There has been much discussion in our office about what a business owner can do to keep their business - not only trading but successful, in the current climate.
Business is challenging at the best of times, now more than ever. There will be some tough decisions to make, but also new opportunities that could lead to a different way of doing business. Be open minded!
Zoe has come up with her top tips to help your business prosper during a pandemic.
1. Diversify your business - new product or services, new target market or customers, new ways of delivering your business via different hours and locations - both physical and online. Think outside the box!
2. Tap into help - look around for government assistance - not just financial payouts, but training, courses and advice being offered. Take advantage of resources such as NZTE (NZ Trade & Enterprise) for information on business start-up grants and funding.
3. Make the most of Kiwi culture - we are team of 5 million for one to succeed, we all need to pitch in. Offer help when you can and ask for help when you need. Look to your local market for support and advertising. The New Zealand Made Facebook page is a great example. Also shop local - encourage support of local businesses!
4. Review your Expenses - where is your money going and where are there potential savings. Now might be the time to talk to you insurance broker, mortgage broker and accountant. Can you get more bang for buck?
5. Look after your mental health - times are tougher and the unknown can take its toll. For your business to succeed you need to be in the right head space. Taking an afternoon off and time to recoup is necessary. There is support available through Xero's EAP programme, and free counselling via your local GP.
6. Talk about your Business - Find a support unit of people who are passionate about your business succeeding and talk with them, the good, the bad, the opportunities and the business goals. This will help you with tip number one and will also help clarify your business direction.
Remember, the team at My Two Cents are hear to talk through idea's, goals, plans, as well as being a ear to chew if you just want somebody to listen.
Give us a call - 09 431 3068
