Everybody in business is being affected to varying degrees and even if you haven’t felt the effects as yet you should be doing the 7 things listed below.
1. UNDERSTAND THAT THINGS WILL NOT BE THE SAME AGAIN IN THE NEAR FUTURE, IF EVER… If businesses are to survive let alone thrive, we as owners need to work on creating a plan for survival and then success.
There is lots of info online about how various businesses are adapting, the cool phase at the moment is to “PIVOT” your business. What we are seeing clearly is that businesses that are prepared to adapt and change up what they doing are currently doing okay, even businesses that have been forced to close are doing some extraordinary things. For example; Beauticians are doing online tutorials and setting up “online stores”, Restaurants are adapting with take-away services. One such restaurant advised me today that they are doing 70% of their previous turnover via take-away. THAT IS AMAZING.
If you can’t currently trade, now is the time to work ON your business rather than IN your business e.g. develop a Facebook page to stay connected with your customers. Nothing a company does is more essential than how it engages with customers. Now it is more important than ever!
By marketing now you will develop a standout business that will set you up for greater success in the future. A well kept “secret” is that FORTUNES are made during extraordinary times such as these and if you are determined to achieve success now is the time to think differently, be proactive while the world is fearful.
And even if your business has not yet been affected by recent events don’t think you are safe, be nimble, look at how you could be affected, talk to your customers, and anticipate change.
If you would like to throw around any ideas you have, I am more than happy to spend some time discussing those with you.
2. KNOW YOUR NUMBERS… Whilst we always advocate keeping up to date records so that you know where you are financially in your business NOW it is more important than ever to do so. Not only so you have the necessary information required to obtain assistance from the government or your financial institution, but so that you can anticipate cash-flow and plan to deal with any shortfalls well in advance. Plus it allows you to map out alternative strategies should they become necessary. Also, review your expenses and make adjustments where necessary. Be ruthless if you need to.
3. APPLY FOR ASSISTANCE…from state and federal governments as applicable. Also your bank and if you have one, your landlord. Don’t be afraid to ask for help. The Job keeper wage subsidy has been passed by parliament, we are here to assist you once the application becomes available. We will send out Clarification as to the Mandatory code for Landlords next week and finally if you need assistance with applications for additional funding let us know and we will be happy to help.
4. DEVELOP A WRITTEN PLAN… Put a Budget and Cash-flow together for the next 6-12 months. Then explore your alternatives and put a WRITTEN PLAN together noting what opportunities you could work on. Do NOT just think about it and leave it in your head, write it down and develop a point form system of things you will activate in order of importance or value. As you activate each point in your plan put a line through it and give yourself a pat on the back for doing so. And remember any plan is open to change subject to the results of each step achieved.
5. INSPIRE YOUR TEAM… Communicate your plans clearly and ask for their input so that they take ownership of YOUR plan. Understand that they may be fearful, particularly of change. Even if you face negative feedback be mindful that it’s simply FEAR which is False Expectations Appearing Real. Your team will be looking for you to lead them, BE A LEADER!
6. GET HELP WHEN YOU NEED IT…Whether that is planning how to pivot your business, understanding your numbers, marketing etc. Business success is NEVER a solo run. No one makes it alone.
7. STRENGTHEN YOUR MINDSET… learn how to direct your mind towards searching our opportunities, looking for points of difference, finding the next great deal. Change your mindset, change your life. There are amazing books and information online. Investing in developing your self is one of the best investments you can make.
Below are some links to interesting articles you may enjoy…
Goals on Track… Adjust your mindset for Success
7 Mindsets of Highly Successful (And Happy) People
Hart Accountants are committed to not only getting you through this unusual time but working with you to thrive.
Cheers
Helen
