Get fit to save your small business in 2020

Integrity and mental strength

In 2020 the year of pandemic, lock down and global economic crisis, do you have the mental strength and integrity in the face of adversity?

​How can you keep your head when all about you are losing theirs?

Is this a classic case of survival of the fittest?

If so, it's time to get fit! 

​Your conduct defines you during times of crisis

The 2020 global coronavirus pandemic will not last forever but the way you conduct your business activities will.

We've already witnessed high profile individuals getting it very wrong, forced to make public apologies, some with more sincerity than others. 

You can wallow in your own self pity or you can get fit! Your business survival bootcamp starts with a plan! 

No more rushed business decisions, risky investments and dubious associations,  sit up and follow our 4 step business survival plan.  

4 Step plan to business survival  
​

​
​Step 1 – Set new goals

Ask yourself: What is my new 2020 business goal?

This may seem strange in the current climate but you need to aim for something.  

Your business goals need to be SMART which is an acronym for: 

• Specific 
• Measurable
• Achievable
• Realistic 
• Timely 

For example: "I want to continue trading into 2021 is a vague goal" 

Using the SMART technique this goal becomes: 

"I want to increase profits by 2% on last years figures by the 31st December 2020"  

​or

"I want to retain my workforce throughout 2020" becomes

"I want to reinstate my furloughed employees before 31st December 2020" 

Setting new goals is the first step to getting fit and moving your business in the right direction.

​It's much easier to do this when you have something tangible to aim for.  ​

​
​Step 2 – Identify customers
​

Today may feel catastrophic but in the grand scheme of things it may just be a small set back in your business plans.

What's important now is to prepare for the future, whatever that may be. 

Firstly identify what's happened to your customers. Do you expect your customers to survive and to come back? If so when? 

Can you help your customers now? Can you repackage your offer to them? 

Can you diversify to serve new customers? 

Thinking about customers allows you to come to terms with their loss and what the potential impact of losing these customers will have on your financial fitness and your ability to realise your goals. 

Now you're getting fitter, it's time for Step 3 - how to write a business strategy
​

​
​Step 3 – SWOT Analysis 
​

SWOT is an acronym for Strengths, Weaknesses, Opportunities and Threats and is an essential business tool.

A SWOT analysis helps you create a solid foundation for your business in the current coronavirus crisis.

Once complete, the SWOT analysis should form the basis of your new business strategy and business survival plan. The SWOT highlights where your new business focus and attention should be and helps you build your resources to achieve your goals.

For example, if you identified your immediate weakness is your IT infrastructure and an opportunity would be to move your procurement processes online, now could be a good time to invest in and update your technology. 

The outcome of the SWOT analysis will help you take action and put strategies in place for your business survival. 
​

​​Step 4 - Learn from others 
​

This may be your first business crisis or you may have faced business crisis' in the past. Those who have experienced and come through economic crisis, are more able to cope with it again. 

"He who can does; he who cannot teaches" is a famous quote by George Bernard Shaw.

You may need to make some difficult decisions in the coming weeks and months. Being well equipped and in a position to serve customers when they start spending again is critical. 

The 'right' advice from the right person is critical and seldom 'free'

Hiring a professional for their skills, knowledge and advice will provide your business with a competitive advantage, compared to all businesses accessing the same free advice. 

By seeking out better advice, you've already got a head start. 
​
In these testing times, often only the fittest businesses succeed. Be one of them.    

About the author
​

Visit our website www.millennialprocurement.com for more great 'how to' business blogs.