Almost every company up and down the UK has felt the impact of COVID-19. Businesses have been forced to adapt, operations have ground to a halt, and b
Almost every company up and down the UK has felt the impact of COVID-19. Businesses have been forced to adapt, operations have ground to a halt, and brands have had to invest in expensive PPE to open their doors.
Due to the lifting of restrictions, you will likely be eager to improve your company’s finances and end the year on a high. Ensure you do exactly that by finding out how you can overhaul your business in 2021.
Connect with Your Customers
Rebuild your business by reconnecting with past customers. Even if they aren’t willing to buy your products or services right now, you must remind them about your brand to ensure they return once they’re ready to make a purchase.
For example, you can send a compelling email newsletter directly to your subscribers’ inboxes, informing them of any discounts, virtual services, or new products.
You could even lure them to your website to place an order by providing your subscribers with an exclusive discount code or offer. Also, consider sending surveys for your customers to complete to learn about any changes to their wants and needs post-COVID.
Cutback on Your Bills
It is likely your business is paying too much money on its bills each year. Save hundreds of pounds by switching to a more competitively priced insurance company, internet provider, or parcel delivery company.
Also, you must look for ways to save money on your electricity, gas, and water consumption, which can help you save a substantial sum each year. For instance, you can lower your business water charge by reading these top tips from Utility Bidder, such as comparing prices and negotiating with a utility provider to secure a better rate.
Review Your Business Plan
Your business plan might require a little fine-tuning post-lockdown. For example, if you run a brick-and-mortar store, you may need to consider moving your operations online to generate a dependable, healthy revenue and increase your customer base.
As 1 in 4 people will continue to work from home permanently, there might be less foot traffic on the streets, which could impact your bottom line. Therefore, you may need to adjust your marketing budget and revenue streams to increase your profitability.
If you’re unsure how to get your business back up and running with ease after the pandemic, reach out to an experienced business consultant for assistance. With their help, you could write and execute an effective new business plan.
Become More Frugal
If money is tight, it is a wise idea to tighten your business’s purse strings. For example, choose second-hand equipment over new, go paperless to save money on supplies, cut business travel and outsource tasks over hiring permanent employees. Every penny saved will improve your company’s financial security and help you enter 2022 in a much stronger position.
Saving money doesn’t need to be difficult in business. If you adopt a money-saving mindset, barter with suppliers, and connect with your customers, you could improve your company’s cash flow and increase your industry longevity.