COVID 19 is putting all businesses through the wringer and home run companies are no exception. This article shows how you can keep your company afloat.
Businesses are facing big challenges right now with the economy expected to shrink substantially over the next few months. If you are running a company from home, you need to take the right steps now.
The first step should be to make sure that you are staying connected to customers and clients as well as employees in this post pandemic world. Use of Zoom has surged over the past few months and more businesses than ever are using shared platforms online. This can allow you to update projects in real-time, show clients the work being completed and keep everyone on the same page.
Cut The Costs
The biggest impact of the coronavirus, beyond the effect on the health of the public is going to be on the economy. Experts have already predicted a recession that could rival the great depression. So, you need to think about options that will allow your business to weather the upcoming storm. Cutting costs will always put your business in a strong position and ensure that your company is more flexible to the challenge you could face. Working from home is already a great way to cut costs. However, you can go more frugal in big and small ways. For instance, if you rely on a mobile for your work consider a sim only or pay as you go contract. That’s one less expensive bill that you need to handle each month in your company.
You also need to be smart with your taxes. Speak to your accountant and make sure that you are claiming as much as you can in deductions. This is going to keep more money in your pocket.
Don’t Reduce Spending In The Wrong Areas
A lot of businesses will make the mistake of cutting spending across the board in their company model. This is not advised because certain services are going to be more crucial than ever. For instance, now is not the time to cut back on your marketing budget. You need to be doing more to attract new customers and clients to your business. This is the time when you should be working to show the value you can offer. Reward existing business clients with exciting deals and welcome new clients with rates that they can’t afford to miss out on. Make this your USP and a key part of your promotion when advertising your services online. Regardless of whether you are selling to consumers or operating a B2B model, people will be looking for services they can avoid or purchases they can live without. You need to show them why your product or service should be the exception.
You might even want to speak to your marketing team about how you can rebrand your business. This could be the perfect opportunity to find a new USP and aim to disrupt your industry with the right consumer model.
We hope this helps you understand how to protect your home business in this brave new world. If you take the right steps here, it will be possible to ensure that your business doesn’t just survive. If you are smart, your company will thrive even in this difficult climate.