In the past few months, the effect of the COVID-19 pandemic has rippled across the world, and businesses of all sizes have been forced to quickly adjust their operations and interrogate their business models to navigate this unprecedented situation.
With information and government advice changing on an almost-daily basis, it’s been essential for businesses to keep on top of developments. If you’re self-employed or the owner of an SME, here’s how you can make well-informed decisions to protect your business in the coming months.
Take Advantage of the Pause
It’s a scary prospect for a business owner to pause their operations for any length of time, never mind the foreseeable future. However, this is the perfect time to interrogate your finances and assess your business model. That way, you’ll be able to develop a strategy and properly plan for different scenarios and outcomes.
The first thing to analyse is your expenditure — what does and doesn’t need to be spent during this period? If you find you’ll need help with cash flow there is funding available from Nucleus Commercial Finance, who can help protect the future of your business so it can continue after the lockdown is lifted.
Also, like many small business owners, you’ll want to protect your employees’ livelihoods until your operations can return to normal. Find out if you can offer furlough leave under the Coronavirus Job Retention Scheme, where 80% of their wages will be paid by the government. If you’re self-employed, you may be eligible to access the Self-employment Income Support Scheme. More information is available in the government’s COVID-19 guidance for employees, employers and businesses.
Utilise Free Resources
Take advantage of online resources to help you make informed decisions to protect your business. There are plenty of free webinars available for small business owners, such as sessions by The Federation of Small Businesses (FSB) on how to access help from local councils. Also, a number of digital services are offering support free of charge, which includes assistance with accounting and bookkeeping and cyber security software.
Your revised business strategy may include introducing alternative revenue streams to keep your business up and running throughout the lockdown. If so, online resources could be incredibly valuable, particularly if your business is brand-new to navigating in the digital world; you’ll be able to access practical advice for setting up your business online and providing your services remotely or digitally.
Check in with Other Businesses
One of the best ways to make informed business decisions is by talking to people in the same situation. Speak to other business owners and ask them for their advice; what has worked best for them? How have they managed communications with their customers and staff?
These insights may be the best way to help take your business forward and tune in to what your local community wants and needs from businesses in this new climate. By building a community with other small businesses, you can support one another by sharing your learnings. Also, chatting to others who are in the same boat could be hugely beneficial to your mental health and wellbeing in difficult times.
Many businesses have had to adapt at short notice to ensure their survival during this COVID-19 pandemic. By sharing your knowledge and building a community with other small business owners, you can make sound decisions to safeguard your business, as well as being a good employer and doing what’s best for your local area.
