By Sophie Newbould, Newboulds Solicitors
Those borrowing to support businesses during the COVID-19 pandemic, must make their businesses work within a relatively short period to avoid going under, let alone repay their loans.
Whilst non-repayment of easy lending seems like a viable option to many businesses, there are much wider implications for the UK and everyone in it if this becomes the norm.
Businesses that fail to repay their Government backed borrowing contribute to:
- Failing to grow the economy.
- Impacting delivery of major projects and socio-economic initiatives, i.e. not enough money in the public purse to get Britain moving.
- Increasing the chances of a long-term economic depression that sets in because of our national industrial failure.
There are even greater implications for those owners who lose their businesses. The personal, social, and economic impacts of business failure must not be underestimated by those close to collapse. The toll on personal relationships, financial standing and reputation for future work can be devastating.
Contingency planning for smaller businesses is becoming more limited by the day. The less money you have, the harder it is to make. Simple.
The odds are against us, and so is time.
The greatest risk for any business growth initiative is winning enough new customers. If this were easy, competition would not exist and every business would succeed.
Whatever stage you are at in your business journey, consider applying my 10 top tips to access new customers and scale up fast:
- Create a services, products or works business that you can grow online.
- 365/24/7 access to your products and services at the touch of a button makes online presence for commercial trading today a no brainer.
- Being online does not mean you have to go national or global.
- Online presence for local trade will make all the difference to generating access to new customers.
- Fill out a lean canvas for your business.
- Visit https://leanstack.com/leancanvas/ for more information.
- Seek a good digital marketing strategist to target your customer market and help sell your products or services.
- Build or use an online platform that offers a unique and valuable customer experience.
- Ensure you are providing a product or service that meets your desired customer needs, use online tools to gather information about your customers and their capability.
- Give more to your customers through automation, promotion, security, correspondence and interactions online – make them feel part of your community.
- Through use of a clever platform, save your precious time to focus on even more strategic business growth and delivery activity.
- Build the right networks and support team around you.
- No great leaders did it on their own.
- Use social media, business groups and professional support available, as well as contractors and staff, to build your business and deliver great customer service.
- Build a group of test customers.
- Ask family, friends, your networks for feedback and test your service model and customer experience.
- Gather enough intelligence to deliver cutting edge customer service and win market share.
- Design a commercial model that makes you money.
- Making sales is not enough.
- Design and implement a model that is sure to compound interest the more customers you take on.
- Use trustworthy professionals to support you and test the model.
- Do not delay in selling (face-to-face sales or remote).
- Financial sustainability and solid cash flow are essential for a successful business.
- A variety of revenue sources are the goal.
- The sooner you can secure income from one or more sources, the closer you are to running the dream business.
- Build as much goodwill as you can.
- Remember, anyone talking with you about your business, taking time to experience your free trials, giving you feedback, are investing their precious time to help you succeed.
- Nobody owes you anything.
- Be grateful for all the help you get and build as much goodwill as you can with each person who gives you their time.
- Only give away what you can afford.
- Free trials are great, but make sure:
- you understand why you are doing it; and
- let beneficiaries know the cost of what they are receiving.
- Get what you need out of the free trials irrespective of the sale.
- Last impressions are more important than first impressions.
- Remember, we are only as good as our last job and/or last facial expression!
- Demonstrating understanding of the customer and delivering the right solution is the first step to growing a strong and resilient business.
- Build open relationships with your customers and seek feedback for continuous improvement.
I feel great responsibility in supporting business owners experiencing difficult times. The Newboulds’ online Believe in Progress programme provides more than just legal business risk and growth support.
For a fixed monthly subscription, you receive a legal business partner that will provide you with:
- an entire commercial model assurance review.
- the capability to rewrite your commercial terms so you are in control.
- corporate and employee management structures, including policies and procedures.
- digital growth strategies and launch planning.
- online security and data protection legal support.
- help to manage difficult relationships easily and stress-free (dispute resolution).
- commercial and legal leverage across all your business dealings.
- commercial and legal support for use of online platforms and digital growth.
- business tax environment support.
- intellectual property protections and commercial exploitation.
- all the business support you need through our wide network of non-legal experts.
- support to get what you need for the minimum fee when instructing lawyers and consultants.
- build a resilient network of likeminded business owners wanting to move from survival into serious growth success and security.
REGISTER FOR YOUR FREE TRIAL TODAY – worth £500!!!
Building your business together.