How to Pivot Your Business During the Coronavirus Crisis
We’re all probably deep into Coronavirus crisis mode within our respective companies, but business doesn’t need to slow to a halt. There are countless opportunities available that come with a change in our behaviour. More people are online than ever before, so online services are due to see a vast rise in users. But, if you’re still looking blankly at your screen wondering what the hell do I do now? The answer is simple, pivot your business to seize opportunities.
Mind over Matter
When it comes to the Coronavirus you have to expect your teammate will be off sick. Mind over matter doesn’t mean they should carry on as normal and fight through illness to get the job done. It means business owners should seek to inspire others in the team to keep the ship sailing. Even take on responsibilities of their own and get stuck in with the hard work.
Alongside the workload we should all shift our thinking from our traditional structures. Think about alternatives to your standard offerings. Could you put your events online? There are discussions within the movie industry to make new releases instantly available for those who are quarantined at home, to combat the pushback of Blockbuster movies.
Every industry is switching up the standard offerings. Fast food delivery services like Deliveroo and JustEat announced no-contact drop-offs to avoid the human-interaction involved with home deliveries. This doesn’t mean we should just wait and see what the bigger companies are pushing towards, as no-one knows what will be the proven course of action or the outlook we’re expecting at the end of the Coronavirus outbreak. It’s best to plan, pivot and action.
Government Relief Measures
Over the coming weeks and months we’ll see a lot of new procedures put in place to support business owners throughout COVID-19. During the 2020 Budget the government announced small business grant funding. This will “provide £3,000 to around 700,000 business currently eligible for SBRR or Rural Rate Relief, to help meet their ongoing business costs”.
They also increased the retail discount available to eligible properties with a rateable value of less than £51,000 from one third to 50% for 2020/21.
Within these temporary measures we will see:
An Increase in the lbel of retail discount to 100% for eligible retail.
Expanding the retail discount to include hospitality and leisure properties, with a rateable value of less than £51,000 such as museums, theatres and gyms
An Increase the level of the pubs discount to £5000 for pubs with a rateable value of less than £100,000
It’s more than likely we will see an increase in support for all businesses by the government, so it’s best to say up-to-date by keeping a close eye on all official announcements as your company could be eligible for essential services made available.
With these measures put in place, you can create a window of opportunity for your company to adjust. If you need more information, we are running a FREE webinar to help businesses get through the crisis that is the coronavirus.