For a lot of businesses Covid has seen them close their doors despite their best efforts.
The only way to survive during these tough times is to do the following:
Pivot your business to where the market is.
This may mean doing more online selling rather than rely on reduced foot traffic. Do a survey of your current customers to find out what they want from you now and then provide it.
Find new markets to sell to, whether it be with new products or services or new geographic areas or new demographic markets such as younger or older people.
Review your payment terms to make it easier for customers and look for value add things you can do for them.
Have a look at the FREE videos on Selling on our website at www.tappadvisory.com.au to boost your sales skills.
Reduce your expenses.
This seems obvious but I see a lot of businesses that have not done this and keep operating the same old way. If I asked you to cut your expenses by 10% I bet you could find it.
I know I could if you are ruthless about overheads. If costs are 10% less that may make the difference between surviving and not. Profit is total revenue less cost of goods sold and less expenses, so any reduction in the last two goes to your bottom line.
Automate your systems.
What can you do with technology that requires less staff? There is a huge range of software available today to automate your business and reduce costs. If you are working 100 hours a week, then look at systems to either outsource or automate your business.
Take a look at the range of MAUS software o help you with this at www.tappadvisory.com.au and contact Warren Tapp to discuss any of this. Look at Amazons and see how everything is automated.
Reduce Inventories where possible.
A lot of businesses have too much stock and it ties up working capital and reduces in value over time. See if you can work on Just in Time inventory modelling to limit how much stock you need at any one time.
If you do a regular stock take, ask yourself if you need the volume that you have and if it is current for the market.
Spend more on Marketing.
This might seem counterintuitive but in tough times you have to spend more on getting sales and customers. It is the one expensed you cannot do without yet a lot of businesses I see do not spend enough. The key of course is how you spend it and where.
Talk to me about how good your website and social media marketing is and what else you can do to get more new customers or repeat ones. I am happy to have a FREE 30 minute talk to you to share my ideas and make sure you ask me about the ANSOFF Matrix.
I am available on 0411111588 or email me from my contact form anytime.
Tapp Advisory, Business Consulting Gold Coast.
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You may be interested in
Resources from the Tapp Advisory Store:
Business 101 Videos on;
Monitor Your Finances – Explains aspects around way to monitor finance in business and don’t let others use you as a bank.
Or maybe you may be interested in other Business 101 Training videos;
Business 101 are short videos each on a different topics around Business
MAUS Business Management Software.
Including Maus Business Software for Quality Assurance, Workplace Health and Safety, Environmental Documentation for Businesses and much more…
So you want to be a company director?
This is an easy to read book for first time Directors or those current Directors with little knowledge of the role.
It has 20 Chapters over 200 pages, full of useful information from an experienced Director.
Got a question? Or need a hand?
Please contact me for an obligation free chat – https://tappadvisory.com.au/#contact