5 ways to manage and develop your business during Covid

/ Quarterly Updates

Author: Henry Ejdelbaum

Tags: Coronavirus, Quarterly Update - May 2020, SME

AIMS Accountants for Business - Develop

As Covid continues, businesses are finding their own pace and new style of work. “business as usual” no longer exists and there’s never been a more important time to be proactive and dynamic.

We’ve pinpointed five ways to help you manage and develop your business under the current circumstances:

Think outside the box

Your business must be willing to consider different solutions and methods, doing things differently from before. By viewing situations as changeable, you can gain greater perspective. This will allow for more creative problem-solving, helping your business to stand out and reach your desired outcome.

Expand your marketing

Once you’ve paused your regular marketing activities, think of your marketing in terms of short, medium and long-term objectives, and understand where you should adapt your strategy. Luckily nowadays, the majority of your marketing efforts can be concentrated online, allowing you to reach your audience wherever they are.

Take small steps and expand

What do your clients want and need during these challenging times? Based on what your business offers, is there anything you can expand on? Whether it’s increasing your digital presence or your product offering, the key is to stay adaptable. Remain flexible too as the wind can suddenly change directions.

Ask your advisors for input

Though your advisors might not have seen a crisis like the coronavirus one, the chances are they’ve been through an economic and/or property crisis at some point. Based on their professional knowledge and experience, your advisors might have ideas on how your business can continue to operate as closely to normal as possible. They will also be aware of any government programmes and funding put in place to help businesses during these times.

Review other businesses

What are your competitors doings? What are other businesses in general doing? Looking at other businesses for inspiration can give you ideas on how you can develop and benefit your own business during this crisis.

To manage and develop your business during the coronavirus crisis, keep up to date with changes whilst being flexible and creative. With new rules come new plans, keep reviewing what you’re doing and turn to your advisors for further advice.

We’re only a phone call away so if you need any information, get in touch with your local AIMS Accountant. We’ll help you with all your accounting needs so you can focus on your business.