Many businesses are having a tough time at the moment. Reduced activity or no activity at all are causing some to shut down, and others to be placed “on pause”.
If you can’t do your normal work then there are a few things you should be doing with your time to strengthen your business for when things are back to normal. Remember to be positive, every day that goes by is another day closer to the end of this turmoil.
We’ve compiled a few ideas for you to consider for how you can improve your business during COVID-19.
Have a look at your procedures
When we’re in the midst of running a business we just follow the same systems that we’ve always had. This usually means that we rarely have the time to take stock and see if there’s a better way.
Can they be streamlined, made more effective or made quicker? Is there vital information in our processes that could be extracted and used to improve performance?
Have a look at the technology that has changed since you last did this. You’ll likely find that you can improve things very easily!
Don’t forget that the time spent doing this could be considered research and development and qualify for a tax credit under the R & D scheme.
Review your HR process, or update your records
When we’re busy, the HR process can become neglected. Have a look at your employment contracts. Are they compliant with the latest regulations – update them if necessary! Are your HR files all up to date?
Having a good HR process is really important when it comes to valuing a business. It might seem like something that doesn’t generate cash flow right now but it will create capital value in the event of a disposal.
Spruce up your marketing
How does your website look? Are you getting the most from social media? Is your CRM up to date with your prospects, do all your mailchimp (or others) lists have all the relevant contacts included?
How about using the time to write a bank of articles to release on your website or social media over the next few months?
The bigger picture
Yes it’s hard at the moment… But nothing lasts forever- including the bad stuff.
This too shall pass!
Now is the time to plan what you want to achieve in the next five years. Set a goal and then put together the steps you need to carry out to get you there – that’s called a business plan, use this time to write yours.
What do you run your business for? What is the ultimate endgame? Think about what you want and then put a personal financial plan together. Maybe you want to retire early, maybe you want to set up a cat sanctuary, perhaps you just want the financial security to know that if something like this happens again you don’t have to worry about your finances.
Now is the time to look at your personal income and expenditure and plan for what you want.
Develop a new service line or invent a new product.
Had an idea that you’ve never had the time to develop or take a stage further – use this time to make it happen.