Even if you’re back up and running and getting into the swing of things again, your trade business has probably taken a bit of a hit during this time. To help you build it back up and recoup your losses ASAP, we’ve put together five steps you can take below.
1. Get all the assistance you can
There are a few different subsidies and initiatives that have been put in place to help businesses get back on their feet. Make sure you’re taking advantage of as many of these as you possibly can – there’s the wage subsidy, the Small Business Cash Flow Loan, and a few others, so do your research and find out what you’re eligible for.
2. Review your financials
It might not be something you really want to do at the moment, but it’s pretty important. You should take a look at how much you need to recoup and how soon that’s likely to happen – are things building back up quicker or slower than you expected? And how can you manage your overheads with that progression? It’s a good idea to get the pros in to take a look at how you’re tracking and what you’ll need to do to get where you want to be.
3. Look for cutbacks
Once you know the general state of your finances, whether it’s better or worse than you thought, now’s the time to see where you can make changes to reduce your overheads and use your time and supplies more efficiently. Is there a particular supplier who gives you a headache everytime you think about them? If they’re charging too much for a less-than service, or their payments aren’t reliable, maybe it’s time to cut it and look for something of better value.
4. Prepare for next time
Hopefully it’s unlikely that something like COVID-19 will happen again anytime soon, but it’s a good idea to take the time to solidify some learnings should something similar happen again. What did you struggle with this time? What would you have wanted to already have in place to help? It’s about learning from this unprecedented time and preparing your business to weather any similar storms that might happen in the future, such as a recession or an unexpected dry period of work.
5. Keep providing that stellar service
Especially during times like these, clients will be a little more picky about who they’re choosing to give their cash to when they need something done. Make sure you’re getting some good client reviews and testimonials out there, and ask for referrals where you can because, as you know, word of mouth is gold in tradie-land. Keep doing the great work you’re doing and you can’t go wrong!