Here are a few short business tips for managing in these tough times:
Cost Control Reduction
Compile a list of all your direct debits & standing orders for things that simply go through “on the nod”. Review the list & decide whether you really need all of them. Thinking of magazine & newspaper subscriptions, club memberships etc. Even if you don’t save any money, you’ll at least think about things.
Make a conscious effort to contact & talk to relevant external stakeholders. People such as suppliers, your bank relationship manager, major customers. The simple act of staying in touch helps keep business relationships strong. In the event of you experiencing difficulties, you will more likely get the necessary support.
Business Opportunities in Adversity
Though normal business trading conditions are effectively shut off, are there possible opportunities in the crisis? Ones that may not necessarily cost that much to pursue. For example – if you previously taught piano one to one, why not now do it via Zoom? Yes you would have to charge a lower fee per session but it would not only keep the small business going, it would also strengthen the relationships with your clients into the future.
Management Systems Health check
If your business is still operational but at a lower capacity level, there could be benefits in carrying out a full health check & review of your management systems. Everything from how financial reporting is compiled to operational procedures to internal controls & risk management. Are there potential blockages in those systems that hinder a business when in full flow? By doing this type of review you may make your business more “flexible” so that when normal trading resumes you’ll be better positioned to take account of opportunities & growth.
Revisit Government & Other Supports
The impact of the pandemic crisis is likely to be felt for some time. So a grant or some other form of support that you didn’t qualify in earlier stages of the pandemic, may now be open to you. It is worth reviewing all bodies offering support to see if there are any such possibilities.
If you would like to delve into any of the above business tips in a bit more detail or indeed any other business & management issue you’re currently facing then please contact me via the Contact page. Also, feel free to visit EFM Ireland for further details on “pay as you go” financial management services for businesses seeking the benefits of a Finance Director – but without paying an FD’s full-time salary.