While these are uncertain times for all businesses, some steps can be taken to strengthen your strategy and put you in a better position for resilience and business continuity.  

Go with the (cash) flow 

Many business owners aren’t actually aware of their incomings or outgoings, let alone having a profitable growth plan in place.  

In times of economic strain, it’s up to you to know where you’re overspending, where you can loosen the belt, and identify areas that need a little financial love. Staying across your profit margins is also key to business growth. Once you know what you make your money on, you’re in a better place to plan strategically for success.  

Either jump on a call with your accountant and have them take you through the books, or try out Xero, a super simple accounting software with a user-friendly mobile app.  

Love the ones you’re with 

People do business with people, especially in the SME community. In the wake of COVID-19, it might be easy to overlook your loyal customers in lieu of attracting new ones, but don’t be so quick to underestimate their value. Regular customers are regular for a reason. They already trust you to provide exceptional service, deliver on your promises, and they become a source of new customers as ambassadors for your business. 

Remember the cost of attracting a new customer is exponentially higher than retaining one, so treat your loyals like royals. 

Sell it like you don’t mean it 

Look at your business through the lens of someone wanting to purchase it:  find gaps in processes, identify any money pits, and make changes to kick off post-lockdown. Use this time to school-up and get to know every nook and cranny of your business. Everything has a place, a system, and in a sale, you’d have to know the answers to all the hairy questions. 

Knowledge is power, so know everything to do with your business.  

Focus on your core 

Your abs can wait and that's not the kind of core we’re talking about. Your core products or services are your bread and butter, where the margins on delivery are solid, and it’s what you do best. It could even be reason you started a business.  

Only once your core offering is firing and you’ve got the basics down, should you then branch out to the bells and whistles. Apple grew into the tech monster it is by focusing on its 3 main products – the iPhone, iPod and Mac products - and they seem to be doing pretty well. If you’ve been spending time on additional services that don’t contribute to your bottom line, take some time to check where most of your revenue comes from.  

Stay loud 

Your marketing is your voice and you won’t be heard without it. Especially in the case of a recession, customers are looking to make changes to their purchasing behaviour, and you need to be in their line of sight to choose. Pulling back on marketing means another business steps into frame, and you lose out on an opportunity. Remaining present, visible and consistent ensures you stay top of mind when it matters most.