COVID-19 Will Continue To Test Small Businesses—Here’s How To Respond
Almost every business, regardless of size, has had to make adjustments to cope with the new realities accompanying the pandemic. The near-universal pivot to remote work, government-mandated stay-at-home orders, and ongoing health concerns have created a business environment that looks, for all intents and purposes, dramatically different than it did just months ago. Yet this is exactly the type of environment in which entrepreneurs thrive.
Your creativity, willingness to embrace risk, and ability to spot opportunity where others can’t are what allowed you to start a business in the first place, and those same attributes will serve you well as you seek ways to adapt in the months and years ahead. Your business may be struggling now, but by relying on the traits and instincts that got you to this point, you can keep moving forward. Plus, there are plenty of proven strategies you can deploy to continue to create value, even when your resources are stretched thin. Here are five:
1. Refine your marketing strategy and increase your focus on digital tactics.
If the pandemic has taught us anything, it’s that we’re more reliant than ever on modern technology. Even if you’re not positioned to make substantial investments in new tools, you should constantly evaluate the digital strategies and technologies you already use, and now is the perfect time to do so in preparation for “the next normal.” Owen Loft, cofounder of Socium Media, recommends that companies take this time to optimize what’s working and explore new ideas.
Post-Lockdown - Covid 19 Contingency Planning
The last 6 weeks have been incredibly challenging for everyone and whilst it seems that the whole world is standing still, there are so many people working to keep the “cogs” turning. Working in the property sector, specifically Lettings & Property Management I observe & listen - that’s why this “people focused” industry fascinates and drives me, because fundamentally whilst it may be a property centric industry, it really is about relationships.
Apart from when I couldn’t work, myself and my team have spent every day speaking to our clients - Lauren and I spent 3 days calling everyone just to check in on them, sharing experiences & stories about lockdown.
What have the last 5 weeks taught Us?
When there’s not a lot to do, apart from rest (talking about myself), the mind goes into overdrive and Covid-19 has given us a huge amount to think about. When the good times are in abundance, no one really gives it a second thought but it’s crisis, tragedy, anguish, pain that truly bring us together. We have nothing to compare this situation, all we can do is refer back to historical events. I read somewhere at the beginning of the pandemic that the virus does not discriminate. However, bear in mind that not everyone is in a position of privilege, and some have been more affected than others.
Looking Back, Looking Forward
2019 has not been that straightforward as far as the PRS is concerned, yet most letting agents & property managers have held their nerve, with clear business objectives and focus.
The start of the year was filled with apprehension about what the Tenant Fees Act 2019 would look like; how would business plans and models change? How would the legislation impact the bottom line? Would businesses thrive and survive or flounder? The key elements that came out of the guidance put in place a “transitionary period” that allowed fees to be charged for pre-existing tenancies until 31st May 2020, ensuring the holding deposit is enshrined in law, removing references to “professional” cleaning of any kind and gardening, caps on deposits and therefore the need to refund surplus amounts. Not only did agencies need to consider the financial elements, there was also process to fact into these changes. Ensuring that the law is implemented correctly sits with the agent, this has been done with a great deal of professionalism and expertise.