Tips For Managing Your Business During These Uncertain Times

As COVID-19 continues to unfold and shape the way we approach business, we’ve put together some tips on how to streamline your business during this time.

Small Business Loans

If you are a small business who has been impacted by the coronavirus you may qualify for temporary funding for the government. They have recently released a series of measures to support small businesses and those with employees during the coronavirus.

Here’s a quick overview of funding resources which are currently being made available:

  • Support For Business Disruptions: Businesses that have fewer than 250 employees, will receive coverage for up to 2 weeks of statutory sick pay for an employee, who is unable to work because of COVID-19.
  • Busines Rates Relief (England): All leisure, hospitality, and retail businesses will be eligible to receive a business rates retail holiday for the tax year from 2020 to 2021.
  • Coronavirus Business Interruption Loan Scheme: Planned to support businesses who will need to withdraw loans. More details are set to be released next week.
  • Small Business Grants: Grants available for up to £10,000 for any small businesses that receives small business rate relief or rural rate relief.

To learn more about whether you qualify for this funding, when it will become available, and to check the latest updates as the situation continues to unfold read the COVID-19: Support for Business guidelines here.

How to Seamlessly Handle Cancellations

Whether you need to self-isolate or you’re social-distancing within your business to help slow the spread of the coronavirus it’s important to be clear and communicate with customers if you need to cancel. 

Clear communication keeps customers informed so they know the reason why you are cancelling. This builds trust and ensures that everyone is on the same page about the status of the projects.

Deferring Projects 

Instead of cancelling you may also need to defer projects for the meantime or until after a 14-day period of self-isolation. Similar to cancelling with customers the key here is to clearly communicate the reason you are deferring the project. This keeps everyone informed so that customers aren’t left wondering if you will need additional time to before the work is complete.

Projects to Focus on if Business is Slow

If incoming projects slow down, there are still plenty of actions you can focus on for your business. 

Here are some top projects to focus on if leads are quiet:

  • Update your Bidvine profile – this is a great time to upload recent pictures, update your description, ensure your insurance documents are current, and tend to general housekeeping for your profile.
  • Tidy up your books – organise receipts and financial information in a clear way to simplify filing your returns during tax season.
  • Expand your business to online services – with more customers focused on self-isolation and social-distancing this could be a great time to see if your business is a good fit for remote services. Learn more about that here.
  • Set up or refresh your website – have a website outside of your Bidvine profile that could do with an update? Now is the perfect time to get your online branding looking its best. You can even support a fellow local professional by hiring a web designer.
  • Re-organise your home office – when business is busy it can be hard to find time to keep your home office looking its best. Take time now to re-organise so you can stay productive and focused.

Take Advantage of Special Offers

We know that now, more than ever, every little bit helps. If you have yet to create a Tide business account, with our special offer you can create one for free and get £40 in your account plus £40 in Bidvine credit. Terms and conditions apply. Learn more here.

Featured Image