Covid-19: When the going gets tough

This saying has rung truer than ever, recently. If you own a business in a sector badly-hit by the pandemic, you might be at your lowest ebb, but with the end of this third, national lockdown hopefully in sight, now is the time to really dig in and find those personal resources that will get you over the finish line in the best possible shape. 

Peacock Finance founder, Darren Peacock, said: “This year has been a tale of two halves. Many businesses I work with have seen sales skyrocket, whereas, of course, the likes of beauticians, hospitality and leisure outlets have struggled. 

 

“But it’s at times like this that proactive businesses have the greatest opportunity to shine and there have been examples of real ingenuity as some have pivoted to add profitable new lines, like hairdressers selling home colour kits. It’s this kind of creativity which will ultimately decide which businesses emerge well from the crisis.” 

 

Darren’s 10 tips for ensuring yours is one of them: 

 

1. Streamline. Ditch unnecessary expenditure. 

2. Think outside the box. What CAN you sell to generate income and keep customer relation ships warm, ready for the ‘big return’? 

3. Market yourself. Now’s not the time to be invisible! 

4. Give a little. Offer your customers something worthwhile to retain their loyalty. 

5. Get match-ready. Use this enforced downtime to review your systems and processes. 

6. Brace yourself. Chances are, you’ll be inundated when lockdown ends, so be ready to give a good experience. 

7. Form a plan. Set goals based on what you DO know. 

8. Take control of your finances. How will your numbers support your objectives? 

9. Keep creditors on-side. Talk to them to agree a recovery plan. 

10. Don’t panic! There’s always a solution, so pour that worry-energy into positive ideas.