As high street, hospitality and retail businesses finally start to re-open their doors, we share advice on how to help business clients thrive.
As we approach a long-awaited summer, local businesses, retail and hospitality venues are at last beginning to open their doors again.
The coronavirus pandemic hit many local businesses particularly hard, but since lockdown measures were eased on 12th April, venues with outdoor spaces and non-essential retail have been booming.
However, and especially as this has been the end of the third national lockdown, many are feeling uncertain about the future. As we slowly ease back into life outside of lockdown, how can accountants support their clients during this tricky time?
Look at the glass half full
Focusing on what you can do rather than what you can’t will help your businesses stay ahead of the competition. Arcus Taxpert Andrew Cross says; “Think about making the most of what you’ve got such as re-vamping outdoor spaces or putting a fresh coat of paint on your shopfront. These things needn’t necessarily cost a lot of money but help customers notice you.”
“There’s this huge pent up demand from people which can be tapped into now. Many are keen to shop and support local businesses so make the most of their goodwill towards you.”
Talk to your customers
Most successful businesses strategies start with communication. It’s worth taking the time to talk to your customers about what’s going on for them. In something like a pandemic, nobody has come through unscathed and people are looking for a more personal approach from local businesses. Building relationships can help you understand how your customers’ needs might have changed. Think about what products and services you could offer them in future if you don’t already.
It’s also a good idea to review your marketing and social media channels to let clients know that you’re still here and open for business.
Use your technology
For some business, the challenges of furlough, lost teams and financial struggles remain; with some small businesses owners having to completely empty their bank accounts during the pandemic.
“To get back up and running isn’t always as easy as just opening doors. Businesses have to restock, they’ve got to make sure they’ve got the staff on hand, and to do that costs money,” says Andrew.
To stay on top of cashflow, some owners might consider implementing a cloud based accounting system such as Xero to help give them live data throughout the entire process.
“The biggest thing we like about being 100% cloud-based is that it’s live data – it’s giving business owners their financials on a weekly or monthly basis to see how they’ve performed. Are profits being made? How far away are they? What margins are they currently making?”
Being able to give live information, assistance and vision on what the business is doing will support them as they return to a more normal way of operating.
“Covid itself is a live situation, it’s changing constantly. Things are opening up, things are closing down and restrictions are changing. Business owners are having to adapt to those changes each and every time.”
To find out how Arcus can help your business survive and thrive by gaining control of your costs, call us on 01572 770552 or get in touch @arcusrutland.