Running a business during difficult times can be a challenge. No more so as during the current pandemic crises that are unfolding across the globe. Every business is different and unique; however, there are some tips that will help you. You can also check out Tips for making your business run like clockwork, which will also aid you during this difficult time.
The one thing to remember about operating a small business is you can move quickly. You can make a decision without having to consult a board of directors, or you can change how or where you operate within a short space of time. If you require additional help, you could check out the US small business administration as another great source of information.
Take a Helicopter view of your business
People sometimes can’t see the wood for the trees. It’s, therefore, essential to look at the big picture. Step back from the day to day problems and reassess. List the issues that are affecting your business, note down the strengths and weaknesses, and look at your business model. Taking this overall view of your business will allow you to see if there are underlying problems that need to be addressed. It will also help you to fix these rather than feeling you are fire-fighting all the time.
Reassess your staff levels
If you have staff, these are often the highest costs for a business. Take the time to review your current staff complement. Can you outsource some of the tasks? Do you have the staff with the right skills to help your business succeed? Check on the productivity of staff to ensure they are meeting your needs. Remember, though, paying a low salary can often be counterproductive. It’s better to pay a fair wage for someone who can add value to your business.
It can be the case that during difficult times a business forgets about quality.
It doesn’t matter if you are selling yanmar engines or high-end art. It’s essential to continue to offer quality to your customers. If quality does reduce, this can have a negative impact on your customer base and leave you with fewer customers than you would want during difficult times. Be consistent in offering the best quality that you can.
A small business needs access to cash, especially during difficult times. Ensure that you are on good terms with your suppliers. Ask for an extension of credit that suits your needs. This will allow you to keep cash in the bank a little longer should you need it. Another good idea is to speak to your bank. Building up good relationships like this will serve you well during the difficult times, as well as the good.
It’s important to keep on top of issues when it comes to your business. Sticking your head in the sand may be an easy option, but it will not resolve the issues. Taking account of the tips above will help you analyze your business situation and help you develop a strategy to improve it.