The world economic scenario is not favorable for many companies, especially for small and medium-sized businesses that are facing a crisis related to the Covid-19 pandemic.
Thinking about it, we’ve separated 10 valuable tips for your company to overcome the financial crisis of this moment. Follow us!
1. Make a diagnosis of your company
To deal with this moment of uncertainty with the current scenario, the best thing to do – first of all – is to make a complete diagnosis of your company’s situation.
Take a good look at your cash flow, all expenses and income. This diagnosis will allow you to reduce some expenses and save on others, to increase your income in this more delicate financial period.
2. Reduce your expenses
After having analyzed and diagnosed your company, the time has come to make choices and prioritize what is essential for your company.
Saving resources (water and electricity), office supplies, papers, and signatures, among others, can enter your cost reduction list to help balance your company’s finances.
This can be discussed and aligned with your team to avoid unnecessary expenses and cut your expenses.
3. Separate personal accounts from company expenses
Another important lesson that we have to learn at this point is to separate personal accounts from company accounts. If you don’t have this habit, it is necessary to reflect and start applying it in your daily life, as this is a factor that may have left your company in the red.
This can be solved with the separation of a fixed amount for the partner or owner of the business to withdraw every month, known as pro-labor. By doing this, you guarantee the health of your business and can invest the profit of the business in your company.
4. Apply for credit only as a last resort
At this time, many banks are offering credit for entrepreneurs to use to stabilize their businesses. This is a point that the entrepreneur needs to be very attentive to and not fall into an even worse situation for the company.
Think hard and only apply for credit for your company as a last resort!
5. Renegotiate your debts
If you have outstanding debts and installments due, try to renegotiate terms so that you can pay off the debt with more tranquility, in a way that everyone wins.
It is very important not to miss the due date, as interest and fines can make your situation even more difficult, talk and renegotiate.
6. Seek support from your team
This is a time for calm and reflection, and new ideas and support are always welcome. Always talk to your team and motivate them, also seek commitment, greater productivity and results for the company. Your team can help you get through this moment.
7. Prepare an emergency strategic plan
If you still don’t have a strategic and financial plan for your company, this is the time to do it.
Planning will guide your company into the future and help you get through this crisis. If you have difficulties doing business financial planning, enlist the help of a consultant.
8. Set real goals and meet them
To get out of the crisis, you need to see new opportunities and set goals that you can actually meet.
Goals can be discussed by you and your team.
To meet the goals you must define them very well, map the actions to follow in the plan, create a schedule, define those responsible for each action, and record and monitor.
9. Identify your competitive edge
In difficult times, opportunities to reinvent yourself are also born. Analyze the market very well and identify what is the differential of your company that can generate value for customers and prospects.
The competitive differential is that service or product that your competitors do not have or that your product has higher quality and benefits. Disclose your differentials and use in favor of your company.
10. Prospect, new customers and partners,
Plan to prospect new customers, with great care in the communication of course, and explore opportunities.
Prospecting aims to identify the potential customers of a business and qualify them to sell to them, such as improving the communication of your business on the internet, building a visual identity, making a website, and having a commercial page on social networks, producing content, among others.
These tips can help you reach your prospects effectively and reliably.