How to keep your business alive during COVID-19

Unfortunately, COVID-19 is still hitting many businesses very hard! What is worse, is that some experts are saying that the effects of this dreadful virus may continue into next year.  If your company is still experiencing a slowdown and you’ve completely run out of lockdown DIY projects, then it’s worth taking this valuable time to reassess your business. You could look at introducing more efficient processes or do some of those mundane jobs you have been putting off, so when business takes off you are ready and raring to go! Here are a few ideas:

Revisit your business model

Take the time to reflect on your business model and processes, could they be adapted to work better for the ‘new normal’? Ask yourself if you were going to set the business up again would you do it the same way, what changes would you make? Can you implement some of these changes?

Revisit your marketing strategy

Take a step back and revisit your marketing strategy to see if there are areas that can be improved, look at new markets, customers and other trends. Is your strategy still working in the ‘new normal’ or are there things you need to change?

Do your bookkeeping and taxes

Are you behind on record keeping or other paperwork? This is a great time to get those boring jobs done that you have been putting off. Have you collected all your receipts and invoices and arranged them in a decent order? Are your income records up-to-date, is the figure on the bank statement the same as the figure in your accounting system?

Take time to analyse your accounts

Getting your accounts updated will give you accurate records, which will save you time and money in the future. Most importantly it will give you a clear idea of what is really going on in your business, telling you how much you are spending and who your best and worst customers are. With this information you can then make decisions accordingly.

Do your bookkeeping and taxes

Are you behind on record keeping or other paperwork? This is a great time to get those boring jobs done that you have been putting off. Have you collected all your receipts and invoices and arranged them in a decent order? Are your income records up-to-date, is the figure on the bank statement the same as the figure in your accounting system?

Update your filing system

Is your list of customers, suppliers, prospects and referral contacts completely up-to-date and filed in an organised way? Think about how you want to use the information, could it be better organised or automated.

Try automating some of your accounting processes

Are you still using an Excel spread sheet to record all your receipts and expenses? A new accounting system, possibly via an app, could save you masses of time and will provide you far more insights into your company, and be much easier to keep up-to-date.

Spend time marketing your business

There are many relatively cheap ways to market your business, such as blogs and social media. When you are promoting your company on these platforms don’t forget to be sympathetic to your audiences’ ‘new normal’.  Showing your support for the local community will also create goodwill with customers in these difficult times. Try out different communication approaches in this quiet time and see what works best for your business.

Research your competitors

Take the time to understand your competitors better, are they having exactly the same problems as your business? If not, what are they doing differently to your business, look at their strengths, and weaknesses and understand what your business’ unique selling points are.

Ask advice from experts

Look to outsource advice from others who know more than you and gain good advice that you can use. This could be a business coach, accountant, marketing expert, HR consultant or web developer.

Continue to network

All networking events have gone online, so get involved with business groups. Ensure you stay in touch with colleagues, suppliers and customers.

Upgrade your systems

Prepare yourself to become more efficient with a new accounting system, marketing and sales systems, phone system or social media automation.

I hope this information helps your business run more smoothly though these difficult times.

Stay safe

Dora Ngoma

Director & Managing Partner

Grace Certified Accountants

Please check out my other blogs for more advice on how to run your book keeping and accounts smoothly. Or take a look at us on Facebook and LinkedIn for more valuable insights.