Don’t Just Survive – Thrive!
For many business owners the pandemic is the most significant challenge faced to date. No matter what your discipline or area of business, the pressure is on from every angle. In this article we consider not only how you can survive, but how you can grow your business now, and as a result become more resilient in the future.
No one has any concept of how long the lockdown will last, and what other restrictions may be put in place subsequently. All timeframes remain fluid and just how our world will operate in the future is unclear.
Many businesses won’t survive in their current form, and many will survive by the skin of their teeth but be unable to develop. However, there is a once in a multi-generational opportunity here to thrive. Make the decision to grow your business now.
Diversification is the Name of the Game
Diversifying your business should be a component of your business strategy and an area you revisit on a regular basis. However it is fair to say that very few are likely to have made provision for a crisis like this in their business emergency plan.
Now may be the time to address that.
It’s time to make the most of all available assets and get innovative. Consider your business model, your client base and their needs, and your skill set. Look at all of the resources you have available to you. Get to know your employees, colleagues and support services. It is very likely that there will be skills, experience and even contacts available to you that you are unaware of.
Don’t spread yourself too thin, but look at areas you could diversify into and get your team to contribute. This could be the most beneficial brainstorming session you ever hold.
The Importance of Effective Marketing
“A man who stops advertising to save money is like a man who stops a clock to save time”.Henry Ford
Marketing efforts have never been more important. Let everyone know what you do and how it can help them. Marketing does not have to be a significant drain on finances, it depends on how you approach it.
It is likely that you maintain social media accounts for your business, or other networking tools. Use them to reach out to your client base. You can also reach your customers through email campaigns or paid advertising.
These all provide an opportunity to connect with your customers and offer useful and educative content. It is your opportunity to showcase your skills, and given the current situation you have a most captive audience.
How you market yourself will be dependent on the nature of your business. However, it is important to consider it carefully and not just advertise for the sake of it. Assess what your customers need, and produce a considered marketing campaign. You can monitor its efficacy and make adjustments to support your most successful marketing activities.
The Benefits of Finance
Now could be the time to consider finance. Not just in terms of supporting your existing business, but perhaps in supporting your future business growth.
Obviously if you want to inject funds into your business it should be to ensure you have sufficient cashflow to get through the next few months. Nevertheless funding could also allow you to invest in your new marketing campaign, new equipment or a new team member.
The Final Word
There are multiple ways that you can allocate your time and resources to your business over the coming weeks, however time is short. Many of us are now trying to maintain a business, often in a home working setting, while supporting other aspects of our life that are not usually a consideration during the 9-5.
Take time out to think clearly about where you are, and where you can go from here. Make sure you are aware of all of the assets you possess, and use them to full advantage.
If you do seek funding consider how it can be allocated to best effect. Funds spent carefully on marketing now could really pay off in the weeks and months to come and allow your business to thrive. Make sure YOU are the presence within your business sector. Effective marketing could ensure it is your guidance and support that your current and prospective customers see.
To achieve successful growth through funding you need a clear plan for raising correctly structured finance to inject into your business. To help you in the coming weeks we’ll look at how equity finance may be an option. We will also investigate how debt finance including CBILS can work for you.
In the meantime if you have any queries about this article or funding for your business don’t hesitate to get in touch, and see how we can help you to grow your business now.