With the Chancellor predicted to continue with the Government’s extensive support for businesses such as business bounce back loans, now is the time for SME business owners to ensure they bounce back to secure their future.
The lockdown has put enormous pressure on many businesses and, sadly, some will not have survived these tough times. However if your business is a survivor you have probably been very prudent with your cost base and continued, where you can to service your customers in order to keep going.
Business bounce back tips
While it may be tempting to continue in this vein it could be a real mistake as many of your competitors are just waiting to steal market share and get back on top.
Despite the slowdown across the economy the prediction is that there is so much pent-up demand there could be a real bonanza for those companies that know how to maximize the opportunity.
Here are a few bounce back tips to get your company moving again fast.
- Make sure your website and social media are completely up to date and you are making a strong offer to existing and new customers – get them interested in buying from you.
- Speak to all your team and ensure they are ready to handle new enquiries and respond quickly and efficiently to meet customer demand.
- Excel at customer service so that your company is a pleasure to do business with – look at Amazon who simply excel at delivering goods quickly and efficiently, making it easy to pay, and keeping you informed at all stage of the transaction.
- Profit first – it is easy to get carried away with turnover when things pick up so keep a firm eye on the profit margin as that is what your business should be about.
- Question your role as the business owner – make sure you are working ON the business more than IN the business. Every day look at ways you can stimulate sales, streamline your operation and get your team working more efficiently.
Paul Vousden is a business growth expert with Corporate Counsel – if you want to help with your business bounce back and grow your business fast email us at: [email protected] or call on 079973 428139
Corporate Counsel – Helping business owners achieve their dreams.