Being in business is all about making it through the highs and lows. It’s about rising to the test and overcoming your problems for a better tomorrow. You wouldn’t be a small business owner without making it through tough times.
Sometimes business uncertainty sticks around for a little too long, and growth must be sacrificed in order to just get by.
You might have lost a key employee, or maybe family issues have distracted you from your business’s core focus.
Maybe it was beyond your control, and Mother Nature struck, or the economy is in turmoil.
Whatever the case, growth is still possible even in uncertain times. It can often be a great time to make positive changes in your business when things are at their lowest.
These six business tips will help you position your small business for success when the good times come back around.
1. Ensure your business plan is airtight
Re-examine your business’ value proposition and how it still appeals to your target audience.
Do a SWOT analysis to determine your strengths, weaknesses, opportunities, and threats. Your findings can be used to revise your business plan and create a new course of action for reaching your goals.
After you’ve gone through all the steps, it’s important to compare your new business plan with your old one. What have you changed and why? These answers can help ground you with your current situation.
2. Prioritise your finances
Perhaps the most important section within your business plan will likely be sorting out your financial situation.
You may need to consider reducing your expenses to operate in the current market environment.
Generally, it’s a good idea to keep programs that promote business growth such as marketing and business development and reduce expenses that aren’t essential or do not yield a return.
Avoid making any cuts that could expose you to risk. You might be tempted to give up insurance, but small business insurance policies could save you from even worse situations if something goes wrong.
3. Find new customers
Getting new customers during a downturn can be difficult, but it’s important that you don’t give up! Use your existing methods to keep putting your product or service in front of potential leads and engage with them as much as possible.
If your lead generation techniques aren’t working, you may want to reconsider your marketing approach in your business plan.
You can still stand out by demonstrating your expertise and displaying professional polish even during tough periods.
4. Stabilise existing customer relationships
While it’s important to continue getting new customers, it’s perhaps even more essential to invest in your current customers who have stuck by you throughout the tough times.
Keep your customers satisfied and engaged by finding ways to add value to your product and service. Stay in touch, generate content, and launch some special offers to keep your brand top-of-mind.
5. Take care of your employees
The next tip is to ensure that your employees feel valued. Consider offering benefits and training opportunities to help them develop new skills and add value to your small business.
It’s important to be honest about the financial situation and how it affects your employees. You’ll have a loyal, engaged workforce if you can keep them in the business during tough times.
6. Ensure your business is protected from risks
There are many risks you will likely come up against when running a small business. Whether it’s injury or property damage to a customer or making a mistake in your service, some of these risks could result in some expensive claims being made against you and your business.
Dealing with a claim is the last thing you want when times are already tough, and without business insurance, you could be in an even worse situation.
One of the top small business tips in Australia is to consider getting protected before it’s too late.
How BizCover helps startups and small businesses in NSW and across Australia
For such an important product, it used to be tough for small business owners to sort out their business insurance.
Often riddled with complex forms and jargon, it was incredibly difficult to compare quotes and comprehend what you were getting.
Through BizCover, these problems are no more.
The online service is designed to simplify comparing and buying business insurance for Australian small business owners from some of Australia’s leading insurers.
BizCover’s mission is to reduce costs, increase pricing transparency and decrease the hassle of getting insured.
Whether you run your operation from Sydney, NSW or in the outback, all you’ll have to do is select your preferred policy, and you’ll be covered instantly.
It’s time to get back to building your business!
Bad times come and go. But without them, your business wins wouldn’t be so great.
Knowing how to succeed in business is rarely about talent or luck. It’s through perseverance and grit that small business owners realise their future.
Hopefully, these six tips will help you grow through this challenging period and realise your business goals.
© 2022 BizCover Pty Limited, all rights reserved. ABN 68 127 707 975; AFSL 501769
ABN 68 127 707 975; AFSL 501769