Finding a Focus If Business Slows Down

The global spread of coronavirus COVID-19 unfortunately means that a lot of businesses are suffering right now. For some, there’s less work and less money, but possibly more time to spare. It’s a situation which has rendered many with a sense of helplessness. So what can be done?

Organise your business finances

Despite being a core part of any operation, organising the finances into some sort of structure often takes a back seat. Take a big deep breath, and review your existing systems, such as bookkeeping, payroll, or expense management.

It might be that a system sort-of, kinda, developed as you did, but seems chaotic to anyone else. More commonly, businesses tend to outgrow the accounting solutions that they started out with.

Cloud-based bookkeeping software (yes, like Pandle!) is very scalable, and can grow with a business. When doing your research, look out for features which are included, such as tools for project financial management, on-board invoicing and quotes, and other tricks to lighten the manual workload.

Plan out your marketing

It seems logical to neglect promoting the business if you’re too busy with everything else – looking at you, sole traders! And, in a crisis it’s often the first thing to fall by the wayside. But, and we can’t say this often enough, marketing your business grows your business. If you fall off the radar, it’s very difficult to get back on.  If you have some time on your hands, consider your marketing strategy for the future.

Personal development

While it’s useful to seize this time to cross-off any overlooked jobs, it’s also important not to overwhelm ourselves. Stress levels are high right now and it’s hard to stay healthy when isolating – physically and mentally.

If nothing else, take some time to yourself and spend it doing something relaxing that you enjoy. If you can manage productive business tasks too, that’s a bonus. Productivity is much easier to achieve if your head is in the right place.

Has business gone quiet for you? How are you spending your time these days? Let us know your thoughts below.