First it was denial. Then the shock creeped in. All hell broke loose, and you’re just starting to pick up the pieces.
Covid left your business high and dry?
Here’s how to make the most of the cards you’ve been dealt.
Top 7 tips for a welcome change to your business
Remember that people are people
If you’re struggling to pay lenders and suppliers on time, let them help. Everyone is feeling the pinch right now, and delaying repayments is usually an option to tide your business over.
Adapt your business strategy
If you can no longer offer the same product or service in the same way, it’s time to change how your business works. Cafes are delivering coffees to doorsteps, bookshop staff are biking to their readers’ homes and dance classes are moving online.
Get creative and embrace the opportunity to modernise your offering, increase revenue and improve efficiency. For example, could you find a way to make money from scraps you’d usually chuck out?
Find a growth solution that works
If your business has seen an increase in demand, this is a good problem to have. Don’t let new customers go to waste—instead, take out finance to grow your business. Finance can also buy you some breathing room if you’re facing the opposite problem.
Update your pricing model
For example, offer your product in bulk at a lower price or start a subscription service that lets customers pre-purchase your product for a year or more at a reduced rate. Not only will you be rewarded with a quick cash boost to get your business back on its feet, but repeat customers for long-term success.
Get yourself online
Covid has forced everyone indoors and if your customers can’t *add to cart* you’re missing out. Make sure you tick these off your list:
- Set up an online store and make sure your product is easy to find.
- Build a blog or newsletter to engage and retain existing customers.
- Find relevant online communities and marketplaces to target your audience directly.
- Last but not least, make sure your presence is known on social media.
Get your team online too
No one is bound to the office, and Covid has proven we can get it done from home. If the nature of your business allows for flexibility, moving your team online can save a lot of money on rent, bills, office supplies and operations. Lunchtime naps are an added bonus.
Be transparent about what you’re doing and why
Don’t leave your team in the dark wondering what tomorrow will look like. Give them a heads up on changes to the business as early as possible.
Better yet, let them be a part of the fun. Encourage team members to share ideas so that they feel in control (at least a little) and less like nervous spectators. Not only will staff appreciate the opportunity, you could very well find your next big thing waiting patiently to evolve.
If you’re not sure where to turn or how to capitalise on your business’s new normal, Valiant’s lending experts are here to help.
With 100+ years combined experience in business finance and access to 80+ Aussie lenders, they can tailor a growth solution to your unique goals and industry.
Better yet, Valiant does the heavy lifting on your behalf—no need to deal with tedious applications. Find out more or get in touch here.