Figures released this month confirmed that the UK is now officially in a recession, however there are many businesses that are able to thrive during these tough times.
Here are a couple of things all businesses should be considering and giving added emphasis in times like this:
- Make your vision crystal clear – Your vision is your ultimate goal, it should be big and bold and your dream of what an ideal world will look like when your business is successful, this is as important as ever as having a clear and meaningful vision will motivate you persevere when times are tough.
- Set goals around your vision – Although your vision is essentially your ultimate goal it is rarely small enough to achieve straight way so to create stepping stones towards this and ensure you stay motivated and not get deflated, you set goals, which must be SMART to give you the best chance of success.
- Stress test your business model – Time are clearly different than pre covid, you need to analyse every aspect of your business model to ensure it is still viable in a post covid world. How does your business model shape up in the new world we are living in.
- Prepare and regularly review your cashflow forecasts – Your financial forecasts, are one of your most valuable tools right now, as they will allow you to set targets and milestones, and understand where you are likely to feel a cash pinch so you can do something about it and make a decision before it is too late. Finance is available in a wide variety at present, so even if you feel you may not be eligible, get in touch with us and we can analyse your position.
- Speak to your customers – It is amazing how many businesses do not spend time speaking with their customers, they are arguably the most valuable source of information, and will help you with the stress testing of your business model, find out how their attitudes and tendencies have changed, and you may just be able to adapt your offering to something even more impressive than before.
- Be open and honest with your team – It is not a time for burying your head in the sand, least of all your team. It is more important than ever you are all aligned and pulling in the right direction, so openness and honestly now will be repaid many times over in the long run (remember they will have their own pressures too, so knowing that you are by their side and doing what you can to sustain the businesses and therefore their future, will be appreciated.
- Innovate and seize opportunities – Throughout covid we have seen a multitude of success stories, businesses who had their backs against the wall and came out fighting, pivoting and launching a new improved offering that resonated with the new times we are living in. you have done so much of the hard work, starting a business from scratch, and that came from an idea, so it is now a perfect time to get creative again and come up with new and exciting ways to move your business forward, whether that is offering a new pricing structure, a completely new product or service, or combining with another businesses to create a complimentary offering, it is time for your to get creative again.
We specialise in business support, from financial forecasts to visually set out the roadmap for goals achievement to helping owners develop the right mindset to achieve success, we help business owners on their journey from start up all the way through to exit and have a team of specialists who can act as your external sound board, something we have found crucial to achieve success.
So, if you would like to find out more about how we can specifically help your business, please get in touch on 02085300720 or email businessdevelopment@nordens.co.uk
