Even during the current period businesses need to find ways to grow and expand. While more challenging than normal, there are a number of ways you can fortify your brand and strengthen your position. Below are 5 top tips to help re-establish your business as the commercial sector begins to restart.
1. Address your cash flow
The first place to start is to analyse income and expenditure to adjust your cash flow forecast. Business has slowed down significantly over the past 4 months which has unfortunately affected almost everyone. If needed, speak to suppliers about outstanding debts to set up repayment plans to ensure you remain on top of the situation. Cashflow forecasts are essential understanding the financial status of your company and allow you to be proactive in responding to difficult situations like the one we are in now.
2. Face difficult conversations
Communication is key during this current period. Once you are on top of your finances and have an understanding of what outstanding payments need to be managed, open lines of communication to avoid any misunderstandings or frustration growing on either side. Make calls to those you need to speak with and answer calls from others you need to be in contact with. Deal with email communications and have the confidence to approach difficult conversations. Most people will be in a similar situation, so you are not alone, and by approaching awkward topics to do with money others are also more likely to trust you – which will be a much needed attribute in the coming months.
3. Deal with client debt
Most people are feeling the pinch right now and it is likely the case you will also be owed money by clients and other business associates. If you are seeking assistance through payment plans for your own debts, be sure to offer the same to clients – and maybe even incentives to pay invoices or debts off early to secure money for your business.
4. Communicate with customers
Building on the communication theme, extend this to your customer base. If you are still operating in some capacity, are they aware? Reach out to key contacts and set up email shots as a gentle reminder you are available for work. Use the tools that work best for your brand, be it via phone, WhatsApp, text or email. There’s a lot of competition out there, and even one or two weeks without being in contact could see many customers – even loyal ones – lost to competitors.
5. Re-evaluate your brand
After re-evaluating your financial status and strengthening contact with customers, it may also require you to reshape the vision and strategy of your brand. Have you pivoted towards new products and services, or diversified in anyway in order to remain competitive in the current environment? You might be having more success in new areas of your business that require you to reposition your brand to continue that growth. Taking a step back to re-evaluate could bring out new strengths and successes that were there all along but you never had the time to focus on them.
More information to help re-establish your business…
I host a regular marketing podcast called The Simplified Marketing Podcast which you can listen to on Apple Podcasts, Google Podcasts and a variety of other platforms like Spotify, Stitcher and YouTube. We recently recorded two episodes which may be of help. Click below to find out more: