March 23rd 2021, marks exactly one year since the country was first plunged into lockdown.
Businesses across the UK have had a range of different experiences over the last twelve months. Some have thrived and grown, others have pivoted their business model and some have been all but closed for a year.
Whatever your experience has been over the last twelve months though, the government’s proposed exit plan means that there is light at the end of the tunnel, with most sectors able to open in some shape or form, in the domestic market at least, over the coming months.
While each business will be starting from a different point in their journey, for most the goal posts will most definitely have moved and now is a really crucial time to reassess everything in your business to ensure you’re in the right position to seize opportunities and start to grow your business again.
Here are some things to consider…
Customers
Do you still have the same customer base you had twelve months ago? Perhaps they moved to a competitor who was able to offer an online service that you didn’t.
Do they still want the same products and services from you, and have you even thought about asking them?
Has a gap in your relationship diminished their loyalty to you and if so, how are you going to rectify that? Will you need to find new customers?
Suppliers
Their business will likely have been affected the same as yours has, can they still offer you the same prices and terms?
What about lead times? Have they been affected by Brexit as well as the pandemic?
Team
If your team has predominantly been working from home, how do they feel about coming back into the office? And do they even need to, or could a hybrid model work better for you and them.
Have you communicated your plans for reopening over the coming months to them, and if not, why not?
Are they clear about any special measures you may have had to introduce to keep them and your customers safe, and could they articulate that to a customer if they were asked?
If they’ve been furloughed, do they need refresher training in any areas?
Finances
What’s your cashflow position looking like now and for the next few months? If you’re going to be tied up with your team, customers and suppliers you need to be sure you’re not going to have any cash gaps. And if you are, now is the time to look at how you’re going to deal with them.
Finally, think back to pre-lockdown, what are the things that used to happen in your business that you would have liked to changed or stopped doing? Now is the perfect time to ensure that you don’t start doing them again!
If you’d like some help reviewing your business and preparing for growth, book a free discovery call with me and let’s have a chat.
