Managing your business during challenging circumstances

Challenging circumstances: All businesses will be familiar with the difficulty that comes with weathering rough patches, whether it’s financial problems, team morale or struggling to find customers.

In recent months, the Covid-19 outbreak has negatively impacted the vast majority of businesses around the world, with sales and revenue dropping considerably across a host of industries. In particular, small businesses are feeling the strain.

No doubt your own business is feeling the effects of the coronavirus, in terms of the financial impact, your team’s morale or simply the stress of not knowing what the future holds for your business. It can be difficult to see the positives during difficult periods, but there are ways to make the best out of a bad situation and come out the other side stronger and wiser. Here are some tips for how to best manage your business during such times.

Staying in control of your spending

The first step for any business is to reduce costs where possible and stay on top of your spending. This may involve analysing the areas of your business where a product or service can be removed or looking for more cost-effective alternatives to higher-cost elements of your company.

Your business may be able to make savings on overheads and fixed costs, as well as areas such as overtime, transportation costs and materials or packaging, depending on the type of business you operate. Furthermore, when you do accumulate money, have the financial forethought to plan ahead – consider the long-term goals of your business. It’s more important than ever during a tough period to plan for the future and consider how your business will survive, so save wherever possible.

The importance of getting great advice

In difficult times, it’s a good idea to gather advice from the experts, particularly where finance and accounting are concerned as this can be a troubling area for many businesses. George Ide Solicitors stress the importance of acting as part of a wider team of other specialist professionals, including brokers, banks and accountants, in order to support you through large or complex corporate transactions.

In challenging circumstances, legal perspectives can change rapidly so it pays to have legal professionals on your side who are experienced in such matters and can help you navigate the difficult times ahead so that your business doesn’t suffer.

Keeping up to date

When a crisis occurs, whether it’s Covid-19, a recession or another unprecedented event, it’s vital that businesses stay up to date with the relevant information and guidance. From keeping all HR team members educated on the latest government advice to establishing a team of representatives from different departments to manage the response, there are various ways that managers and business owners can use relevant knowledge to make the best decisions for their company.

When circumstances are uncertain, it can be all too easy to get caught up in the stress and anxiety of the situation and make decisions based on false rumours or incorrect data. Always ensure that you’re only paying attention to reliable sources of information and guidance. It’s also important to communicate clearly and efficiently to your team, both about the latest guidelines but also about how your business will operate going forward. This will prevent people from worrying unnecessarily and will also instil confidence in your ability to steer the business through the current climate until the situation clears.

Celebrating all wins, large and small

Whatever your company is going through, it’s important to keep morale high and celebrate the wins that you do experience in order to remind your team and yourself that the work you’re all doing is still of value. Instead of dwelling on the areas of the business that are struggling, break goals up into smaller, more attainable achievements such as launching new campaigns, meeting deadlines or improving click-through rates.

This will invigorate your team with positivity and encourage them to keep putting in their best effort for greater confidence and productivity. In order to get through difficult periods in your business, it’s key to keep your employees together and working as a team. So, by celebrating those moments when the business does well, you can enhance morale and keep everyone working towards those larger business goals, while also keeping your business ticking along.

Kindly shared by Annie Button