At the moment the news has been taken over by the coronavirus: big events being cancelled and the possibility of having to self-isolate (at the time of writing). They’ve even cancelled the St Patrick’s Day Parade!
Of course the coronavirus is likely to impact on your business in some way. But it isn’t all doom and gloom – you can do something about it! You could make some use of this enforced downtime.
Hi, I’m Anna Goodwin – Author of five books, Director, Mentor, and Trainer for Anna Goodwin Accountancy.
Basically, I take the stress out of finances – both business and personal. From running my own business and helping others to run theirs, I know it’s important to not panic and plan ahead.
There may be additional time when you are at home; you may have to self-isolate because of where you have been and with whom. Could you use this time to work on your business and thereby turn a negative into a positive? There are always plenty of items on my list where extra time would be appreciated! Maybe your list is the same?
If you consider the situation we have at the moment, fewer people are happy to go out and buy. So it’s a good idea to be proactive and look at your online shop window – how does your website look? Are your social media pages attractive and are your posts engaging?
There are many special days in the year, and many are coming up soon, such as Mothering Sunday, St Patrick’s Day, Easter,and Bank Holidays. Why not think about using these as a theme for your business?
Possible ways to utilise special days in the year:
- A Storytelling day
- Offer on themed merchandise – for St Patrick’s it could be all green items
- Offer on food items – maybe again any green items
- You could hold a raffle or draw
- Maybe you could work with another business to promote each other, say a bookshop and a Café
Could you take account of all the special days coming up and plan to do something on each one?
Why is planning important?
- Plan ahead for each of the days you are going to feature so that you know you have the time to work on the website and social media posts, as well as to make sure that everything is in place. If you are subcontracting, you will need to plan to give your contractors everything they need to get things sorted in time.
- You need to know that you have enough income coming in to cover the online advertising and any other costs.
- It’s important to know exactly when the posts are going out so that you can assess their effectivenesss.
- Once you have the results of your campaign then use these to plan what you will do differently in the future.
In my latest book, Your Business Your Numbers, the seventh chapter is all about budgeting – how to do it and why it is important. I believe this is crucial to being successful in business as you plan not only the forthcoming events but also the predicted costs and income attached to them.
So, give some thought now to your own work/business. How can you take advantage of the special days that are coming up? Many opportunities do not rely on face to face contact, so can still be run, whatever happens in the next few weeks.
Of course, coronavirus may have a big impact on your business and the way it runs. Again, it is important to have a contingency plan. You may need to reassess your budgets. Many banks are offering to help businesses through these difficult times. Think about ways you could be affected by the coronavirus and plan accordingly.
Next week, I will concentrate on work, life balance as we spring forward.
Do you want to stay in control of your finances? Why not join my online group? I also offer 121 Mentoring and Accountancy services.