Keeping Your Business Afloat for the Next 12 months

The past few months have been tough, and it’s not yet plain sailing for businesses in New Zealand. We may be in a better position than many countries, but surviving the next 12 months is still the primary focus.

It can be very easy to succumb to overwhelm when there is so much to consider when re-establishing your business during the Covid-19 pandemic. These include staffing, health and safety, supply-chain and overheads to name just a few, but the key is to focus on some basic areas that will directly impact your business success.

Whether your business is service based, online or a bricks and mortar store certain issues are consistent. They are;

1.      Cash-flow

2.      Lead generation

3.      Sales conversion

4.      Systems and processes

Cash Flow

When it became apparent that business was under threat, most business owners looked carefully at their cash-flow. Cost cutting was employed and restructuring considered. Managing income and expenditure became a pressing issue. However, for many businesses there is still a lot that can be done in this area.

Sales Conversion

To enable more cash to flow into the business, it seems obvious that more sales are required, but focusing only on selling is a miss-step. When times are tough pressure is often put on the sales team to sell more aggressively, however in today’s climate customers don’t want to be sold to. Instead, focus on building stronger relationships with your customers and actively seek ways to solve their problems and serve them better.

Lead Generation

Sales will generate cash flow, but leads are required to increase sales. While nurturing your existing customers is important, so too is finding new ones.

Creating innovative and targeted marketing campaigns to attract new leads should be high on the priority list. The key to do this successfully is to take the time to really know who your ideal customer is and what problems you can solve for them. It is also important to understand the buyer’s journey and apply the appropriate campaigns in order to attract and engage your prospect.

Systems and Processes

Small businesses face an uncertain future. They rely on a predictable world in order to make money, and nothing is predictable right now.

Having the right systems in place to track your essential data is more important now than ever before. There are many apps and tools available to help create a consistent set of data to inform the decisions in your business. Research which are most appropriate for your industry.

Having sound, replicable processes mean that your staff offer a consistent service which, in turn, provides an excellent customer experience - from initial interest through to repeat business. When customers are happy with your service and your product it is easier to maintain them as a reliable source of income.

These ideas are not new and most business owners are at least aware of the need to work on these areas. Where problems arise for the business owner is when they try to do too much on their own. Small businesses generally have only a few staff who may not be experienced in what it takes to run a successful business. That’s why savvy business owners hire a business coach to help them navigate the pitfalls of keeping their business afloat.

Share A Coach

Because professional services can be outside a small business owner’s budget, I have developed the Share A Coach programme. This program takes up to 4 small business owners through a special coaching and training program to assist them not only to survive the next 12 months, but to thrive.

This four month program offers sound business advice and coaching in a semi-private setting. You and one to three of your fellow business owners can share knowledge and ideas, gain training, advice and support but spread the cost between you.

For more information https://averilmaher.com/share-a-coach/

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About Averil Maher

Averil Maher is a qualified business coach and stress management consultant working with small to medium size business owners to clarify their business strategy, zero in on prioritized initiatives and grow and enhance their business.