In the midst of the Coronavirus pandemic, Paul A. Light of Lite Tax produced a compelling whitepaper offering advice for SMBs on how to handle the unfolding crisis.
We believe the insights he provides are relevant to all our Associates, large and small. In a challenging and often confusing economic downturn, expert opinions such as his can make all the difference – advocating for steady-handed leadership, and inspiring confidence that things will be OK in the end.
You can view the full whitepaper on Lite Tax’s website here, and we have summarised some of the key points below. CFAS encourages all our members to take advantage of this free resource, to work towards keeping your brand in the spotlight and build on a solid plan as we emerge from this difficult period.
If you’re not yet a member of the UK’s leading hub for commercial furniture manufacturers, we’d love to talk to you. Discuss the best option for your business today.
The realities of a downturn
Paul tells us what happens in an economic downturn, and explains how different business owners tend to react. Along with each scenario he gives suggestions about the mindset we should adopt to maximise the chances of continued success.
Think about where business is coming from
There is still the opportunity to acquire new clients, alongside reassuring existing ones that you’re here to help. Perhaps you may need to ‘pivot your offer’, and we know many of our Associates have done just this by adapting existing products to be COVID-safe, or creating entirely new ones.
The search for new clients is as important as ever in 2020. Paul advocates for using all the free (or inexpensive) tools at your disposal to help, including referrals, SEO/website content, and social media.
CFAS provides a complete package of social and web services for its members. Learn more about what we offer with our 7 great ways to use social media marketing.
Communication with customers and staff is critical for dissipating fear and uncertainty. Regular meetings are a great way to stay on top of any concerns. Your suppliers and your local market still need you, and your expert opinion can be especially valuable during hard times.
Measure your results
By explaining some key performance indicators (KPIs) for both sales and marketing, Paul hopes that business directors will be able to keep an accurate track of how each of their departments are performing. There is also advice on how to interpret balance sheets, profit and loss, and credit control.
While the option to furlough staff remains, LiteTax actively encourages SMBs to take advantage of the government’s Bounce Back Loan scheme:
He goes on to explain the options around the concept of Limited Liability, and what to do if you find yourself in financial trouble. But he signs off with a message of hope, that CFAS hopes all our Associates will bear in mind:
“If you have steered your organisation through turbulent waters and looked after it financially you are in the best position to look forward. Every depression or recession ends, eventually. You should have a leaner business, be more financially aware and able to spot that golden opportunity that may arise once in your lifetime.”Paul A. Light, Lite Tax Managing Director