The coronavirus pandemic continues to expand. With ministers soon to discuss a review of the UK lockdown, it doesn’t look like isolation will be ending any time soon. Vaughan Gething has confirmed this, saying there is “virtually zero prospect” of government experts advising it’s now safe.
So with all this doom and gloom, how can you grow your business during this time? What actions can you take as a business owner to survive the coronavirus pandemic?
Now is the BEST time for you to take a little time to think about your business. What kind of business do you want to be moving forward? Here are a few ideas that we’ve explored with clients over the last few weeks.
Have a look at your systems
When you’re running your business as usual, you’ll normally just follow the same systems and procedures you’ve always had. This usually means that you very rarely have a real opportunity to revise them.
I recently had a new client come on board. Every time they made a sale, they printed off the invoice, stapled it to the receipt, then opened up a big cabinet behind them, stored the print out away in a file, and locked the cabinet back up. This was all so that the boss could come in and check the records whenever needed. I asked them why they hadn’t just done this virtually – so that the information was easier to access, organise, and use. Their response was that they’d always done it that way.
There’s almost always a better way of doing things. I’ve said it before: If you ever use the phrase “We’ve always done it that way” you need to take a closer look.
Review your HR process
When we’re busy, the HR process can become neglected. Have a look at your employment contracts. Are they compliant with the latest regulations – update them if necessary! Are your HR files all up to date?
Here’s a hypothetical situation regarding security and your staff. Imagine all of your staff members have access to your database from their phones. It’s great, they can work and access it from anywhere, and everybody loves it. One day, you have to let a member of the team go. Unfortunately, that member of the team really didn’t like getting let go, and is now in a position where they’re angry, upset, and have access to your entire database. You can see where I’m going with this… If you don’t have a part of your contract that gives you control over your staff’s access to important internal information, you’re liable to find yourself in a very messy situation.
Having a good HR process is really important when it comes to valuing a business. It might seem like something that doesn’t generate cash flow right now but it will create capital value in the event of a disposal.
Take a look at your Marketing
This is most likely going to be the first chance that you have to meet your customer. If you have a marketing team, speak to them about campaigns, how can you take advantage of this moment to develop your business? Are you looking at shouting out to the heavens and bringing in new customers now, or are you getting ready to release a massive amount of new and interesting content when everybody gets back to business?
How’s that old website looking? Is your social media working for you? Do you use mailing lists to hit target demographics? You could be planning ahead here to really hit it big!
Just have some thought about what is happening after all of this. Everything passes, even the bad stuff. Life goes on, and while plenty of people are worried right now, the best of us are thinking ahead and taking advantage of this time to develop their business. If you’re reading this article, you either have the capability to, or are already ontop of things!
As always, if you need help or want to discuss anything in this article, advice is free: