Current times are testing; the pandemic has changed the world, and we are striving towards a ‘new normal’. Companies have had to make challenging decisions, especially small businesses. Some have had to retrench, while others have cut their budget and many business have been forced to closure.
Has your small business been affected since the start of lockdown? There are ways to help your business through these tough times and even perhaps find additional opportunities that have surfaced due to recent circumstances.
Here are some tips to assist small business owners through this testing period.
Which areas of your business have been impacted recently? Pay close attention to both your profits and losses in comparison to last year. This should give you a broader perspective of what damage has been done and what the costs due to those damages have been. For an even clearer understanding; assess all the changes made to your budget, if any employees are retrenched.
Have you re-evaluated your business strategy? It may be time to remodel. Take account of all your strengths and weaknesses from the past, which models have worked for your business. Also, take a look across the industry you work in, try to find new opportunities in the market amongst your competition. Using this information, apply a strategy which can help you remain both competitive and successful. Assess your goals, remember that COVID-19 may have made some unachievable, but be sure to make necessary alterations are needed to create realistic and achievable goals.
This pandemic has upturned many small businesses, especially those who have not adjusted to the online world. If you haven’t made a move, now is the time. Try to find ways to make yourself more tech-savvy as well as improving your business. For example, if you own a firewood business. Why not advertise it online, deliveries may also be the next step forward. Try to ensure that your business can keep running despite the level of lockdown.
If you are like many others, your business and budget may be feeling the pinch; perhaps you have even had to retrench some of your employees. Consider applying for funding; there is a host of different funding schemes available for SMMEs. Organisations such as the Debt Relief Fund can assist with current debt and repayments while you should also look into UIF and the SAFT Employer Relief Fund to aid your employees.
Since most people have moved to home offices, both yourself and your employees, it may be a good time to insure your office equipment. With your equipment outside of the office environment, it is much harder to keep track of, avoid any problems and despair by insuring.
With these insightful tips, you can help your business weather the challenging economic circumstances. Perhaps you may even start thriving. Just remember to keep your up to standard for your customers, it will build stronger relationships.