Let’s face it, 2020 has been a rough year for a lot of businesses. The Covid-19 pandemic has forced many businesses to shutter permanently. It seems that the current uncertainty has small business owners just hoping to weather the storm. But, they need to be doing more than just hoping they’ll make it through this disaster. Forbes.com contributor Richard Weinberger writes, “(P)lanning is a must. When the recovery starts (and it certainly will one day), long-term growth will be a by-product of planning, instead of doing nothing or making haphazard business decisions.” It’s hard to find time to concentrate on business planning while you’re working on the day to day minutiae. VersaTel Solutions can help by taking on duties such as bookkeeping, administrative work, and hiring for your open positions.
Once your plate is cleared of the small stuff, what are the big things you should be doing to make sure your company remains solvent? Forbes.com offer these planning steps small business owners should take:
Strategic approaches – Whether it is during good times or bad times, you must know what direction you want to take your company in order to better compete with rival businesses. Examples of different strategic approaches might be:
- Strive to be a low-cost provider.
- Have a higher quality product or service than the competition.
- Focus on a narrow market niche.
Finances – Financing and budgeting are also essential elements of planning. Businesses must plan for the future to ensure sufficient capital is available for operations, asset acquisitions, debt servicing, and possible expansion. Near-term and future cash needs must be anticipated; investigate various governmental assistance programs that are available and apply as soon as possible. Without proper financial planning, your operations could come to a standstill.
Alliances – Strategic alliances can be a viable growth option for many small businesses. They can be a way to monetize what your business has to offer with little cost or liability. Forming the right alliances can improve market access and allow your company to gain entry into markets that would otherwise not be open to you. When business is slow, it can be a great time to investigate different types of alliances that would be a good fit and start communicating with potential alliance partners.
It’s always important for a business owner to plan ahead, even in a year when all plans have seemed to go out of the window. Reach out to us here at VersaTel Solutions. Our services can give you the time to concentrate on the big picture.