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Small Businesses - Tips for your Business

Small Businesses

We are undoubtedly facing some very uncertain times which is scary for us all, whether you are running or indeed working for a small business. While it’s easier said than done to remain calm and keep the anxiety at bay, we’ve put a few tips together which we hope will help you.

Think about the future and plan, plan, plan

Unfortunately at this time we don’t know when things will return back to normal. However, you can try to take a step back and use this time as an opportunity to take stock of your business and start focusing on the future. Ask yourself a few key questions – what will you do when this is all over; will you be tooled up ready to start work immediately; how will you cope if things change?

Ask for help

Our natural instinct is to shy away if we need help. Try not to worry and certainly don’t be embarrassed. If things are tight, speak to your clients and tell them you’re feeling the pinch so would they be so kind to pay you on time. The Isle of Man Government has recently announced a “Coronavirus Support Package” so you may be eligible for some financial support.

Adapting

There couldn’t be a more important time to become creative – diversify, adapt! Think of the other valuable skills that you have and ask your clients if there is anything you can help with during this time.

Communication is key

Communicate with your clients and staff – let them know what is happening in your business. While you can’t meet with them face-to-face, there are many great tools out there to hold virtual meetings. Keep up your relationships, now is not a time to let them slide.

Change

Make necessary changes to your business – can you do something more efficiently? Think of new ways of how you can run your business. No matter what line of business you are in, now is the perfect time to get organised.

Look after yourself and those around you

No one is immune to what is going on around the world, so now is the time more than ever to look after each other. If you’re an employer, look after those who work for you and your business. Check in with your staff, make sure they are ok and find out if they are coping. If you’re an employee, do the same and check in regularly with your boss. After all, they are human too and might be suffering from stress and anxiety themselves.

Peregrine Tiagnet ICAEW