Covid-19 has impacted all aspects of modern life. Since its initial outbreak, small businesses around the world have had to swiftly adapt to the ‘new normal’. While uncertain times are ahead, ensuring that your company survives and thrives is essential. CEO and strategic expert Krishen Iyer has advice on this topic. Let’s delve into some of the savvy approaches you can utilize.
Enhance Your Cash Flow
Cash flow is a hot topic when it comes to uncertain times. In May 2020, Reuters reported that 90% of US small-business owners were bracing themselves for an economic slowdown. Furthermore, more than 80% of the respondents said that they expected the pandemic to have a negative impact on their business for more than a year. With that in mind, looking for ways to enhance and stabilize your cash flow could be vital to survival.
You might have to go back to the drawing board here. Revisiting your accounts and identifying areas in which you can cut back is one part of the puzzle. However, you should also look for ways to increase your margins and regain some of your losses. Krishen Iyer puts great emphasis on ensuring that the business finances are optimized. Should you find it challenging from the offset, you may want to enlist the help of an expert accountant.
Pay Attention to the Economy
Before you make your next business move, understanding the economic tide is vital. You may be tempted to bury your head in the sand and avoid the news. However, doing so is a mistake. The more clued-up you are about the global economic developments, the better you can strategize for the coming months and even years. Keep your finger on the pulse.
Krishen Iyer recommends staying abreast of the economic changes as they happen. By doing so, you can identify opportunities as they arise. For instance, if a certain sector is set to soar as a direct result of the pandemic, can you switch your focus to it? Take the time to look for the silver lining among all the gloom. Seeking out a timely opportunity could be the secret to success for small business owners, during these challenging times.
Invest in Your Business Skills
While it may seem counterintuitive to make any type of investment right now, Krishen Iyer suggests taking the time to skill-up. Should your business have been hit by the impact of the pandemic, things may have begun to slow down. Don’t fall into the trap of losing the momentum you’ve built up over the years. Instead, redirect your efforts and ensure that you are preparing yourself and your staff for the times that lie ahead.
Needless to say, there is a variety of ways in which you can invest in your business skills. One option may be to look at online courses you can take during slower periods. Gaining a qualification in your chosen field may adorn you with additional authority or help you when it comes to making savvy business decisions. You can get started by looking up courses online. When in doubt, opt for accredited qualifications from trusted institutes.
Similarly, you could invest in a business coach. Krishen Iyer recommends enlisting the help of a professional mentor if you want to accelerate your business. The Encinitas entrepreneur suggests working with a coach to redefine your goals and look for gaps in the current market. If you find that you’re struggling to determine how to move your company forward during these times, choosing to get an expert’s opinion is a smart move.
Bolster Your Marketing Activities
During this period, you may have to make some difficult decisions and cut back. However, one area you should avoid scrimping on is marketing. Now, more than ever, it’s important to nurture a relationship of trust with your existing clients and reach out to new customers. To reach both of these goals, you will need a strategic pandemic-proof marketing plan.
It should come as no surprise that marketing budgets have grown since the outbreak of Covid-19. Average marketing cost as a percent of a company’s revenue rose to 11.4% in May 2020, exponentially higher than the 8.6% average from January 2020. As an expert in comprehensive consultation, Krishen Iyer understands the importance of marketing.
While pouring your revenue into an endless marketing budget is infeasible, you may want to increase your scope here. Consider what a reasonable budget looks like for your business and how you can expand your activities. If you are already working with an agency, talk to the account manager about your next move. On the other hand, you may want to tackle this challenge in-house by using creative and timely solutions.
Take Care of Your Staff
Whether you have three or 300 staff members, looking out for them during this difficult time is paramount. The fact of the matter is that you may have to make redundancies. Chances are, your team already understands that may be an option in the near future. However, it’s important to keep everyone in the loop. Be transparent when it comes to sharing updates and news with your employees and foster a culture of openness.
Equally, you should ensure that your staff knows they are valued. The Covid-19 pandemic has presented us with challenging times. However, you can use this period wisely. Should you have the means to do so, take this time to invest in your staff members’ skills and training. Krishen Iyer suggests that making these savvy investments in the future of your business will help you through uncertain times. Your business is stronger with the ongoing support and trust of your staff. Ensure you are doing all you can to nurture it.
About Krishen Iyer
Krishen Iyer is the founder and CEO of MAIS Consulting. The Encinitas entrepreneur launched the business to be a comprehensive consultation group that helps identify gaps and opportunities in the market. Based in Southern California, MAIS Consulting serves clients all over the United States. With a central focus on contracting, marketing, company policies, and strategic growth, the business helps to ensure its customers’ success.
With a massive 18 years of experience in the insurance, marketing, and contracting sectors, Krishen Iyer is well-placed to offer expert consultations. He has previously worked with both large and small public companies and gathered a wealth of industry knowledge. Upon selling Managed Benefits Services at the start of the year, he launched MAIS Consulting to help businesses reach success around the country.