While so much is in a state of flux and adjustment, many of us may find ourselves with a little more time on our hands. Needing to process everything that has been happening takes time, certainly, but once you’ve allowed yourself to work toward accepting this current state of things, it’s time to step up and get your business prepared to boom when the time is right. Strike when the iron is hot, so to speak. So to help you prepare, here are 8 things your business should do this week.
Check-In. On Pretty Much Everything.
Your Contractors and Employees
Take time to check in on your contractors and employees. Now more than ever, it’s important to keep those lines of communication open. You need to make sure as an employer and client you’re keeping everyone informed of where you and your business are, but you also must take into consideration how those around you are fairing, as well. Scheduling regular Zoom catchups can easily help with this. Checking in, in this case, can cover a number of items that may need addressing. First and foremost, make sure they’re doing ok. We’re all human and right now some of us need extra support and connection. Be a good person. If you’re all ready to continue the conversation from there, do so.
Project Status
Check-in on the status of any projects that are in progress, needed or overdue. Obviously adjustments may need to be made based on everyone’s current situation. So, discuss and prioritise so you can all feel productive and on top of the work at hand. If some items need to be pushed, that’s ok. You can revisit them in a week. A month. Whatever the case may be. We’re all a bit on ‘pause’ in some way or another, people will understand.
Postponement of contracts
If you have projects that you have to complete or need to be completed for you, take the time to check all of your contracts. If you’re an events planner, a producer, a professional running regular workshops, find out what you can postpone versus what absolutely needs to be canceled. In time, things will get back to some semblance of what they used to be and face to face events, classes, sessions and so on will be available again. And people will be chomping at the bit to get out and experiencing life again. So if you can postpone and it won’t be a financial hit or major burden to you or the other party, go ahead and postpone. They’ll be some good times and possibilities on the other side. We don’t know when yet. But there will be.
Government Entitlements
Check-in on ATO and Treasury.gov to verify what you are entitled to at both the state and national levels. Things are changing daily, so be sure you’re up to the minute with what’s on offer so you can protect your employees, your business and yourself as best as possible during these difficult times. There is a lot of red tape and eligibility criteria involved, so be sure to have your documents, past earnings and current earnings on hand to try and streamline any application process as much as possible.
Negotiate With Suppliers, Clients, and Employees
Time to chat. Take the time to start doing the ring-around. Call everyone who owes you money as well as anyone you may owe money to, and be open to ‘real talk’. Everyone is doing it tough, including you, so conversations to arrange payment plans are necessary right now. Find a solution that you can all live with both to take care of your day-to-day life needs as well as participating as a member of the greater community.
If you’re all in the clear in terms of payments but services are needed to run your business, perhaps, for the time being, to help both you and the other party, discussions can be had around exchanging services and goods until you’re both more financially stable again to begin paying monetarily.
Review Subscriptions and Get Rid of What You Don’t Need
Remember that subscription to online magazines through Apple? The one that you never use anymore but still pay for? Yeah. That one. Get rid of it. Make sure you check phone apps and subscriptions, too! Start going through those little odds and ends that you’ve been paying for and take notice of the ones that haven’t been appreciated or valued of late. If it’s something you can live without, then toss it. Every little bit that you can save right now will help. If you really want it back later, then you can get it back when the time is right. But I bet you once it’s gone you won’t even miss it…
Audit Your Business
Now’s the time to work on the legal and financial housekeeping of your own business. Check your statements and as mentioned before, have the track record ready for profits and losses should you need to apply for assistance. Get an idea of where the business is headed as best as you can so you can prepare to grow or adjust, accordingly. And if you’re moving to more online systems for your business make sure your website T&Cs and privacy policy are absolutely up-to-date. Knowing you’re legally sound and financially aware during this current state of your business will give you the time and energy to focus on the work at hand, whether it be pivoting to online sales, managing clients or creating a new marketing strategy. Which brings us too…
Review Your Current Marketing Strategy
Take the time to go through your current marketing plan. Ask yourself questions like, would your money be better spent elsewhere? Is the current plan still relevant? Should the approach be adjusted for current times?
If you’ve marketing your business in the past based on the way you greet customers, in-store offerings and the like, it’s time for you to revamp the way you sell your business. Pivoting to market your business as an online entity will offer you more opportunities, while something as simple as, ‘still offering the same personalised service, only now it’s online!’ can make clients and customers aware that you’re still business as usual...well, as much as you can be, at least!
So come Monday, sit down and get started; walk yourself through these 8 things your business should do this week and get back on your A-Game. The time to step up and move past the shock and overwhelm is up to you, and it’s different for everyone. But the sooner you can get back on your feet, the better.
Take care of yourselves. And as always, if you have any questions, I’m here. x
***Disclaimer. Please read!!***
This article is for general information purposes only and should be used solely as general guidance. It does not and is not intended to represent legal advice or other professional advice.
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