24 Sep 3 Tips For Running Your Business In Times Of Uncertainty
Worldwide economic turmoil in the wake of a pandemic means businesses are increasingly facing difficult and uncertain times. While the true scale of the economic impact of COVID-19 remains to be seen, it seems there might be more challenging times to come.
There’s no perfect roadmap to help you navigate the months ahead, but there are some things you can do to cope with the uncertainty. Position your business for success with these 3 tips for running your business in times of uncertainty.
1. Have a vision and a business plan
Every business – whether new or established – needs a vision and a business plan. These must be at the very centre of all you do as a business.
Your vision involves having a clear view of what your business will look like in five or ten years’ time, while your business plan is made up of the building blocks that will get you there.
Not having a vision or a business plan is a bit like trying to navigate an unknown route without a destination or a road map to get you there!
To get started, set out the long-term goals for your business in a vision statement: this is a dynamic document that will help motivate existing employees to achieve your goals and help drive new talent into your business.
Your vision statement should:
- Outline your business goals for 5 or 10 years ahead.
- Make those goals measurable.
- Determine your purpose as a business.
- Describe what success looks like for your business.
- Identify your company structure and type of business.
- Reference your competitors.
Now that you know where you want your business to go long-term, plan how you’re going to get there in your business plan. A business plan can be as simple or as detailed as you like, but at its core, a business plan will explain who your target market is, why they need your product or service, how you’ll market to them, who you’re competing with, and how much money you plan to make.
Writing a business plan will:
- Provide substance and structure to your goals.
- Identify problems and issues with your ideas.
- Be shared with others for feedback and input.
- Provide proof that you’re serious about your business should you need to apply for loans.
- Guide you and keep you on track and focused on your long-term goals.
If you’re struggling to create a work-able business plan for your organisation, consider working with an expert. At Max Businesses, we’re experienced at business planning and developing business strategies that help businesses not only survive, but also thrive by taking advantage of opportunities presented in times of uncertainty.
2. Manage your finances and cashflow
In times of uncertainty, it’s more important than ever that you have a firm grasp on the key financial numbers for your business. Having a clear understanding of your expenditures, cash flow projections, profit margins and tax estimates, can help reduce the number of surprise costs your business may incur, and allow you to move quickly by making appropriate changes that will help you control both costs and debt.
More than anything else, smart business owners know that tracking their cash flow is the best way to keep a finger on the pulse of their business, and that maintaining a balance between money coming in and money going out is key to success.
Stay on top of cash flow by:
- Monitoring your cash flow daily.
- Cutting back on costs where you can.
- Cashing in assets that are no longer in use or obsolete.
- Staying on top of invoicing.
- Getting paid faster using mobile or online payment solutions.
- Getting business loans at competitive rates to assist with buying vehicles and equipment.
Don’t let cash flow hold you back from growing your business. Max Businesses can help you find NZ Business Loans at competitive rates and terms to boost your cash flow when times are tough.
3. Get government support
If your small or medium sized New Zealand business has been impacted by COVID-19, you may be eligible for government support and guidance through the COVID-19 Business Advisory Fund.
Set up to provide support in areas such as HR, health and wellbeing, business continuity, cashflow and finance management, strategy and digital capability, the COVID-19 Business Advisory Fund enables eligible businesses access to expert advice and support up to $5000 excl. GST per business.
You can find more information about the COVID-19 Business Advisory Funding here. Once you’ve registered, contact Max Businesses to find out more about its advisory services offered to support small and medium sized business through the COVID-19 Business Advisory Funding.
DEDICATED TO FINDING THE RIGHT SOLUTION
As one of the leading Business Loan Brokers in NZ, Max Businesses understands that running a business in New Zealand can be challenging. Even more so in uncertain economic times as we’re experiencing right now.
So we really want to work with you to help find the right financing solution to meet your business requirements, saving you time and stress. Whether you’re looking to purchase an asset or just need support to manage your day-to-day cashflow, we would like to conduct a comprehensive search from our extensive panel of lenders to help ensure you get the best business loans at the lowest rates.
Get in touch with our team today to give your business the best chance to develop and stay competitive in these uncertain times.
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