Resuscitating Your Business

Thursday, June 18th, 2020

If you are preparing to bring your business out of lockdown here are a few things you might like to think about:

If your business has in effect shut down then treat it like a start-up:

First thing is a budget and cash flow forecast that shows how I get through the next 12 months – in particular, making some conservative assumptions, do I have enough cash at the start to execute the plan, pay me, pay the bills and achieve lift-off without ever running out? The government has been really helpful in this area.

Next is a clear marketing plan. I know that people buy (or used to buy) what I sell but I’m going to make sure I invest enough and take an organised and active approach to marketing in order to achieve the plan.

Finally, my sales process. Many small businesses can be lackadaisical when it comes to manning the phone, turning proposals around quickly, following them up and so on. I’m going to make sure I follow a consistent, managed and speedy sales process so nothing escapes.

By the way, effective marketing and sales require a CRM. There is no excuse for even the smallest business not to have one today – they are cheap and easy to use.

You might also like to think about the longer-term; find out what types of business will survive the new normal here.

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