Moving towards less restrictions; Rethink Your Business

We have had a taste now of a few freedoms, meeting loved ones in gardens and being able to reengage with outdoor sports.  Some places have been able to open outdoor seating.   The next phase of restrictions are being lifted on 12th April and we can get rid of lockdown hair, and go shopping.    What does this all mean for business owners?
There are 3 things all business owners will need to consider as restrictions ease: Mindset, Reality and the Future.  

Mindset:

“If you think you can or think you can’t – you’re right”: Henry Ford.

However, your business has been performing during this last year, you as the business owner are the driver of your success.  What do you need to be at your best and how do you make sure that you make time for that?

Concentrate on the things that you can control.  Work at your daily routines.

Reality Check:

Where is your business right now?

Finance  

  • Get yourself an up to date cashflow statement.  There will be lots of unknowns, but you know your business better than anyone, take a best guess.  Then keep checking in to see what happened.  This will allow you to get better at forecasting.
  • Review your budgets, what has changed? What needs to be added?
  • Get to know your new break-even figures, your costs make have changed. You may have more interest and loan repayments that need to be included.
  • Work out what key figures you need to know to run your business and when they need to be ready for you e.g., daily, weekly, or monthly.

Market

  • What does your marketplace look like now? What has changed?  Who are the big players now? Who are the customers? Also review your competition and your suppliers.  There will inevitably be changes such as businesses who have not survived, and those that have thrived.  Who are they and what impact does this have on your business?
  • What products and services will be in high demand now?  What stock do you have that you need to shift?  What can you get hold of?
  • Are there any new markets that you can now access that you could not before?  In person and online for example?

Workforce

  • What are your team doing now?  How have they been this last year?  What do you have to do to ensure that they have a good strong mindset?
  • Do you have the right resources for your current marketplace?  Do you need to retrain, replace or reduce your workforce?
  • How are you as a leader; have you been communicating well with your team? Can you manage the team remotely, and will you continue to do so when restrictions ease?
  • What technology do you need to run your business now?

Operations

  • What is happening in your supply chain?  This is particularly key in certain industries and as a response to Brexit.
  • Are there any new restrictions you will have to incorporate in your working practices
  • Do you have access to services you have been relying on?
  • What do your customers know about you now, and how are you going to ensure that they have the best customer service?

Plan for your future. Be ready to change

Your business will change!  There is no business in the UK or indeed globally that has not been affected by this pandemic.   Get used to the idea that your business will not go back to the way things where before, your customers, your team and your marketplace will not allow it!  Take the best bits of the last year and incorporate them into your future working practices.

The value is not only in the final plan, but in the process of thinking through the options, weighing up the opportunities and deciding the way forward.  Incorporate your team in this planning process.

Review the ‘Reality Check’ on a regular basis  

  • What is good? What is not? What can you change or what can you work around?

Plan your marketing and your communications both internally and externally.  Also plan for how you will manage the pent-up demand and the maximum push that will need to happen to retain your business.

Next Steps you can take:

Book a virtual coffee with me to chat about your business. Book here: virtual coffee

Book onto any of our free webinars, workshops and masterclasses. Book here: events

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