Month: September 2020

How to change your Mindset to trade through a recession

Posted on | by Jade Donno

The global pandemic has hit everyone hard, the knock-on effects of which will be ongoing for the years to come. So how do we make it through? How can we keep trading successfully through the recession? While there are many changes and improvements you can make, the most underrated one by far is your mindset. By simply choosing the right mindset, you can not only survive in the recession but you can thrive in it.

How to change your mindset to successfully navigate the recession

It’s very easy to dwell on the doom and gloom when it comes to the current state of the economy, but what does that do? How does that help us to navigate through the recession so that we can come out of it stronger and more successful, and ready for the economic upturn? In short, it doesn’t.

Here are a few ways that you can change your mindset to a more positive one. One that facilitates growth and success in a time where we need it most:

1, Remember that the economy is cyclical

It’s important to remind yourself that the upturn will come. The economy is cyclical. Yes, we are currently in a downward spiral but there’s still business out there. Businesses are still doing business and they are looking for help. That’s an opportunity for you to try and grab some of that opportunity.

Be creative – how else can you offer value? What does your target audience need help with the most?

2. See this as an opportunity to review and improve

It may be difficult to see but the recession is an opportunity to put everything under the microscope and see whether you can do it differently. In some instances, you could even find a way to do things better. This is a massive opportunity for businesses and one that will go as quickly as it has come.

3. Appreciate that recessions are cleansing times

It might not feel like it now, but recessions are cleansing. If you find yourself less busy, is it because you’ve just weeded out the time-wasters? Many businesses have reported that the recession has forced them to focus on what really matters and as a result, they are focusing on their core business and what they are good at. They’ve found that the clients who were producing the most ‘noise’ have gone and they actually have time to focus on tasks that help their business to grow.

4. Reconnect with your “why?”

We’ve been forced to look at our businesses in a different way so re-evaluate. Why are you doing this? What is it that you are doing it for? What does it actually mean? Reconnecting with why you started is a great way to re-ignite the fire. It’s a great way to self-motivate and to start being proactive.

5. Surround yourself with people who support you

The last way to get the right mindset is to appoint a war cabinet. What we mean by this is surround yourself with people that you trust, people who you can lean on and who can advise you to get through this time. If you choose the right people to have around you, who you can vent to and laugh with, and who can lift you up, it’s really easy to choose the right mindset and to make positive changes.

Believe that you can and you will

Mindset is really all about attitude and you can choose it. If you think you can, you can, but if you think you can’t, then you can’t. It really is that powerful.

If you think that you can grow through this recession, you will, not because of magic but because of the decisions you make and all the things that you’ll put in place. So how can you change your mindset during this recession? How can you innovate and offer more value so that you can grow?

If you would like some more advice on changing your mindset please click here to get in touch. 
Or feel free to use our chat box —>

How to get your distractions under control

Posted on | by Jade Donno

How many times are you distracted during an average workday? Once, five times, ten times?

Now, multiple this by 25.

You’ve probably heard this productivity statistic before – that it takes an average of about 25 minutes to return to the task at hand after you’ve been distracted – so imagine just how much time is being lost to distractions every day.

That means distractions don’t just eat up time during that interruption, but they affect your progress afterwards (e.g. that 30 seconds on social media is actually 25 minutes and 30 seconds), so we have to do something about it.

If you need to be contactable via social media and various messaging apps, it may seem an impossible challenge, but here are some tips on how to get the main distractions under control.

For the social media scrollers…ditch your phone and join an online networking group

A lot of us check our social media throughout the day, but there are some that do it frequently enough that it eats into their productivity. So how do you stop this?

The easy fix is to ditch your phone in the day and not have it with you at all. However, if that isn’t possible, consider adding an app on your phone that tracks your usage or limits you from using it for certain apps. Time limits mean you can tell friends and family that you have to spend your time on clients during the day, even if they see that you’re active on any social media channel during the day.

For the web surfers…install an internet blocking tool

It’s so easy to open up a tab and be diverted from a helpful article to a mass of other websites, so how do you knock it off during work hours?

Another easy fix is to install an internet blocking tool on your computer such as FocusMe or Freedom. These applications allow you to block certain websites for set periods of time so that you can still use the internet for work but you can’t get distracted by, for example, news sites.

For the easily distracted…plan a schedule and stick to it

It can be really hard working from home. Having family there is distracting, so many chores are to be done that are on your mind, and that hour for lunch seems to turn into tackling the household “to do” list. If this sounds like you, then you may be the type of person that is easily distracted.

The way to combat this problem is to create a schedule for yourself both for the week and for every day. It can help you see how much you have to get done and it gives you the discipline to sit down and do it. You can be flexible with this, e.g. setting your work hours earlier because you’re more productive, so find your best routine and stick to it.

For the busy fools…collate groups of tasks together

If you feel like you firefight through your days answering emails and phone calls, only to end the day not having done what you wanted, you can end this chaos! Start managing your time by managing your tasks.

What we mean by this is to group similar tasks together. For example, start your day off with a difficult task or dedicate 30 minutes just before lunch to answer all your emails. If you start grouping tasks together, you’ll find your productivity increases because you don’t have to shift your mindset from one task to another all the time.

For the fidgety folk…create a dedicated working space

For the people who can’t seem to sit still, who need to organise their desk every five minutes or who spend too much time gazing into space or at their photos on the wall, usually, we would recommend working from a café. Since this isn’t really possible right now, the next best thing is to create a dedicated working space at home.

Whether that’s in the spare room or in the conservatory, set up a comfortable desk with minimal distractions around you, and preferably, somewhere that has a door that you can close. This will help you to switch on your work mind when you’re in there, and switch off when you leave.

For the bored, overworked or burnt out…take a real break

Last but not least is the overworked. It’s very difficult working from home, especially if you still have your family at home too, so don’t be too hard on yourself. Not being able to concentrate or ‘switch off’ completely can really impact your productivity in the moment and the next day, so give yourself a break.

Make sure to take regular breaks away from your desk every day, go for a walk, and truly switch off at the end of the day so that you can start the next one ready to smash it.

4 ways to recession-proof your business

Posted on | by Jade Donno

Unless you have somehow managed to avoid the headlines, I’m sure you’re quite aware that a deep dark recession is coming our way. In fact, it’s practically knocking on our doors. As if this isn’t bad enough, the knock-on effect is causing issues too; relentless client queries being a big one. So how can we weather the storm as business owners? How can we be one of the ones who come out of it stronger than ever and ready to grow when the economy bounces back?

4 ways to recession-proof your business

1, Change your mindset (and quickly)

Henry Ford said “whether you think you can or you think you can’t, you’re right” and it’s true. If during the recession, you think that you are going to come out of it, then you will. Just make sure to surround yourself with people who support you and reconnect with why you started your business. It will make a positive mindset so much easier.

2. Increase your marketing activity

The temptation is to cut marketing to save on some costs but that will do more harm than good. The recession will show some clients that they aren’t getting the service that they want so how can you expect to win them if you’re not marketing yourself?

Increase your marketing in the right areas. For example, refresh the copy on your website, review your marketing to see what is working the best, send out weekly emails to your clients, call them every month, call prospects who went cold to see how they are doing, and increase your activity on your LinkedIn.

3. Make it easy for your clients to pay little and often

Clients will say they have no money (they are struggling too), but you will find that they do for the right service. If you swap your services for ones that they really need now, they will see you as essential and they will pay for your service. You can also help them in other ways such as switching them over to a direct debit payment method or by giving them a payment holiday on their normal monthly payments.

4. Increase your practice efficiency and reduce your overheads

The best changes that you can make for your business during a recession is to cut your overheads in a way that will increase efficiency. For example, what can be automated or eliminated? Automating certain processes will cost initially but they will increase productivity. The same goes for things like outsourcing and offshoring.

Don’t forget to involve your team in this process. Ask them every week what they think can be improved on and you’ll see that they will have some great ideas.

Another task that you can do which will cut overheads is to get tough with your long-term debtors and low-performers. If you tackle these head-on during the recession, you may find that costs will reduce while efficiency soars.

What does the update from Rishi mean for my business?

Posted on | by Jade Donno

Yesterday the chancellor delivered his Winter Economy Plan to the nation. And whatever the colour of your politics this was good news for small business owners. And many an accountant will be having a cheeky drink or 2 to celebrate the end of ‘Furlough’.

In this blog you will find the key headlines and how they impact your business:

If you want to read the full government documents:

Support for your cash flow

With the deferred VAT and tax payments shortly becoming due, the government has thrown businesses many lifelines. Or as we like to call it, cash flow support.

  • If you deferred your VAT which was due in March – June 2020, you can now choose to repay this in 11 equal instalments over the 2021/22 financial year.
  • The 2 loan schemes, CBILs and Bounce Back Loans now have the option to pay them back over a 10-year period. If you took out a Bounce Back Loan, this could reduce your payments by almost a half.
  • Businesses who took out a Bounce Back Loan also – once they have made 6 payments – have the option of pressing pause on their payments for up to 6 months. This can only be taken once.
  • If you haven’t taken out a CBIL or Bounce Back Loan these schemes have now been extended and will close to new entrants on 30th November 2020.

Extension of the temporary reduced VAT rate for hospitality and tourism businesses

This will now remain at 5% until 31st March 2021.

Help to retain jobs:

The Job Retention Scheme affectionately known as ‘Furloughing’ will still close in October. In its place on the 1st November comes The Job Support Scheme. This scheme will initially run for 6 months. It is very similar to long running schemes in Germany and France.

To qualify for the Job Support Scheme, your employee:

  • Must not be on a redundancy notice
  • Working at least 1/3rd of their normal working hours

And you as their employer must have a UK PAYE scheme in place, a UK bank account and is limited to SMEs or big businesses which can evidence they have been adversely impacted by COVID-19.

Here is how the scheme works… For every normal working hour, the employee doesn’t work, the government pays 1/3rd of their pay, and you the employer must also pay 1/3rd of their pay. The government contribution is capped at £697.92 per month. The employer will be reimbursed by the government in arrears. When we know how to apply to the scheme and submit your claims we will be in touch with further details.

More details of the scheme are here

Help for the self-employed

The self-employed grant scheme will be extended for another 6 months but limited to people already on the scheme. As the saying ‘every little helps’, but the pay outs have been vastly reduced for the extension. There will be 2 more grants. The 1st will be cover November to end of Jan and will cover 20% of average monthly profits. Up to a max. of £1875. We are assuming this will be paid out in Feb 2021. The second grant will cover the period from Feb to the end of April. Amount to be paid up is still to be determined by the government.

More details are here

How to adapt your marketing to turbulent times

Posted on | by Jade Donno

Every business is on a three-step journey: survive, adapt, and thrive. Before COVID-19 hit, many were adapting or had adapted and were thriving, only to be thrown backwards to tread water once it did. With the effects of the pandemic still causing havoc, business owners now need to adapt to move from ‘surviving’ to ‘thriving’ once more. So how do you do that? How does your marketing need to change in turbulent times?

Your clients want to feel supported

One thing is for sure: your clients (and potential clients) are struggling and they have no desire to be sold to.

So what does this mean for you?

While people may not be receptive to the usual marketing efforts and ways of winning business, if you can offer them value and support during this difficult time, you can win some very loyal clients.

Yes, they might not be interested in a pitch, but they’re struggling. Many may be realising that they have been receiving poor service and have been turning to Google and social media to research their needs.

Never before have they been so motivated to do something about these so this is a unique opportunity for you. If you market right, there has never been an easier time to win clients.

Key marketing activities to prioritise right now

  • Invest in ways to quickly update your client base on the changing realities
  • Give your website a COVID-19 refresh
  • Call all of your clients and find out how you can support them
  • Be “there” for them so that you become part of their ‘war cabinet’
  • Help your clients build their strategy to adapt and thrive
  • Reconnect with your old prospects and offer this help
  • Be active on social media and share useful content to boost your credibility
  • Collect the great testimonials that you are receiving throughout the pandemic
  • Plan your clients’ communication and content for the next 1-3 months

Adapt and thrive during the recession

We can all cut costs and budget and prioritise to increase our chances of survival during the recession, but if we want to do more than that, if we want to adapt to the changing times and thrive during the recession, we just need to tweak our marketing.

The recession is an opportunity. It’s a chance to stand out by being credible and being there to support existing clients; it’s a chance to win those clients who are finally realising that they are not getting the type of service that they want. So do that. Use this time to adapt your marketing and you’ll soon see that you start to move from ‘survive’ to ‘thrive’ very quickly.

Re-engaging with and reintroducing furloughed employees

Posted on | by Jade Donno

During this global pandemic approximately 7.5 million employees have been furloughed (more than 1 in 5 of the UK’s workforce) and, for many, this has been for a significant period of time. You may have even furloughed some of your own employees.

For employees that have been furloughed, the challenges of returning to work go beyond struggling to remember passwords, trawling through hundreds of emails to identify the three that are of importance and taking a couple of days to get back into ‘work mode’. It’s not the same as if they have been on holiday for 2 weeks!

For many employees, there will be apprehension around returning to the workplace, a potential loss of confidence in their capabilities, feeling ‘out of the loop’ and adapting back to ‘working life’ as well as possible concerns around working from home or returning to the workplace with child care commitments.    In addition to this, some employees may be feeling resentful at being furloughed whilst others may be experiencing guilt that colleagues worked whilst they did not.  Many will also be fearful of the risk of redundancy.

For businesses to successfully survive this current crisis, great care should be taken when reintroducing furloughed employees back into the workplace, whether remotely or physically coming back to their place of work.  Taking an approach similar to that taken when employees return from a long absence e.g. maternity/paternity leave, long term illness or sabbatical.  Key areas to consider are:

  • Giving sufficient time for the individual to settle in
  • Equip your managers with the tools to support their teams
  • Giving reassurance that their safety and wellbeing are a top priority
  • Creating a new sense of belonging
  • Considering changes to working hours and/or practices

Giving sufficient time for the individual to settle in

It takes on average 3 months for a new joiner to start to feel settled within their new role and whilst it is unlikely to take this long for returning furloughed employees, businesses (and managers) should be prepared for individuals to take a number of weeks to become fully productive and comfortable in their role.  To ease the transition ensure your managers:

  • Regularly check in with the individual, giving the individual the opportunity to discuss their wellbeing and ask questions
  • Set realistic, short term objectives/tasks and singular where possible to give both focus and a sense of accomplishment
  • Ask employees what you can do as an employer and/or manager to make the transition easier
  • Make available training (refresher or new) and where possible, it is in a format that can be easily accessed e.g. eLearning, guides, webinars
  • Consider using annual leave to enable a phased return

Equip your managers with the tools to support their teams

Managers will be key to successfully reintroducing furloughed employees at all levels of your business.  Ensuring managers have access to the right information (from Employee Assistance Programmes to business/department objectives), the right technology to manage teams remotely as well as ensuring they understand flexible working options and have access to HR advice when needed is vital in both supporting their needs and helping them support the needs of their teams.

Giving reassurance that their safety and wellbeing are a top priority

A high number of employees will be apprehensive about returning to the workplace and will need reassurance that their safety and wellbeing is your top priority.  The same applies to individuals working from home.  Ensure you have in place:

  • Suitable levels of PPE supplies (from sanitising gel to high vis vests)
  • Risk Assessments from managing interaction in communal areas to returning to use specialist equipment
  • Health & Safety refresher training (where possible, in formats easily accessible remotely)
  • Information Security refresher training (where possible, in formats easily accessible remotely)
  • Guidance on setting up a suitable working environment at home.  This could be a DSE checklist to more detailed guidance or training
  • Easy access to support services such mental health first aiders, employee assistance programmes and HR teams
  • Social distancing and safety measures are clearly communicated to both employees and customers

Creating a new sense of belonging

Re-engaging employees with the business vision, strategy and values as well as helping them re-establish working relationships help create a feeling of belonging that in turn positively impacts commitment and performance.

Careful consideration of internal communication channels to ensure accessibility as well as content that encourages a sense of belonging is just as important as managers enabling employees to re-establish working relationships with colleagues not only within their immediate team but also across the business.

Providing opportunities to feedback to business leaders on how employees are feeling as well as ensuring those identified as high potentials/future leaders in decision making all create a sense of belonging.

Considering changes to working hours and/or practices

Many employees who have been furloughed have established new routines that may not reflect traditional working hours and businesses may need to adapt to stay successful.  From changing working hours, work locations as well as moving from a time based/presentism mindset to an outcome based approach are all becoming a reality that businesses face.  Things businesses could consider include:

  • Introducing core working hours (e.g. 10:00 – 14:00) and enabling individuals to flex their hours around this
  • Consider rotating furloughed workers in similar roles where returning all employees is not an option
  • Consideration of working from home options, even for roles that are operational (perhaps a day a month to catch up on admin or project work?)
  • Short term working to reintroduce employees to the workplace whilst reducing salary costs
  • Subject to government guidance (still to be issued), part furloughing staff so they return in a limited capacity

The effort placed in ensuring furloughed staff return to an environment that gives them time to re-adjust, provides adequate support, keeps them safe and creates a sense of belonging will impact a business’s bottom line and both business leaders and managers are essential in ensuring success.

Getting Started With Outsourcing: the Insider’s Guide

Posted on | by Jade Donno

Outsourcing is becoming more popular as technology propels the business world forward. And why wouldn’t it? Outsourcing manual, low-value tasks allows business owners to focus on better client service as well as those areas that will actually grow their business and keep them competitive.

While these points are completely valid, some professionals still have their doubts about outsourcing; will this affect the quality of work? Will this go down horribly with my clients?

To help ease these concerns, we’ve put together a quick outsourcing guide.

Top 8 Outsourcing FAQ’s Answered

1, What actually is outsourcing?

Outsourcing is when you decide to ask someone, who is not directly employed by you, to complete some work for your business that is usually done by someone who is employed directly by you.

2. What is the typical turnaround time for an outsourced job?

This depends on the task that you outsource and the agreement that you make with your outsourced provider. However, expect to compromise on turnaround time if you’re paying less.

3. What will outsourcing cost?

The cost of outsourcing depends on what model you choose (for example, you could be charged on a per hour basis or on a per job basis). Don’t forget to also factor in any potential hidden costs, such as the time it takes for your staff to review the work.

4. Will an outsourcer do as good a job as us?

Quality is a big worry for many business owners who are considering outsourcing. Like any job, there are no guarantees that your chosen outsourced provider will do as good a job as your staff, but then on the flip side, there’s also no guarantee that they won’t do a better job. Outsourcing is all about trial and error and doing the due diligence to find the right person. You can then put the necessary processes in place to ensure quality work (with minimal re-work) every time.

5. What due diligence should I do on my potential outsourcer?

Outsourcing your client work is a big decision that shouldn’t be taken lightly so make sure that you do your due diligence. The best outsourcers come recommended, but if you don’t have this, ask them; how they will guarantee the quality of work, where they are located, what office hours they work, the best way to contact them and when, and check things like their quality of English and their workflows.

6. How do I get started with outsourcing?

Take the time to talk to your outsourcer to make sure you are 100% happy with everything before moving forward. If you’re not confident or you’re having doubts, outsource just a few low-value tasks first. This will give you the chance to iron out any kinks at low risk.

7. Which clients’ work should I start to outsource first?

To test your outsourcer, start with ‘easy work’ with low-risk clients. Which clients do you struggle to make a profit on? Which tasks don’t take long to complete? Which tasks do you dread doing? If you choose the clients that, if things go wrong, you won’t jeopardise a strong client relationship, this is a great place to start.

8. Do we need to tell our clients that we are outsourcing their work?

It’s good practice, and in some cases, you are contractually obliged, to tell your clients that their work may be done by your outsourced team. This is especially true if you’re using staff outside of the EU as their data could be processed outside of the EU. You can do this easily by updating your contracts with ‘we may use a carefully selected contractor to complete your work’ and ‘your data could be processed outside of the EU,’ and also mentioning this when you engage with them.

Try outsourcing and see what you think

Interestingly when you talk about outsourcing, it produces a strong reaction – often one of fear. But before you get caught up in emotion, it’s worth taking a step back and thinking about outsourcing more generally.

You need to at least try it (with some low-value tasks) before making a solid decision. It may take some time and trial and error first, but when you find someone who can produce quality work for you consistently, you can free up the time to concentrate on the higher-value tasks; the tasks that will grow your business and ensure that you remain competitive.

How to prevent upwards delegation working remotely

Posted on | by Jade Donno

Do your staff members often come to you with questions or problems that they could potentially work out themselves just by using their initiative? More often than not, do you end up saying “just give it to me and I’ll get it done, it’ll be quicker?”

While it might be quicker to do this one task right now, what you’re actually doing is training your staff to be helpless. You’re training them to come to you when they are stuck instead of taking some time to work it out for themselves. Ultimately, this ends up taking up a lot more of your time.

To stop upwards delegation, especially now that many teams are working remotely, here are some quick tips for remote managers.

number 1

remote working requires more frequent and clear communication, especially when it comes to delegating tasks. Give clear briefs and explain the impact this task has on the work of others to inspire action.

Discussing important tasks or projects directly with your employee will ensure that they can ask any questions and you can address any concerns in real-time. It also allows you to set clear expectations and to have them confirm that they understand.


number 3

Monday.com, Zoom, Slack, What’s App…use virtual tools to communicate quickly and effectively with your whole team. Make sure that everyone has access so that they can see what is assigned to who and how they all relate together.

If an employee has an issue or needs help with a task, take the time to coach them through it. Instead of giving them the answer, ask them questions to help them get to a solution by themselves.

number 4
number 5

It’s a difficult time where everyone is craving some social interaction. Plus, who doesn’t love to be praised for good work? If a team member has done a good job or they’ve picked up a task really quickly or they’ve made a difference to your day, tell them. There’s nothing more powerful than positive reinforcement, especially when it comes to motivation.

‘What would you do if I wasn’t here?’

Stop saying “I’ll do it, it’ll be quicker” and start asking “what would you do if I wasn’t here?” Delegating isn’t an easy thing for most managers to do and it’s even harder when your whole team is working remotely, so don’t put even more pressure on yourself by taking on the tasks of your employees too. It may take some time investment in the immediate, but if you coach them through any issues as they arise, you’ll be training your employees to be innovative workers who will take the initiative.

How to say “no” nicely (and not damage business relationships)

Posted on | by Jade Donno

How to say “no” nicely (and not damage business relationships in the process)

One of the most important things you can learn as a business owner is how to say “no” nicely and not damage any business relationships in the process. Yes, it is possible. Not only is it possible but it is also essential; essential for the health of your business and essential for your sanity!

So how do you say no politely? How do you stop saying yes to things that waste your time, and drain the energy and resources that could be better spent elsewhere?

3 steps to say “no” (nicely)

1, Start by expressing a desire to help

A “no” can be softened if you start with a statement of regret so let them know that you wish you could help. Something like “Thanks for thinking of me. I really wish I was in a position to help/work with you but I’m afraid that…” This shows your good intentions which makes a “no” easier to accept.

Holding hands

2. Blame yourself and explain to them why

woman crossing arms to say no.

In simple terms, you essentially need to tell the person why “it’s not you, it’s me.” You don’t want them to feel bad for asking or for you to come across in a negative light for saying “no” to their request, so make it clear that you can’t say “yes” because of your own limitations. Maybe your focusing on a specific area of work or you don’t have the time to give them the service that you’d want to. Maybe your business just isn’t the right fit for them.

It helps to provide the person with a simple explanation about why you’re saying no, so keep it short and clear. The most important thing here is that they understand why you can’t help them.

3. Point them towards help

Although you’re saying no to someone, you don’t want to damage your reputation or your relationship with them, so try to help them if you can. After all, you expressed your desire to help at the start of your refusal, so put your money where your mouth is.

Can you offer them an alternative person or business who could help? Can you direct them to a specific resource? If you can give them advice or a next step to move forward, they’ll be left feeling very grateful to you rather than disappointed in you.

hand pointing

Start saying “no” the right way

Saying “no” the wrong way or saying “yes” to projects or people you’d rather not…both of these are doing more damage in the long run. To start saying “no” the right way, follow these 3 simple steps: start with a statement of regret, explain why you’re saying no, and end by offering them the help that you can. If you do this then you’re not damaging any business relationships and you’re preserving the essential energy and resources that you need to propel your business forward.

Do you have a scalable business model?

Posted on | by Jade Donno

Nobody starts a business to see it crashing after a couple of years. No one wants their business to stay small forever or to have to throw in the towel when a recession hits. Every business owner wants their business to generate sustainable revenue, one that funds the lifestyle that they want and creates a comfortable future for them. So how do you do this? And how do you know if your business is scalable?

What is a scalable business?

Firstly, to know whether your business is scalable, you need to understand exactly what that means.

To quote Investopedia, scalability is defined by “a company’s ability to grow without being hampered by its structure or available resources when faced with increased production.”

To put it simply, a scalable business is one that can handle and perform well under mounting workload or scope; it is one that can grow through new geographies and markets without falling apart.

Man thinking
measuring tape

How to check you have a scalable business model

With the current Covid-19 recession, if they haven’t already, businesses need to be checking that they have a scalable business model. If they haven’t, then they need to be implementing one.

Here are a few questions that you need to be asking yourself:

1. Is your bottom line growing faster than your top line?

2. If you went on holiday for a month, would your business still grow?

3. Can your current systems/processes/ways of working support your business being twice or 3 times as big?

4. Can your current ways of working produce predictable new client wins?

5. Can your business win work without you being involved?

6. Is there enough of a market place for your firm’s services to scale to the level you want?

If you answered yes to all of these questions, you have a scalable model in place. If you answered no to some or all of these questions then you have a bottleneck that is limiting the growth of your business and you need to address those areas.

Build a scalable business

The difference to surviving the recession and thriving in it is whether you have a scalable business model. There are plenty of fast-growing, cash-burning companies that are going to be vulnerable during this time, but if you have a flexible model in place, then you can not only adapt to the turning tide, but you can also grow comfortably when the economy is on the upturn again.

Here are a few tips on creating a business that can sustain the level of profitability as sales volume grows:

  • Refine the company’s growth trajectory
  • Communicate and enforce a growth culture
  • Define specialist jobs clearly & set and monitor goals
  • Set and monitor goals
  • Hire strategically and invest in technology
  • Streamline processes to boost efficiency
  • Build trusted partnerships
  • Give significant importance to marketing
  • Tactically outsource