Is your business planning for recovery?
Destination Chesterfield and Chesterfield Champions share advice to help your business succeed over the next six months and into recovery.
You’ve helped your team to respond quickly.
You sourced the necessary tools for them to work from home. Now your employees are getting to grips with their online communication tools. And you are all adapting to your new reality.
But are you thinking long term?
In a changing environment, it can be challenging to schedule time for non-urgent, but highly important tasks.
Yet this is key to the success of your business.
“To survive a crisis, you need a battle plan,” advises Emily Coy, SME Business Advisor, Coach and Mentor, Business Doctors.
Emily recommends you decide on a vision. What do you want your business to have achieved in six months’ time? And how do you want it to look during your recovery phase?
And she stresses the importance of setting clear objectives for yourself and your team members. Because you need to plan how you are going to get where you want to be.
“If you have a clear vision and you implement it,” says Emily, “then when things get back to normal, you can be out of the starting blocks much quicker than your competitors.”
Let’s consider the three main areas that Emily believes your vision should focus on.
1.Cash
It is important to seek advice to make sure you have done everything you can to improve your cash position.
You may need to be selective about what you buy over the next six months. It’s important not to have too much cash tied up in the day-to-day costs of your business during this time.
Yet, now may be the perfect time for your business to diversify and adapt.
Several financial support packages have been announced by the Government.
The Bounce Back Loans scheme for small businesses is providing loans of up to £50,000.
The World-leading Fund is available for high-growth small and medium sized businesses focusing on research and development.
As well as supporting with your immediate cash flow, financial support such as this could allow you to invest this in new products or services.
It may also be prudent to invest in IT security, particularly if your company is new to remote working. Microsoft Teams is recommended by Central Technology as a private, secure and seamless solution.
2.Sales
If your aim is to attract more customers or to increase sales over the next six months, you need to start your marketing plan now.
It could be the right time to develop your website or to step up your social media presence like Edge Events Management Ltd.
And if you are looking to raise your profile further, you can find out more about becoming a Chesterfield Champion. There are currently over 180 organisations supporting the marketing and economic growth of Chesterfield and North Derbyshire.
3.People
The heart of your organisation is your team.
How many people do you think your business will need – in six months and beyond?
Is your aim to reduce redundancies? Or do you need to recruit ahead of the recovery phase?
Check out some of the Chesterfield recruitment companies that are operating virtually to give your business a competitive edge during the recovery period.
Or you may want to find out about hiring an apprentice.
And think about the skills your team will need.
Now may be a great time for you and your team to access online learning.
You could try some of the free digital webinars run by East Midlands Chamber, D2N2’s free business development courses, fully funded online NCFE qualifications delivered by Essential Site Skills from Retail Operations to Mental Health Awareness or one of the University of Derby’s fully funded online business courses such as Strategic Marketing in a Digital Age.
Stronger together
Whatever challenges you’re facing right now, don’t be afraid to ask for help. Now is not the time to try and manage everything yourself. There’s lots of free information and advice available from Destination Chesterfield, East Midlands Chamber, FSB and D2N2. Or maybe it’s time to ask an expert such as a solicitor, accountant or business coach to help you navigate your way to success.
For more information about Chesterfield Champions, please contact tara.underhill@chesterfield.co.uk.
For more information about skills and training, please contact Emily Williams, Skills Delivery Officer at Chesterfield Borough Council: email Emily.Williams@Chesterfield.gov.uk or call 01246 959717 or Lucie Andrews, Skills Advisor at D2N2 Growth Hub: email lucie.andrews@d2n2growthhub.co.uk or call 07387 141586.
Click here to see Chesterfield business support offers.
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