Tips for business survival during lockdown.
Surviving the pandemic has been tough for many businesses, but surviving lockdown has been potentially even harder. With businesses being forced to close in Tier 2 and 3, it can mean yet again changing the way you do things to continue making money. Adapting is something that all businesses have to do to stay relevant at one time or another, however the pandemic has forced many businesses to do this before their time. So, as a business trying to navigate through the pandemic how do you survive? Check out our top tips below.
Move online if you haven’t already.
For some businesses in the past, having a large online presence hasn’t been worthwhile. Now is the time to jump onboard. The pandemic has forced many businesses to invest further in their online presence, whether that be their social media, their SEO or even starting off with a website. The only businesses that have really taken off during the pandemic and have seen success instead of a drop in sales and business have been those that are predominantly online. Online tech fast fashion giants like Boohoo were quickly able to reestablish a relationship with their audience and win back sales within a day by updating their website and app, with ‘comfy, at home’ clothes. These replaced bikinis and summer holiday clothes in March and played on the fact that many of us were spending a lot of time at home and would be in need of joggers instead of bikinis. Clothing companies not online such as Primark were forced to suffer, with unbought S/S stock piling up until shops were allowed to reopen. If you don’t have a strong online presence, investing now could really help you target the gaps in the market you haven’t done before.
It’s all about balance.
Lockdown may mean unexpected down time for you and your business. Now is the time to look at your accounts and project your cash flow over the next few months. If you are worried about cash flow, get ahead of the game. Do you need to collect receivables or delay expenditures? With everyone working from home, can you reduce overheads of the business in areas such as rent, or team nights out? Many businesses are ensuring any outstanding invoices are paid to ensure they are safe for the future if things get tougher. Now is the time to cut down on anything that isn’t essential for your business, and try to close any business deals that are on the edge.
Re-establish what works.
Lockdown is an opportunity for people that have small businesses to pause, look at how far you have come and say, ‘Where am I now? What was working? What wasn’t working?’. In a way it’s like going back to basics. As your business grows, you sometimes start to lose track of what worked initially as you get distracted with biggest conquests. However, according to Yelp it’s thought that approximately 60% of businesses that closed during the Coronavirus crisis won’t be reopening. This fact really puts it into perspective that the pandemic is one of the most difficult challenges businesses have faced in a long time, and cutting back and rethinking about your business goals and way of working is essential to stay on track.
In these unprecedented times, it’s ok to feel overwhelmed with worry about where your business may be in a few months time. If you’re wanting business help and advice then head over to our contact us page for more information.