Managing a small company is a challenging process, and the era of COVID-19 has made it even harder. There’s a lot of uncertainty surrounding businesses across multiple industries. As such, yours needs to build a watertight strategy.
To master this challenge, you must identify the most likely problems and know how to prevent them harming your business. Here’s all you need to know.
1| The Workspace Feels Too Small
Business premises may seem too restricted for several reasons. Perhaps you need to expand but cannot take the risks of relocation. Or maybe social distancing is making it harder to accommodate your full team. Off-site storage is an ideal solution to accommodate the company’s growth or transitions. Meanwhile, remote-based workers can support the need to maintain safe distances. Bring Your Own Device schemes and other space-saving ideas work wonders too. A creative mindset will deliver results.
2| Combatting Increased Threats
Suitable protection is a priority for every SME, not least because the dangers are greater than ever. Business premises may be left unguarded for a longer period due to the pandemic, which is why CCTV is essential. Sadly, cybercriminals know that the shift towards remote working leaves firms in a vulnerable position. Therefore, upgraded cybersecurity that covers on-site staff and off-site staff is vital. Moreover, non-disclosure agreements are needed to protect your integrity at this time. The prospect of stolen intellectual property is the stuff of nightmares.
3| Reaching New Customers Amidst COVID-19
The new normal has altered consumer behaviors and the way that they interact with brands. Digital marketing is more important than ever for small businesses. Including those serving local audiences. Sadly, it can take months for SEO strategies to make a difference. Targeted social media ads deliver far faster results. Another top trick is to find social media influencers or ask existing customers for testimonials and referrals. People are often influenced by friends and the social stars they like.
4| Keeping Costs Down
There’s no escaping the fact that revenue levels are likely to take a hit over the next year or two. After all, the economy won’t fully repair itself for a long time to come. Consequently, the pressure to run a cost-effective and lean operation is greater than ever. Implementing automation where possible is key. You can do this in the production and order fulfillment stages. Outsourcing some admin tasks to managed services and freelancers can be useful too. Aside from saving money, it’ll save valuable time due to reduced paperwork and commitments.
5| Staying Motivated
The difficulties posed by COVID-19 may leave you questioning your future in business. Your passion and positivity are needed now more than ever. Even if you are managing a team of remote workers, it’s important to maintain good communication. Video conferencing is an ideal solution. You should be sure to enjoy a little recreational chat too for morale purposes. When encountering moments of slow progress, it may be a good time to analyze potential new products, strategies, or revenue streams.
6| Bills Payment
You will incur a lot of bills throughout the whole business year. Such statements are common as they help businesses run efficiently. If you do not pay on time and move balances over to the next month, they can rise with interest. Most SMEs will fail to make a payment on time due to cash flow issues. You may also lack enough finances to cover for these payments, or you could be experiencing low sales.
With technology advancement, you can now access free online tools to help you keep track and plan for such payments. Additionally, you can use a mortgage interest calculator that allows you to know what mortgage costs need to be paid. This way, you can focus on other expenses without worrying that your seller might reclaim the building. Such include new office equipment, insurance, utility bills, and more.
There will be tough times ahead, but you’ve got this.