Take your business from COVID-survival to absolute success with these steps

Take your business from COVID-survival to absolute success with these steps

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This year has wreaked absolute havoc on small-to-medium businesses. Heck, even the big brands have felt it, with the likes of confectionary giant, Nestle, withdrawing their beloved Chocolate Log from our shores as of August 2020. In short, it’s been a humdinger of a time for everyone and

Thankfully, you’re not alone. Everyone is deep in the trenches, doing what they can to chase opportunities, gain the competitive edge, and increase profits. This means that everyone has had their chance to try all the business survival tips out there, see what works, and bury all the other nonsense that just doesn’t work anymore.

After much research, we’ve found that these are the best tips that business owners agree will help you grow your business and put your best entrepreneurial foot forwards into 2021.

Eyeball your current budget and eyeball it hard

In normal circumstances, business-related expenses tend to creep up every month, making it imperative that you keep a tight rein on where your money is going. Before you know it, these costs are eating into your profits. The best suggestion we’ve found is for you to go back to basics and record all your costs and then monitor these each month. This way, you can quickly see which of your expenses, like rent, insurance, software expenses, tea and coffee, etc. are on the up. From there you can decide on a cost reduction strategy. The kind of strategy that includes identifying where you can renegotiate with suppliers for better prices, switching to cheaper providers, and even seeing what you can cut back on altogether.

A good place to start is by checking out a business insurance offering that’s customisable to your needs and super affordable.

Don’t lose sight of your goals as you pursue survival

According to American inventor, Charles ‘Boss’ Kettering, your interest should be in the future because that’s where you’ll spend the rest of your life. We think this adequately sums up why businesses should absolutely have long term goals.

It might seem like the pandemic has put paid to all your plans, but we think it’s vital that you should sit down and re-plan for the future of your business. Yes, a lot of your plans will be short term as you navigate these next few months, but it’s imperative for your business’ growth to also include long term goal planning in your business strategy.

Review your financial options

Once you’ve got your long term goals in place, it’s time to get to work on them. There’s no sense in leaving these plans to die as wonderful ideas. Rather get proactive and start with the most important factor of any expansion plan. The money.

Take the time to map out the entire amount of capital you’d need to achieve your goals. From there, you can review your financing options, including bank loans, pitching to venture capitalists, or appealing to partners. That sort of thing.

Explore work management software

You’d be surprised at just how many of the necessary and time-consuming tasks that you perform daily to run your business can be automated. Not only does using work management software save you time, but you give yourself and your employees increasing freedom to pursue leads, take advantage of opportunities that come your way, and grow your business. It’s pretty hard to seize the day when you’re bogged down with admin and invoicing.

There are lots of different work management software options out there, so make sure that you compare costs and explore a trial period to see if the system works for you. We’d recommend searching for work management software that’s adaptable to your specific type of business and needs.

Apply the 80/20 rule to your growth strategy

Yes, this may seem like a cliché, but it’s true. The basic premise is that around 80% of your money will come from 20% of your clients (or 20% of the work you do). We’d say that you review your own income and see how this theory applies to where the money is coming from. You’ll probably find that most of your income is coming from just a handful of projects or clients.

So it makes sense that you focus on these types of projects or this smaller selection of clients. Don’t let the rest of the smaller-earning jobs eat into the time you could devote to the clients that pay most of your bills and those projects that could lead to bigger and better opportunities.

We understand that these are rocky times and we’re sure that you’re doing everything in your power to keep your business going as the spread of the virus slows down and the economy opens up more and more. We hope that these tips will help you formulate a recovery plan that exceeds the short term needs of your business and catapults you into long term success.

A word to the wise, a small but invaluable part of your overall strategy should be to include affordable, customisable business insurance. The kind of cover that protects your budding empire from risks that could take it down just as it’s starting to get going. If you’d like to find out more about quality business insurance that’s affordable, then please click here.

Click here link: https://www.kingprice.co.za/business-insurance/