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My Strategy For Surviving Coronavirus
By Paul Holmes of PCH Business Support helping start-ups and small business to grow and currently helping clients and any business respond to the current situation by reviewing the business, evaluating opportunities, adapting, pivoting or mitigating challenges.
When did you realise the Coronavirus could be a problem for you and your business?
I've been aware throughout however it's clear in February that this was going to be an issue. I've been talking to all clients and suppliers in advance to help plan.
What has been your plan to continue?
Contacted all clients individually to discuss their current needs and to arrange a planning session.
Working from home anyway so I've got limited business overheads and have now switched to completely virtual using Zoom.
I've done a review of services to see how they can be adapted – creating one hour planning sessions for current situation for businesses.
Taking the time to work more closely my VA to implement planned changes and improvements to the business – leading by example.
What advice would you give to others in business?
1) Communicate - customers and suppliers - frequently
2) Review the business, think laterally look at other revenue (contact a business coach to help look at your business with a different perspective – you will be surprised!) look to adapt, if need be pivot services or direction. Look at mitigations for things you can't change.
3) Review costs – delay, look at payment holidays, pause unnecessary activities for the moment
4) Look carefully at Government support and embrace it.
5) Invest in the business, extend credit – look at loans to see if they will not just get you through but make the changes you had already planned.
6) Consider options to see at least one service online – is there something you sell needed now more than ever.
7) Continue marketing - businesses that continue to raise their profile during a crisis often emerge in a significantly better position than competitors as a result.
8) Focus on existing customers to secure their business, offer additional services, reassurances.
9) Look at a system for managing invoices, recovering payments and having difficult conversations - especially hard when everyone is struggling – contact Confident Cashflow!
What can we do to help each other?
In home and business everyone take time to look at those around us – can you help a business with ideas – an introduction or help?
At home – look after family – follow guidelines - check on neighbours and friends especially older neighbours.
What do you think can be learned from this in the business world?
Recessions and major crises force businesses to adapt, become better and more streamlined just to survive – businesses that adapt to survive recessions typically do better afterwards as a result.
Take time to take stock, evaluate your products and services – look at the numbers and profitability – make changes - focus, develop the business, implement plans now that you have been waiting for a gap to start – you won’t regret it.
Your parting thought?
Do not panic – lots of help is out there and much of it free, talk to someone if you have concerns but address them quickly – don’t wait.
There are lots of financial options to improve the business, some hidden options to find new revenue will exist.
For further details visit www.pchbusinesssupport.co.uk