Seven things to prepare you for the bounce back
We all know, or at the very least hope, that there will be a bounce back at some point as the UK and global economies come back to life. You might not be quite sure when, but those that are prepared for it when it happens will get the best advantage that they can.
Therefore, we have compiled a list of 7 things you should be looking at now, so that when the time comes, you are ‘ready to grow!’.
1. Harvest cash
When the upturn comes there will be plenty of opportunities to be looked at, but many of them will need to be taken swiftly. Going to the bank for funding at that point is likely to be too late. Many businesses have already secured loans through either the CBILS or Bounce Back facilities. In the latter case many are taking these without an urgent need and will be ready to use the cash wisely.
2. Product innovation
The lockdown has swiftly brought a number of products to the end of life, but at the same time has thrown up opportunities. What do you customers need going forward that isn’t available to them at the moment?
3. Review your pricing
Price has nothing to do with cost. The right price is the highest price that your customer will pay whilst still feeling that they have got value for money and will return for more. When was the last time that you reviewed this value?
4. The right team for growth
When things pick up, some of your existing team will be well placed to help, whilst others are likely to struggle and hold things back. Get the team in place and have the difficult conversations with others sooner rather than later.
5. Review marketing spend and results
Analyse your marketing spend between online and offline and between that spent on “push” out to the market and “pull” into you. Is there a disconnect between where you spend money and where the leads and conversions come from which suggests that you might have a better results by targeting the right areas?
6. Where are you spending your time?
Many business owners spend their time chasing short term income to survive, which means that is all they ever do. Spending time instead on things that will increase the equity value of the business such as investment opportunities and building the brand of the business in a way that draws the business in is a way out of the trap.
7. Get rid of obsolete practices
Many internal procedures have been there for many years and are no longer necessary in a post lockdown world. Some procedures may even be putting off new customers from coming to you. This is the time to check through all procedures and make a bonfire for the ones which no longer add value.
If you would like to discuss the topics explored in this article, please contact us.
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