From pivoting to undergoing a digital revolution – Why SMEs are AMAZING
- Business Rescue Business Growth
- Comments: 0
We’ve certainly had a tough time lately. However, there’s light at the end of the tunnel as businesses start to reopen. There’s also some good news for the manufacturing industry, with the announcement that Nissan’s car making operations will be centred on its Sutherland plant. But it’s in the small business community that we’ve seen some of the most positive stories. In particular, the way owners have responded to the crisis and pivoted their businesses. This blog celebrates the butcher, the baker, the candlestick maker, the small manufacturer – the small businesses that are the backbone of the UK economy. Here at Be Rescued, we salute you – small businesses are simply AMAZING.
Small business success stories
1. Diversifying for the good of the community
From the beginning of the crisis we’ve seen an outpouring of offers of help from the business community. Gtech have gone from producing vacuums to designing ventilators. The Mulberry team in Somerset, known for creating must-have designer handbags and jewellery, have turned production over to making PPE for care workers around the UK. Small businesses have also answered the call for help, supporting communities on their doorstep and beyond.
Pubs and restaurants have turned to producing meals for those who are shielding, including the elderly and the most vulnerable. Local food suppliers, including bakeries and market stall traders, have started food deliveries. A great help for those who can’t get out to the supermarket or access the much in demand online delivery services.
In Norfolk, the home of Be Rescued, distilleries have switched production from spirits to hand sanitizer. You can read all about this small business good news story in the Eastern Daily Press: https://www.edp24.co.uk/business/bullards-norwich-gin-maker-starts-making-hand-sanitiser-to-battle-coronavirus-1-6563735.
A big shout out to the Downham Tandoori restaurant, who cooked up meals for staff at Queen Elizabeth Hospital in King’s Lynn after receiving community donations.
There’s so much goodwill out there from businesses big and small, it really does warm the cockles!
2. Pivoting for business success
Pivoting could well be the word of 2020 for business. In the face of the crisis, many businesses have pivoted successfully by adapting the products and services they offer, and the way they deliver them.
From restaurants offering takeaways to yoga classes moving online, by changing the mode of delivery to the customer, some businesses have been able to continue to trade with some even thriving.
A Staffordshire-based fruit farm has opened a new ‘Strawberry Drive Thru’, selling a variety of produce and locally made cakes, making it possible for customers to pay without having to leave their cars.
If you are a small business that would benefit from some advice during this difficult time, please do get in touch. Whether you’ve financial worries or would appreciate a second opinion on your pivoting idea, Be Rescued are here to help.
3. Start-up stories
We’re seeing so much creativity at the moment, in particular in the arts, where musicians are coming together to make music we can all enjoy online. There’s also a lot of creativity in the small business community, with firms coming up with inspired solutions to help them weather the storm.
Now might not seem like the obvious time to start a business. However, lots of people are taking the plunge and launching start-ups. Starting now is not as risky as it seems. During previous financial downturns some big names, including Disney (1923), Microsoft (1975), and Twitter (2006), launched and built successful companies.
From employees on furlough to students and the semi-retired, the advent of lockdown has meant that we have more time on our hands to explore new business ideas. Perhaps you have a passion or a hobby you would like to turn into a business. Similarly, some business owners may want to explore a new venture.
Whatever type of business you want to launch they all have one thing in common. The key to success is planning. You need to do your research. In a nutshell you need to know who your target customer is and what problems your business will solve for them. You need to know your finances – especially your bottom line.
You can borrow up to £25,000 through the government backed Start Up Loan scheme (see https://www.startuploans.co.uk/). It goes without saying that this is a loan, so just think carefully before taking on a financial commitment during this time.
There’s plenty of help and support out there for small businesses, with advice on key areas such as how to manage accounts and social media marketing . At Be Rescued we help start-ups with financial and business planning. We’d love to be part of your start-up journey, give us a call for a chat to find out how we can help.
4. Working on your business and looking to the future
For some businesses it looks as if working from home is here to stay for the foreseeable future. There are benefits to homeworking: no long commute, much better for the environment with fewer car journeys, flexible working, more quality time with family and our furry friends. Our cats and dogs are happier than ever with the extra attention they’ve been getting lately.
Small business owners across the UK are showing just how resilient they are. One of the many reasons we love small businesses so much at Be Rescued. With more time available owners are working on, rather than in, their businesses. If you’ve ever thought “I would do things differently if I could start my business again.” Now could be the time to make some changes that could help you come out of the crisis stronger.
You can look at everything from your business plan to your marketing strategy and financials. This is the opportunity to revise your plans and look at how your business can be adapted for now and the future. If you need a helping (virtual) hand give Be Rescued a shout, business planning is what we do.
5. Businesses reopening
The good news is that businesses are starting to reopen. Markets opened at the beginning of the month, with non-essential shops opening today (15th June). The economy is gradually unlocking.
Small businesses are rising to the challenge, with those that can open preparing to do so safely in accordance with government Health & Safety guidelines.
For more information on how you can work safely please see government guidance https://www.gov.uk/guidance/working-safely-during-coronavirus-covid-19.
6. Embracing the digital revolution
The coronavirus has accelerated the digital revolution. From schools holding online classes to a huge increase in the number of us homeworking, we’ve all had to learn new tech and change the way we work.
For many small businesses owners, the speed at which they’ve had to convert to digital has been a challenge, but they’ve done it. Moving online has brought benefits for many businesses which will stand them in good stead for the future.
Prior to the easing of lockdown, some garden centres moved to selling online and doing click and collect. They are now in a stronger position as customers can buy from them online as well as in their physical shop. Similarly, by converting to delivering online courses, training providers can continue to operate now, and can offer both digital and face-to-face training in the future, making them more robust.
We’ve all mastered the art of the video call (okay, so we’re nearly there!). This could change the way we work forever, reducing the need for travel. Small businesses can offer clients a more convenient and time-saving way of meeting. Less travel also has a positive effect on the environment. Going digital has huge benefits.
7. Incredible small business support
The way the small business community has rallied to help other businesses is so inspiring. From digital marketing agencies offering webinars to help small business owners develop digital skills to wellbeing specialists providing much needed advice on mental health.
This is a strange and difficult time. The way we live and work has changed dramatically and quickly. If you need business support or help with your mental health, please ask for it. There is help out there and here is a handy link from Mind on where to start https://www.mind.org.uk/information-support/guides-to-support-and-services/seeking-help-for-a-mental-health-problem/where-to-start/.
As small business owners, it can be a bit lonely at the best of times, especially if you run a micro-business. It will be a while yet before we can meet in person at business events. However, there are lots of online networking opportunities. Check out your local networking groups to see if they have online sessions. Meeting online with other business owners is a great way of building a support network and marketing your business.
Be Rescued are here for the good times and the bad. If you need any business advice, do give us a call. We are turnaround specialists and can help you find a way forward for your business.
8. Goodwill towards small businesses
There is nearly always a silver lining. For small business owners the really positive thing is the amount of goodwill that has been shown towards small businesses over recent months.
Where possible, customers have continued to support their favourite businesses. Whether it’s ordering from the new takeaway menu at their local restaurant or using their butcher’s home delivery service.
One of the best ideas to emerge is ‘paying it forward.’ For those businesses who can’t operate right now, customers can buy a voucher they can use in the future. This helps inject vital cashflow into the business.
If you need help with your finances, you can find out what support is available for your business here: https://www.gov.uk/government/collections/financial-support-for-businesses-during-coronavirus-covid-19
9. Making the most of opportunities
It might be a cliché but it’s true in some cases that when one door closes, another one opens. Take this example. After weeks of lockdown and gorgeous, hot, sunny weather, Boris Johnson announced that up to six people could meet in gardens. Then literally two days later it started to rain and kept on raining.
An opportunity arose. People want to see friends and family and have to meet outside. Businesses that sell waterproof marquees, allowing for social distancing, can generate sales at this time. It’s also a good opportunity for small businesses that sell garden furniture and equipment. Sales of barbeques and BBQ food will also increase.
Small businesses are well placed to make the most of any opportunities. Look to see if you can provide something that people need right now.
We love small businesses
The really great thing is that despite everything lots of small businesses are managing to keep going by repurposing. Small business owners are showing great resilience, working on their businesses, and looking to the future. The small business community is helping other business owners get through this time by offering a helping hand. Just a few of the many reasons we love small businesses. Hope you are getting through this okay. We’re here to help if you need us.
Take care and stay safe.
The Be Rescued team