Even if your business is back up and running again, your earnings and plans for growth might have taken a bit of a hit during the last year. To help you build your business back up as much as you can, we’ve put together five things you can try.
1. Review your financial situation
It’s probably not something you’re going to enjoy, but taking a deep dive into your current financial situation is the only way you’re going to know how everything really stacks up and what you need to do to fix it. This is where it’s a good idea to get some professional advice – an accountant can objectively look at your cash flow and suggest practical ways you can get your financial situation back on track.
2. Zero in on any cutbacks
You might have already made quite a few cutbacks on certain things out of necessity, but once you know exactly where you stand with your cash flow, it’ll make it easier to see what else you could review. Is there a particular supplier who gives you a headache whenever you think about them? It’s easy to stick with people you have a good relationship with, but if you’re in dire straits, it could be time to review what other options are out there for you.
3. Double down on your marketing
Usually when you’re trimming the fat in your business, it can be easy to think that reducing or eliminating your marketing efforts will help. But marketing your business is actually a very important piece of the puzzle, particularly during COVID-19 where people are engaging online more and more. Your marketing plans should be focused on your online presence, rather than on flyers or other more traditional materials.
4. Make a risk management plan
Now that we generally know how an alert level change works, it’s a good idea to have a plan in place for how you will manage the next one. Particularly for Auckland businesses, the numerous lockdowns have been stressful, but perhaps you fared better in the latest one than you did in the first. It’s all about learning from each situation and putting a plan in place to mitigate any risks and disruptions as much as you can.
5. Keep doing what you do best
Especially during times like these, clients will be a little more picky about who they’re choosing to give their hard-earned money to when they need something. Make sure you’re promoting any good client reviews and testimonials, and ask for referrals where you can. Focus on your strengths, and keep providing the best products and/or services you can.
It’s a pretty tough time for businesses at the moment, but our team is here to help. If you want to take a look at your cash flow, or you want some practical advice to help you bounce back, get in touch with our accounting team today.