I have been asked a number of times what my thoughts are on the ‘new economy’ and how we should operate our businesses through it.
Here’s 5 tips that might help.
This is the perfect time to take a long hard look at your business and decide if will work or not in the new economy.
Keep the parts that are working, ditch the stuff that isn’t or reset altogether.
Take a look at your core business and make the changes today.
1, Finance - Look at your overheads and decide what you need and what you don’t. Do you need an office, do you need the new car, do you need to keep whatever is draining your cash? Help you and you’re your suppliers by negotiating a deal that helps both of you, you need to keep cash in the business to survive but speaking to suppliers is key. As is talking to staff if you have staff, keep them informed of what’s going on. Go through your finances with your accountant or bookkeeper, if you don’t have one, please hire one today.
LOOK AT YOUR CASHFLOW OVER THE NEXT 3 to 4 MONTHS VERY CAREFULLY, YOU NEED TO SURVIVE.
2, Communication will change, people will change, people will not travel in the numbers they did before all this. Online meetings will become common place in the new economy. Technology will be the new ‘norm’ when this is over so there will be no need to travel miles to meet people, we are now used to meeting online. Keep up with technology as this will be the way to survive. If you’re not ‘techie’ find someone who is and employ them to help.
3, Brand - your brand will be key to what you do and who with. The ones who tried to ‘frig’ the system will be forgotten or looked on in a totally different light, Virgin, Rail operators, Sports Direct and Wetherspoons come to mind. We will remember the ones who have gone the extra mile such as McLaren supplying ventilators, PPE from clothing manufacturers the list is endless. They will be remembered and revered. Will you?
Your brand will be key over the next 12 months so work on it constantly.
4, It’s me or the business - your business will be the number one thing you have to concentrate on over the next 12 months. But remember you cannot fail along with your business, that’s what being an entrepreneur is all about.
Are you and your business ready for the new economy?
5, Start Up - If you were starting your business today would you start the same business, and would it survive?
Take today to decide how you go forward and what your contingency will be if it won’t.
Innovation, ideas and determination will see you through. But if you can’t see your business making it through this strange time, stop now and think of something else.
The first step is to spot the opportunity then solve a customer’s problem, and there will be many, and you will survive and thrive. This is the first rule of being an entrepreneur.
If you have any questions on how your business is changing and what to do about it please get in touch, we are here to help.