Are you really open for business?
Jun 10, 2020
Level One is upon us, COVID-19 in New Zealand is all but defeated, business doors are open, government money has been flowing, wage subsidies have been extended, the cries of ‘Support Local’ are deafening. Perhaps a topic for another article but as a side note, thinking about the population of New Zealand vs other major cities around the world, perhaps ‘Support local’ should simply be ‘Support Kiwi’? Food for thought but I digress.
Are you actually open for business?
Job losses are mounting, store closures are in the news daily at the moment, and credit is already starting to crunch. Business has been operating in a bubble which has been largely propped up by wage subsidies, available equity, and the small business cashflow loan (small being the operative word). What is concerning is the amount of SME business that is happily operating in this bubble, and the immediate bounce back the economy is experiencing post COVID-19. However, economists and experience tell us that this is not here to stay, and it is those who become tougher and leaner, who will remember that the rainy day is not yet here, and the storm clouds are approaching, who will survive.
Think about this as survival of the fittest. You need to be answering questions like:
You may have had a great sales team and a great digital marketing strategy. You may be thinking you can continue to ride on your past success. Guess what – everyone has a digital marketing strategy now. Sales teams are fighting for their jobs – they are more aggressive and they want it more.
You may have cash in the bank, and you may be choosing to operate as normal. The rainy day isn’t here yet. Now is the time to be identifying ways to be more efficient, to cut surplus costs, to make profit while the sales are flying in the door.The rainy day is on its way.
You have a strong customer base, strong loyalties, years of relationships. Competitors are looking at your customers and wondering how they can lure them over – the market is getting smaller, and they will pounce on every weakness you have. This is written, hopefully, as a call to action.
For those businesses (and I know you are out there) who think that things are fine and are not reassessing your strategy – you need to. Now. Get your management team together, get your advisors together, get the people you trust together. And plan. And put that plan into action to really be ‘open for business’.
At Sudburys we're really passionate about businesses coming through the Covid-19 crisis well. If you'd like to find out how we could help your business do just that, get in contact. Email Nikita Tomlinson to book a free one hour session.
