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Mint Your Own Business: Use this time to advance your business

Following what has been a very difficult seven days for business across the UK our weekly blog will be changing for a few weeks. As suggested last week we will be covering our tips for getting the most out of Xero but we will also use this platform to provide some education and ideas for getting control of your business accounts, whilst you may have some more time on your hands. Though times are going to get hard, we all need to use this time to take a step back from our businesses and work out what we can do to make sure we are in the best possible position when life returns to normal again. 

Change of Services 

So many businesses have diversified and are now offering their services via an alternative route or platform. This included cafes, bars and restaurants that have now become take-aways. 

Everyone should be setting aside some time to work out how they could change their business/services to allow them to continue supporting customers. This isn’t simply to generate revenue during difficult times but for many it may offer an additional service you can retain once we are through this. 

Closing Offices

If you now have your team working from home and this is working well, could this offer a way to change your business and reduce costs? Do you need an office? What would the long term impact be of closing any offices?

We are not recommending you go ahead and close an office but you should brainstorm the positives and negatives. If you have more than one office could you retain one and close the others? Would this reduction in overheads assist your cash flow long term whilst not hindering your business?

Systems 

If you have been thinking about implementing new systems within the office, such as project management or cash flow forecasting systems, now is the time to research your options. Now may provide the time you need to demo systems and trial set ups. We can obviously make recommendations on all systems that integrate with Xero so please get in touch if you want help.

Do some online marketing 

If you are a business owner or business who does not normally engage with other businesses online then now is the time to start. Social media is likely to provide the only options for business networking over the months to come. It is time to get involved and make a plan for permanently maintaining this as part of your business growth strategy. 

Get your business processes in order and written up

If your business employs staff then the weeks to come are going to offer a time for you to update or draft business process documents. You can use this time to gain further control over the working process and ensure your team is trained well. This should lead to improved efficiency once you are fully up and running again. 

Though it may seem like a strange time to make plans for the future, it is vital that we all try to remain positive and use any extra time we have wisely. We need to find light at the end of the tunnel and we hope you do not give up on your business. Use this time right and you could have the business structure you have always wanted when this is all over. 

Coronavirus Business Funding

Make sure you know what support is available from the government for you and your business at this time. All current information could be found here.