03/04/2020
In very uncertain times, it is not always easy to switch from a business that relies on people to provide a service or people to physically come into your premises.
If you are lucky enough to be able to provide a reduced or amended service, then with a bit of lateral thinking, you can do it.
But - what if you can't?
Here are some practical things you can do to help you get through the next few months:
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๐ข๐ง๐๐ง๐๐ข๐ง๐
Be aware that many banks are offering loans to tide small businesses over, but equally many of these are at higher interest rates and require some form of security.
Be very careful of tying yourself into a loan you will not later be able to repay.
Also be aware of this really good scheme which has just been announced - https://www.british-business-bank.co.uk/โฆ/coronavirus-busiโฆ/. It goes live in early April 2020.
Always check the small print and try and avoid any debt which ties that debt into your home.
๐๐ฎ๐ฌ๐ข๐ง๐๐ฌ๐ฌ ๐๐จ๐ฌ๐ญ๐ฌ
If you are not eligible for a loan or the risks are too high, look into whether your landlord will offer a reduced rent, whether your insurance company will offer a reduced rate (or shop around for a competitive price) and check that you are getting the best deal for your utilities.
๐๐จ๐ฎ๐ซ ๐ฆ๐จ๐ฌ๐ญ ๐ฉ๐ซ๐๐๐ข๐จ๐ฎ๐ฌ ๐ซ๐๐ฌ๐จ๐ฎ๐ซ๐๐ - ๐ฌ๐ญ๐๐๐
Do not make the mistake that well known chain of pubs beginning with a "W" have made.
You cannot purchase loyalty, you cannot easily replace experience and you may suffer reputational damage.
Not every small firm can continue to pay staff when they have no money coming in but you can do the following:
- see what they can do at home to continue an income stream or prepare one for when you reopen. Some income is better than nothing.
- investigate what government funding is on offer and support your staff in applying for it
- work out creative ways of supporting staff if you are truly, truly unable to pay them (bulk buying of groceries, food deliveries, approach utility companies for group reductions in services are just a few to think about).
๐๐จ๐ฆ๐จ๐ซ๐ซ๐จ๐ฐ'๐ฌ ๐ญ๐๐ฌ๐ค๐ฌ
Catch up on your "I'll do that tomorrow" list. It's tomorrow. You now have time.
There are so many things that get left behind when businesses start up, and are then successful. Lots of these things can trip entrepreneurs up later. Make sure these things are done now, while you have the time:
๐ป๐๐๐๐กโ ๐๐๐ ๐ ๐๐๐๐ก๐ฆ ๐๐๐๐ข๐๐๐๐ก๐๐ก๐๐๐
Is it up to date? Do you have a risk assessment file? Are these being reviewed reguarly?
Do you need to review this against your working practices during an epidemic? If you have staff going out and providing a service you will absolutely need to do this.
๐ป๐ข๐๐๐ ๐
๐๐ ๐๐ข๐๐๐๐
Do you have good recruitment practices? Do you have employment contracts for your staff? Do you have an up to date HR policy and procedures manual?
If you are just starting up, then this is the time to look at these things in detail
๐๐ ๐ฒ๐จ๐ฎ ๐ก๐๐ฏ๐๐ง'๐ญ ๐ฌ๐ญ๐๐ซ๐ญ๐๐ ๐ฒ๐จ๐ฎ๐ซ ๐๐ฎ๐ฌ๐ข๐ง๐๐ฌ๐ฌ ๐ฒ๐๐ญ
Now is the time to write that business plan, investigate funding, approach potential team members and start living your new idea.
๐๐ก๐ ๐๐ง๐ ๐จ๐ ๐ญ๐ก๐ ๐ฅ๐จ๐๐ค๐๐จ๐ฐ๐ง
Whilst it seems like we are living in a permanent twilight zone right now, it will be over before we know it.
When restrictions are lifted, there is going to be a massive surge in businesses looking to provide services.
Do not allow your business to disappear from sight in the surge.
If you are not currently able to operate, make sure that your business stays in people's minds.
You can do this through social media marketing, using Facebook and Twitter to remind people that you are still around, even if you aren't able to provide a service right now.
Make sure that if you are able to provide an amended service, you keep your social media pages up to date and keep plugging your message, daily if you can.
Update your website, ensure it is secure (over half the websites we come across have insecure elements) and check that everything on it looks fresh and works.
Remember that as we go through this change, some things will not return to quite the way they were before - online marketing has never been more important than now.
These topics are going to be covered in more detail in future Build Your Business sessions.
John and I look forward to seeing some of you over a lovely cup of coffee (or glass of wine) at Yeha Noha when we are able to do so.
In the meantime, if you need help with any of the above, we are still working and can provide the support you need, whether it's for Health & Safety, or HR or webite or online marketing.
John is available (for anything marketing messaging-, website- or digital marketing-related) on 0208 6543219 and I am available (for health and safety-, human resources- or business planning-related) on 07957 830490.
Stay safe and well everyone!
