3 Lockdown opportunities: did you miss them?
With two national lockdowns under your belt, how confident are you feeling about the future?
A recent piece in the Guardian made for tough reading, reporting that:
One in seven UK businesses were on the brink even before lockdown
I’m not here to pretend it hasn’t been a tough ride – with restricted trading and limited footfall, not to mention the numerous government U-turns and endlessly shifting goalposts.
But let’s be honest. If you’re not taking advantage of the opportunities in lockdown to reevaluate and step up into a full leadership role, you’ve got to question whether you’re really the right person to be running your own business.
It’s not all doom and gloom though. Here’s the good news:
Lockdown doesn’t have to mean shutdown
IF you use this time wisely there are some golden opportunities
If you’ve sat tight, hunkered down, and ‘waited for the storm to pass’ you might have missed them.
“I’ve fallen behind. What can I do?”
Now is the time to sit back and reevaluate, to look for ways to do things differently, and most importantly more PROFITABLY.
To focus your thinking and help you move into 2021 in a stronger, more positive position, there are three key areas of opportunity.
Reviewing these NOW could make a huge difference:
In as much detail as possible, take a close look at your costs and overheads. Where are you spending money unnecessarily? You might already be using Xero Budget Manager, but are you making the most of its potential and the financial insight you could gain? I’ve got a whole article on this which you can read here.
Having a really detailed look at your budget and where you’re spending your money allows you to ‘shave here and there’. You can identify small savings that may seem like inconsequential amounts, but they really do add up over the course of the year.
It’s not all about the money! Time is a valuable resource too, which can make a huge difference to your work/life balance. Have you looked at automation to get your day-to-day functions running like clockwork and allow you to focus on growing the business? Do you have the right headcount to fulfil the needs of your business, and what other technology solutions are there?
Xero has some brilliant time-saving apps that you can take advantage of, including:
Hubdoc – makes it easy to store your receipts, statements and invoices securely on the cloud. Linking Hubdoc to Xero will give you a seamless way to reconcile your banking and financial documentation.
Bank feeds – allows your banking activity to automatically feed into Xero. This means your bank and Xero work together, sending the statement data over a secure connection directly into your Xero organisation reducing the need for cross-checking and manual inputting.
Bank Rules – makes reconciling your bank so much easier and is perfect for everyday transactions that you wouldn’t enter as an invoice – such as payroll, bank charges, loan repayments or dividends – but that you still need to log and file in your accounts.
Take a step back and look at your business as a whole – who does what? Is it profitable? What could you do that could work better? And crucially, are you working in the best way to support your business growth?
It’s not always about laying off staff; it’s about utilising their skills in the best possible way to make your business more profitable.
If your finance team is bogged down with doing reconciliation, they can’t be working on your budget and feeding back to you ways in which you could be managing your money better. Wouldn’t their time and expertise be better employed doing something like that, rather than scanning receipts?
There’s a lot to think about, we’re here to help
Whether it’s crunch time or the beginning of an exciting new chapter for your business we’re here to support you.
Get in touch today >> Book a free consultation