10 Things You CAN do in COVID-19

Coronavirus… it’s the virus on everyone’s lips (and hands) at the moment. As a small business owner the challenge is real. Whether your business has been closed by restrictions, your business changed or your income reduced, everyone seems to be affected by this global pandemic.

For some it’s been the break they had needed but were unable to take, for others it’s a chance to get innovative and create something new and different and for some, the pandemic means the end of their business as they have known it. But among all the uncertainty, scary news, anxiety and home schooling we’ve put together a list of ten things you CAN do during the pandemic.

1. Be kind

This is at number 1 for a reason, it’s important in these difficult times to be kind.

2. Be good to your customers and community

It’s the perfect time to be good to your customers and your community. Take the time to help out the struggling business owner. Tag a local business in a Facebook post, share their isolation post, buy your fruit and veg from the local green grocer. You could drop off a care package or simply send a text to show you care. People will remember how you made them feel in these difficult times.

3. Know your numbers

Whether you are innovating and selling a new product or service or working through as you were, it is very important that you know your numbers! If your transaction allocations are up to date, you can very easily run reports from MYOB, Xero or Quickbooks to give you a plethora of information about your business. Have you recently released a new product or service in response to Covid-19?

For a new product or service you should review your results after your first round. Did it work? If you did a sampler box of your products. What was the demand for your new product? Could you simplify to make more profit and keep you going longer? Did you make money, break even or lose?

Still operating your business but in a different way? Are you providing take-away or delivery only? What are your labour and cost of sales percentages? Can you get by with less staff? How can you increase sales? Can local, micro influencers mention you are still trading and recommend you?

4. Book in a tax planning session

A tax planning session may sound scary but now is the perfect time to have one. We sit down and look at your current financial position to understand which of the government offerings you are eligible for, when (and whether) you should pay bonuses and whether you should make that equipment purchase. Understand more about tax planning here

5. Utilise technology to automate processes

Those who know me well will know how much I love some good tech, particularly when it saves you time, energy and worry. Now is the perfect time to understand how tech can help you to automate your business. With an impressive array of low cost automation options on the market now is the time to learn, implement and improve your processes. From HubDoc and MYOB capture for receipt keeping to full customer relationship managers such as Salesforce or Dubsado, there are plenty of tech options out there that could help you come out of the COVID-19 crisis stronger than ever.

6. Work on your marketing plan

Marketing planning is something that many business owners simply never find time for. Why not spend your down time creating a marketing plan? You can implement your ideas now or prepare them for when times are better. Research your industry and other industries and niches to understand how you can improve your marketing and help your customers.

7. Update your business plan including your SWOT analysis

Business planning is potentially the biggest missed opportunity I see from businesses. Now is the perfect time to review (or create) your own business plan. Look at the strengths of your business and how you are different and better than your competition. Understand where you are weak and what you can do to minimise the impact of those weaknesses. Then take the time to review the opportunities for your business. Take the time to review any potential threats and strategise to reduce their likelihood and effect on you.

8. Do all the things you haven’t had time to do

I get it, life is busy but for many COVID-19 means less work and more downtime (and yes less socialising). Why not spend the extra time decluttering your life and your business. Clean out your office and house, do your filing, work on your processes and procedures, rebrand your business, update your website, re-negotiate your contracts and get updated prices from new and existing suppliers. Use this time effectively to prepare your business to reopen in a healthy position to help you to trade efficiently well into the future.

9. Build relationships and networks.

Now is the perfect time to get in touch with people you’ve been meaning to. Touch base with old customers, people in Facebook groups, online networking meetings, by text or give them a call. Not only is it the chance to remind people you are still around, it is the perfect time to build genuine, solid relationships and get the support you need to grow and thrive in the future. Just be sure to keep your social distance.

10. Get back to basics.

Last but certainly not least, now is the perfect time to get back to basics. To spend time with your family, read a book and sit and have a cup of tea. Take advantage of having the time and space to breathe and enjoy the simple things. Turn off the depressing news and be present, with your family.

Above all, be kind

Any advice in this blog is general in nature and is intended for information purposes only. For personalised advice please contact your accountant.