YourBusinesswithJamesCaanSpring2023 - 71

YOUR BUSINESS _ 2023
Cashflow is key
One of the cornerstones to having a healthy cashflow is that
you get paid on time, so look into the payment technology you
use, as well as tools such as invoice factoring. Also, get insight
into your inflows and outflows, as this will help you to map
cashflow and assess your liquidity. Getting a good snapshot
of your business means you'll also discover areas where cost
savings can be made.
New products, new services and innovation
According to Small Business Britain, the single biggest thing
small businesses have done to manage economic upheaval
is to add new revenue streams. The website's recent survey
reveals that 50% of businesses have done it, and that 54% of
small businesses plan on adding further revenue streams in
the coming six months. The site highlights how SMEs can look
at whether they should add a budget range to cater to customers
tightening their belts, or whether it would be wiser to create
a premium range, as it is not just about reducing costs.
Update your tech - or invest in it
Small businesses may find the edge or advantage they're
looking for during harsher times by attempting to reach new
customers through new technology, by trying new platforms to
sell to different audiences, or automating processes, such as
ones that continue to work while you are asleep. Developing
a business strategy that not only allows for but encourages
new ways of thinking and working can create opportunities.
Have a flexible viewpoint
their customers and, because of that, they are often
better placed to anticipate and adapt to changing
needs. It's clear from the experience of the last few
years that challenges can be accompanied by fresh
opportunities. "
With that in mind, here are some savvy ways your
business can navigate the choppy waters ahead...
Be agile - it's your superpower
Larger businesses have greater resources, but they
move slowly. Your small business can move quickly,
filling gaps in the market and meeting new demand
- so get to it.
Start by nurturing your existing customer base.
Improve the experience you offer them and increase
your support to them. Next, ramp up your marketing
efforts. According to the Comrade Digital Marketing
Agency: " Most businesses that stay afloat during
recessions know marketing and advertising deliver
more business. "
You can achieve this by utilising social media
platforms, improving your company's visibility on
digital channels at a low-cost.
" What has become clear to me is that there is no way of
planning for the long term right now, " says Michelle Ovens,
founder of Small Business Britain. " Each time we've thought
a crisis is over, another has arrived. So, rather than allowing
that to knock us off course, I believe we need to chart a way
forward that does not see each setback as a crisis. "
TALENT
ATTRACTION
James Caan says: " You have to make
attracting talent a part of your job,
and you can't only do this when you
have a vacancy. If people are important to your business,
you have to be proactive in looking for them. In my
opinion, SME owners often don't spend enough time
on something that is so critical. I spend 50% of my time
looking for talent for my business. I don't know any
other entrepreneur who allocates so much of their time
to that one activity, yet I'm only as good as my people
- and if I don't have the right people, then I'm never
going to be successful. "
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