April 14, 2024

Business Bib

Business & Finance Blog

How Your Business Can Thrive in Today’s Challenging Times    

3 min read

2020 has been one of the most challenging years for businesses on record, wiping trillions off of the stock market and forcing entrepreneurs to change the way they operate, time and time again as restrictions and regulations changed. Although there’s no denying that there are challenges ahead, your business can still thrive in today’s challenging times. Here’s how.

Identify gaps in the market

 

Whether you sell fish to restaurants or phone lines to multinational companies, the chances are that your business has changed this year. Now is the ideal opportunity to identify and exploit gaps in the market, whether that’s arranging home deliveries, deploying networks for remote working, or introducing new self-service options. Identify the challenges customers are facing and give them what they need – you might be surprised at how your business can repivot and unlock new revenue streams. Reacting quickly is the key to making it all work.

 

Outsource tasks

 

Although you can’t beat a trained and devoted team, there are some things that are better off handed over to the professionals. Outsourcing business tasks such as cleaning and grounds maintenance is a great way to free up time and resources, reducing HR costs and ensuring you are able to offer a consistent level of service to customers and staff. Work with an FM provider that can offer all of the services you need as part of one package – other things you might want to add to your list include security, call centre handling, and interior fit-outs.

Cut costs

 

Something else that you should consider as a small business owner is cutting costs where you can, taking the pressure out of your cash flow and saving more money back for the unexpected. Many businesses had to depend on loans and government grants in order to get through the pandemic, so cutting back and putting something to one side will help to give your business more stability should any further unexpected challenges come your way.

Push your marketing

 

When did you last invest in a strong marketing campaign to attract new customers? It’s easy to rest on your laurels and wait for recommendations from satisfied clients, but the best way to grow your business in challenging times is to promote yourself. Spread the word and you’ll soon be introducing new clients and customers through the door, growing your business.

Set clear objectives

 

Finally, it’s important that you set clear objectives as a small business owner and look back on them regularly to see whether you’re on track. Don’t get bogged down in the day-to-day things and instead forecast for the future. Where do you want your business to be in three years’ time? What would happen if you took on a new member of staff? The more clear you are on what you want to achieve, the more likely you are to make a success of your venture.

Do you have any other tips? Let us know and check back soon for more news.