10 Tips for Small Businesses in Challenging Times

If you’re a small business owner, the past few weeks and months are likely to have been the most challenging you have faced in business.  We’ve put together some tips for keeping your business afloat during an unprecedented time.

Consider your finances carefully

There is a plethora of government support available so don’t try and suffer through this alone.  Investigate all local and national schemes available to help support small business.  Some of the information out there may be confusing or seem overwhelming, so speak with your accountant to ensure you’re applying for the most suitable scheme.

Take a careful look at all company expenditure and assess whether it is necessary, at least in the short term. Take all required action to try and ensure your business can stay afloat. Speak with your bank to arrange or extend an overdraft, chase up all outstanding invoices and negotiate with suppliers regarding payments owed.

Keep an open mind

Take every day as it comes.  Our advice from the WHO, government and business organisations is fluid, so an adaptable approach and an open-minded attitude will serve you and your business well during this uncertain period.  Whilst long-term projections and forecasts are important, the focus should be on how you continue to keep your business alive from week to week.

Communicate

It can be tempting to hide away during this period, but you owe it to your customers and employees to be transparent. Keep internal and external communication strong so that people know how they can reach you if necessary.  If your business can continue to operate during this time, make sure people know that, otherwise the assumption may be that you are closed and you could lose much needed business to competitors who communicate more effectively.

It’s a good time to liaise with others outside of your business too.  This pandemic has affected the business community globally so others will be empathetic to your situation.  Speaking with others about your issues and concerns can provide comfort to them, and the advice they may offer you could be of assistance and reassurance to you.

Undertake marketing activity if you can

Budgets are tightening everywhere but if possible keep some marketing activity alive, if only on social channels. With a sensitive approach, there is no need to fall silent, and indeed those companies whose presence is more evident now are more likely to reap the benefits in the months and years ahead.

Resist the urge to make rash decisions

When news seems particularly dire, it can be tempting to give up and walk away. However, whether your business is long established or newly formed, more often than not it hasn’t come about without stumbling blocks. If one day brings particularly bad news, try not to act on this – the next could bring some relief.  You’ll have worked too hard to give up now.

Adapt your expectations of staff

If your company can continue to operate remotely, don’t expect the same level of output as under ‘normal’ circumstances. Some staff will be able to work a full day uninterrupted; others may be caring for children or ill relatives while trying to juggle their workload. Review output regularly and have contingency plans in place should you find yourself short staffed.

Think differently

Conditions have changed dramatically over the last number of weeks, and very few companies are able to operate ‘normally.’ Now is the time to think differently about your business. Can you diversify into other areas, even temporarily?  Can you digitize your product offering or offer an online service?  Lots of companies are proving how adaptable they can be during this period.

If you can offer charity, do so

Despite tough financial times, there is so much good that can be done and achieved during this period. If you have PPE you can donate to the NHS, do so.  If you can supply food or other products to help frontline staff, do so. If you can volunteer your time or that of your staff to deliver goods to those in need, do so.  There is a greater need than that of the business community right now, and you’ll be remembered fondly for your kindness.

Stay positive

A positive attitude will help tremendously.  It will keep you and those around you sane.  These are unprecedented times, but we will get through this.

If you’re finding it difficult to stay positive, make sure to reach out for help.  It is not a sign of weakness to ask for help, and indeed with strengthen both you and your business if you seek support.

Take care of you

This is an incredibly difficult time for small businesses, especially when cash is running out.  You might be experiencing pressure on a level not felt before, so it is important to take good care of yourself.  Eat well, get proper rest and try to get some exercise in. Taking care of yourself in this way will help you to keep calm, which in turn will reflect in your staff.  Calm attitudes will help achieve the clarity you need to come up with new solutions as to how to weather this storm and help your business stay afloat as a result.