5 Tips For Small Business Owners Navigating COVID-19 in 2021
There’s no denying times are tough right now. COVID-19 has been a game-changer, forcing a shift in the ways many businesses run and creating obstacles which were unimaginable a year or so ago.
Fortunately, there are ways to keep on top and to keep your business running even in the most difficult circumstances. Take a look at some helpful tips about how to navigate COVID, including information about the small business grants that are available.
Stay focused on what’s important
One of the greatest frustrations of the spread of COVID-19 is the concurrent spread of misinformation, rumours, and flat out lies. As a business owner and a leader, you need to make sure that you only get your information from the most reliable and official sources, both for yourself and for the benefit of your staff.
Stay away from random Facebook posts and Twitter comments and rely on major publishers for updates. For the most relevant information, head straight to the readily available government sites like the one the NSW Government has set up especially for small businesses.
If your business is doing ok, try to block out the negative ‘noise’ and take advantage of the opportunities being presented to you.
Make the most of small business grants
There are a number of small businesses grants available right now to help companies of all sizes to get by financially.
In NSW there is a page to help small businesses to apply for grants and loans. Odds are your business is eligible for a grant if you have noticed a downturn in revenue.
Your accountant is also a helpful source of information when it comes to accessing small business grants to offset the financial difficulties of COVID. They may be able to provide the advice and support you need to access additional funds from the Government.
Keep promoting your business
Even if your doors are closed, you need to stay in touch with your clients. Stay active on the social media platforms that are relevant to your business and you can keep building your customer base while things are quiet.
If you are one of the businesses that have become extra busy during COVID, it is still important to keep in touch with people. Let your customers know why they are experiencing delays and what you are doing to help them as much as possible.
Pivoting in hard times can make or break a company. Many companies have changed direction during COVID; for example high-end restaurants switching to home delivery and frozen meals, or musicians delivering online musical education programs for children. It doesn’t have to be about doing something completely different but re-imagining your business model to suit the changing demands of your customers.
Think about what your business can supply or produce and the ways that you might go about it that better reflect the post-COVID world. It may be selling an online course, producing something different or sharing your services with a whole new audience.
A pivot can also be a change of ideals. In the current climate, showing compassion and a clear aim towards improving the wellbeing of your clients and customers will be looked on favourably. Think about ways your brand can make positive impacts as well as profits to strengthen its reputation during COVID.
These are difficult times and it is safe to say that everybody is feeling the strain. But you’re not alone.
Remember your accountant is here to help you figure things out financially. There are always options and there may be small business grants that you are not even aware of that have been created to support your business.
Beyond that, sometimes having a sounding board can make a big difference to your perspective and strategy. A business coach or financial planner may be another good option for you.
Need a new small business accountant to help you get through COVID? Contact Imagine Accounting today.
Postscript: If things feel too far out of control during this immensely challenging time, reach out to a resource like Lifeline or Beyond Blue for emotional support. Sometimes a short conversation can be the turning point you need.