Small Business: Tips for Recovery

20/4/2020

Lockdowns, social distancing and staying home have been the new normal for nearly a month now – and the impact on business has been significant. Entire business sectors, such as the arts and events, have taken a serious blow. Other sectors, like online video platforms, have had to adapt to rapid growth in demand.

Many small businesses sit in between these two extremes. Whilst it is hard to comprehend in the current circumstances, business will get through this pandemic. This is a time to be flexible, adapt to change, and prepare for recovery.

Business Advisory are working with small businesses in the South West and Peel to put solid structures in place for adapting to the lockdowns now, and for recovery in the future.

Here’s our five top tips for businesses to prepare for recovery right now:

Adjust

Take a look at your existing business plan and marketing strategies – do they need revisiting, refocusing and developing new content?

Review

At this point you are likely to have a really good idea of the costs of running your business. What are your cash flow projections moving forward? Do they stack-up to having a viable business? What government incentives might your business be entitled to?

Plan

Have you been running a ‘reactionary’ business? If so, what is it that you would like to change? Not sure? Working with a BA during this downtime to plan out the steps to have systems and processes in place when our ‘normal’ returns might be a solution for you.

Recover

Revisit your SWOT Analysis. Writing out your strengths, weaknesses, opportunities and threats will assist in your planning and recovery, and put you in control.

Communicate

Social Media for some can be an annoyance, and an area of your business that is put on the backburner. If you’re not sure how to structure and plan out your posts to maximise your ‘story’ by writing good content, we have advisors with the tools to assist.

Our Business Advisors provide free business advice and support to small business in the South West and Peel regions. Please give us a call on 1300 275 477 or fill out the form here to book an appointment.

The Small Business Development Corporation also have great advice for businesses – check out their tips for keeping your business running during the pandemic.