Covid-19 costs the average small business in the UK over £11,000
Small businesses often operate on slim margins, meaning that the £11,000 COVID has already cost them can result in a precarious financial situation. However, despite the unprecedented conditions that SMEs currently find themselves in, it’s not all doom and gloom as some strategies can help small businesses stay afloat during this turbulent time. Read on to find out what they are.
Utilize government financial help.
First of all, remember that there is help available for small businesses from the UK Government. Yes, the assistance you will be eligible for will indeed depend on several factors, including the type of business you run.
For example, those that are self-employed can request a grant from the Government. In contrast, other types of companies may be eligible for loans or tax rebates. However, making use of all that is on offer can help to keep your business afloat for a longer time than would be possible alone.
Be agile.
Another smart move during this time of COVID is to take an agile approach. Being agile means, you need to change with the times and offer a product or service that has relevance right now.
One successful example of this is where restaurants and grocery shops have changed to offering delivery services, which allows them to continue earning revenue despite the current restrictions.
Additionally, spirit companies that have moved into manufacturing and packaging hand sanitizers have had comparable success.
Make sensible money choices.
If you want your small business to survive the current pandemic, you must be careful with your spending and manage the revenue you have as effectively as possible.
The good news is that you can get some help with this task from professional accountancy firms. Qualified accountants can provide you with a whole range of services, such as payroll, bookkeeping, and year-end accounts. A topic you can learn more about by clicking the link and one that, for a small investment, can pay off a great deal. This being incredibly helpful in this time of financial and social upheaval.
Use the resources you do have, well.
You may not be able to open your business as usual, but that means you will have more time on your hands. Of course, time is a valuable resource in itself, one that you can put to use for your business’s greater good.
In particular, there are several things that you can do with additional time gained due to COVID. The first is to audit your business processes and make sure that they are as efficient as possible. Something that can help you save a great deal of money when you do return to normal.
The second is to consider other products or markets that you could expand into, either now or once the pandemic threat has subsided.
Lastly, never forget the value of training and educating yourself or your employees. Something that can be the perfect activity for the current time and pay off big when things do begin getting back to business as usual.
References
