Having a business strategy is more important now than it ever was before. As a small business you might find yourself in hot waters at the minute due to the current economic climate, and the fact that many small businesses haven’t survived the pandemic. When the world shut down and nobody was trading, business profits obviously plummeted and a lot of small businesses that were already on the brink have had to cease trading. So if you’re here reading this as a trading business then you’ve already done far better than many small businesses before you. Unless you’ve found some way to have a huge cash injection from somewhere you will no doubt be feeling the pressure to perform at the minute, especially if you’ve got staff employed under your belt. So, we’re going to try and help you create a business strategy that we think works during these current turbulent times.
A Financial Plan
This is the most important one that you need to be thinking about. Your financial plan now will be far different to the one that it was at the start of the year. Our advice is to be a little more cutthroat with the cuts you make. It’s like with your personal spendings, you get used to the money you have to spend and it’s hard to change back from that. Business is no different, areas of your business are used to receiving a certain amount of money and it’s hard to change that. So one area we would suggest making cuts is with employees, if you need to. If times are really testing, you should consider joining the many businesses who have had to make their staff redundant. Although it’s such a hard thing to do, it’s the easiest way to save a lot of money for the year.
A Marketing Plan
The quickest way to get your business back on track is to sell sell sell, and the quickest way to do that is to get people thinking about your business again. One we think small businesses in particular seem to not focus on, is SEO. Everything is online at the minute and most people will Google your business, or keywords related to it, before they decide to work with you. But what if they can’t find you? Or what if competitors beat you in the search? That’s where SEO comes in. ECommerce SEO might be a little more expensive compared to some marketing methods, but it’s going to prove the most effective if you want to gain attention. So are simple marketing techniques such as billboard advertising. It’s the sort of in your face advertising that you need!
A Sales Plan
Finally, make sure that you have a solid sales plan. One idea might be to go through your directory of old clients or customers and get in touch with them. Just a courtesy phone call or email to see how they’re doing and to put your business back in their mind. You don’t have to push sales or make multiple calls, that’s when your business gains a bad reputation.