MOT your business and save it from COVID-19 collapse
While car MOTs were scrapped during lockdown, taking the same approach with a business could be a mistake that leads to catastrophic consequences. Just as leaving unchecked, unroadworthy vehicles on the road is potentially dangerous, by not taking control of a business and leaving success to chance is a gamble at the best of times, but right now that approach could be the beginning of the end.
A recent survey from Talented Ladies Club, confirmed for the founder, Hannah Martin, that many businesses have simply been ticking over which could make it hard for them to not only survive the waves of coronavirus, but to then thrive on the other side.
The simple, but damaging, mistakes business owners have been making that put them at risk of folding include:
- Misplaced pricing and undercharging
- Resisting change and staying in comfort zones
- Lack of business and marketing plans
- Losing customers by not having an online presence
- Being too generic
- Not tracking expenses
- Social media and sales funnels being under-utilised or not being used at all
Martin said: “I work with female business owners and while coronavirus has had a massive impact on them, they recognise now is not the time to stand back and let their hard work crumble. Our research showed people don’t always treat their business with the same care they give their car but running a simple MOT style checklist can help you get back on track and potentially become more profitable and successful than ever.
She added: “I absolutely understand that now is not the time to be a maverick, but if you stay small and keep safe, things can quickly unravel. It’s vital that customers know you’re still open and going strong, so having a marketing plan, knowing what your sales funnels are and ensuring you have a website that uses the right keywords, will help do this.
She summarised by saying: ‘Whether you’re a coffee shop, graphic designer, yoga studio or baker, treading water right now is not enough if you want to get through 2020. Your time is your most valuable resource, so use it wisely to identify what is missing and if you put that right, you can build a flourishing, profitable business. Squander that time, ignore the warning signs and put your head in the sand, and your business will be gone.”