Under normal circumstances at this time of year, kids start feeling that “back-to-school” anxiety. This year has a whole different kind of stress attached to it. And even if you’re not a parent, these feelings also apply to your business.
We may be in Stage 3 of reopening, but many small business owners are still unsure how to move forward. We find that the best way to work through anxiety is to assess and plan based on real information. Here are a few ideas on how you can get a handle on things, and prepare for everything Fall of 2020 has in store.
It Starts with Your Books
Facing your books is the beginning of planning and moving forward in this pandemic world. Don’t have a panic attack. The best thing you can do is understand your numbers, assess the health of your business, and make informed decisions.
If your business was closed throughout the first stages of the pandemic, the state of your books will reflect that—it’s not fun, but this is data you need to face.
To figure out how to pull yourself out of the hole that the pandemic has may have put you in, you need to know everything about your current financial situation. We can help you analyze the information. With our experience with small businesses, we can often find places where they can cut costs and correct deficiencies to save you money. And every cent matters in this market.
Oh, and if you’re worried about your personal finances, we can help with that too.
Invest in Online
It’s crazy to think that only six months ago, few people had ever heard of Zoom. Now, it seems to be the video conferencing app of choice for countless businesses around the world.
Even though things like schools and businesses are reopening, there will still be an increased emphasis on the digital side for the foreseeable future—or maybe even forever! With this in mind, it’s important to invest in your digital assets.
For example, if you haven’t updated your website in years, you should get on that immediately. Your website is your digital storefront, and given that many people will still be remaining inside, it’s the only storefront they will see! Also, take a look at reinvigorating your social media accounts to engage directly with your clients and customers. What about sprucing up or starting a new email marketing campaign? Since face-to-face contact is out, finding new ways to keep in touch with your customers can help. And with digital advertising, you can gain visibility with new customers at a fraction of the cost of traditional marketing.
If you sell products, a great online shop could completely transform your business. These days there are so many options to choose from; Shopify, Woocommerce on WordPress, and Squarespace are just a few options. A great online shop combined with some savvy social media marketing could push your business ahead this fall, just in time for the holiday season.
If you run a restaurant or a service-based business, make sure your menus and offerings are clear and appealing. A good copywriter can help you entice potential customers while also optimizing your keywords for Google. And now might be the right opportunity to consider an app for your business.
Now is also a good time to invest in some upgraded technology for both you and your children. For example, most laptops’ webcams are terrible, resulting in a horrible image for digital conferences and remote learning. Similarly, the built-in microphones usually aren’t great either. By investing in a decent quality webcam and microphone/headset, you can vastly improve your digital networking capabilities. In this environment, it’s an investment worth making.
Create a Revamped Business Plan
If you wrote a business plan before March 2020, you’ve likely thrown it out the window by now!
Even though the world has changed, it’s still essential to have a business and financial plan in place to chart your path for future growth, with your goals, hopes, dreams, challenges, and solutions assessed and prepared. We’ve been helping many small businesses with the financial side of their new business plan, giving them some direction moving forward into the fall.
We Can Help
If you’re experiencing some anxiety about your business right now, that’s entirely natural. After all, things are still changing and we don’t know where this pandemic will end. But by starting to make some plans for your business, you can take back some control and get a better grasp on things. This will certainly help reduce that anxiety!
If you need help understanding your numbers and your business’s financial health, contact The Number Works today. We can help you take control of your finances and create a financial plan for the months to come!