Our 6th instalment in our series of Pandemic Protection Plan videos and blogs is here. This series is designed to help you and your business survive, stabilise and strengthen during the coronavirus crisis.
Today, we’re still in Stabilise mode and we’re going to look at using some of the spare time you might have in lockdown to take stock of your business.
Watch our latest video or read our blog below to find out all you need to know.
With this level of uncertainty, it would be silly to try and predict what is going to happen. What would be even sillier would be to sit around and wait for the worst. Even if you can’t trade right now, use this downtime to review your business.
Look at your current offering and where it might change now, and in the future. It’s a chance to look at:
- Your products and services – could you change them or add to them? For the moment, you might want to adapt to suit the lockdown. For example, gyms are offering virtual classes. Could you do the same? And will this become the norm going forwards?
- Your pricing – it’s a chance to reassess. Too many people undervalue themselves, so are you too cheap? Or could you offer different pricing options?
- Your systems – could you do things better? Have you documented your systems to make things consistent and efficient, and make it easier for new team members? If not, now’s the time.
- Your database – is it up to date? And could you use a better system?
- Your market – use the time to think about your ideal customers. Who could/should you be selling to? Build a profile that includes their age, gender, location, their likes and dislikes
- Your marketing – when is the last time you took
a look at all of your marketing pillars, for example when did you last update:
- Your website
- Your social media profiles
- Your brochures
- Your adverts
- Your reviews online and offline?
Have a look and use the time to update and improve them.
You might have thought that this situation would certainly lose you some customers, but if you remain dynamic, you can keep and even gain customers through this time. This will make sure your business stays ahead of your competitors.
You’ll also gain the trust of prospects by identifying and reacting to their needs ahead of time, so when they are ready to buy – you are ready to sell.
Review your software
It would be silly for us not to mention your accounting software. If you’re not doing so already, now’s the time to move to the cloud! Accessible from anywhere and instantly updated, you can be looking at the same information as your team and your accountant. It will also save you lots of time due to the automation features.
And it makes paper a thing of the past – just take a photo of your purchase invoices and they’re uploaded and analysed. No waiting for paper in the post from your team working in their separate homes.
And it makes it easier to chase debts and manage cashflow by using integrated apps for Direct Debits, automatic chasing, or monitoring cashflow.
We’re a Xero Gold Partner and QuickBooks Elite Advisor, so we can help you get set up if you’re not already using them.
While we’re at it……
While you are on lockdown, you could take the opportunity to pull together the information for your 5 April 2020 tax return! Why wait until January 2021? You still won’t have to pay the tax until then, but you’ll save the stress and hassle of the deadline in the new year. And your accountant will thank you for it!
I hope you found that useful.
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See you soon.
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If you’d like a meeting or a Skype call to discuss this, please get in touch with your favourite Liverpool accountant
- You can ring us on 0151 380 8080
- You can email us at firstname.lastname@example.org