It’s been a tough year for most businesses, with many sectors having to adapt to survive. So how do you futureproof your organisation in the most challenging of circumstances?
Valda Goodfellow, who heads up Peterleebased luxury tableware company, Goodfellow
& Goodfellow, supplies some of the country’s
top chefs – working in an industry which has
been particularly badly hit.
She’s been sharing with her customers some
much-needed advice on how to stay ahead of the
game.
Here are her ten tips for business survival…
1. It’s too easy to wait around and hope things
will get better. My advice to everyone, regardless
of what industry you’re in, is to act now.
2. Don’t expect to return to the same world
we once knew when the pandemic is behind
us. Things are already changing, particularly in
hospitality so read everything you can about
what is going on in your sector – knowledge is
power.
3. Be creative and adapt to what the market
needs now. Think outside the box about what
you do. Look at what other people have done
successfully, even if they are in a different sector.
4. A strong digital presence is life’s blood. It’s
the way to reach old and new customers and to
keep you front of mind. If you don’t have one, use
this time to sort it.
5. If you’re not in touch with your customers,
then there’s plenty of other businesses which
would be only too happy to make contact with
them. Do this whatever way you can – but once
again social media is the key.
6. It’s tempting when times are hard to cut
back on marketing – but the truth is you need
marketing to survive. Customers needs to know/
want your product or service and you need to be
able to communicate with them.
7. Obviously cash is crucial to survival. If you
haven’t cut every cost you can by now, you must
have enough spare cash to see you through. Be
ruthless on cutting/renegotiating costs now. The
hardest decision to make is about staff. As hard
as it sounds, it is better to save some jobs rather
than lose all of them. When times get better you
can re-employ.
8. Check how/if technology can help you.
Not just in a digital presence but in how your
customers can order, communicate and pay. Cash
is becoming almost obsolete, so you need to
offer a range of alternatives. Don’t be so afraid of
technology that your business is left behind.
9. Dig deep. This period has broken so many
people. Recognise how hard it is and don’t let
pride or stress push you into the wrong decisions.
You are the resilience of your business.
10. If you need help, don’t be too proud to ask
for it.