remain afloat – or even start thriving. Companies, especially small businesses, are still required to meet customers’ expectations despite this uncertain time – in the end, it helps you to build stronger relationships with your customers.
