How do you want YOUR business to look 'on the other side'?

Here at Whitewed, I work with engaged couples, wedding venues and suppliers alike, and 13 years in the industry and many thousands of contacts means I have a true and realistic view into how both sides of the industry are performing, coping and developing.  What their challenges and wins are, and how businesses within this industry run successfully.

In our lifetimes, we have never experienced a business rollercoaster like the one we're all on now, and I believe that the world 'on the other side' will be a very different place. That's because so many of us will have to make changes for our business to survive. Crucially, however, we will also want to make changes to create a business in which we want to work on, and grow, going forwards.

There's no two ways about it, it's been a scary time.  It's upsetting.  It's unsettling.

I think this chart is really apt right now – I believe we’ve passed through 'Shock' and 'Desperation' stages, and now we’re at 'Evaluation' ready to jump to 'Deliberate Action'!

Many of us will have wanted to bury our heads in the sand.  Many will want to take a back seat and 'just see what happens'.  But it's those that take action now that will be in the best position when the new 'normal' commences and the surge that follows arrives.

Whilst times are uncertain, the things we can control are our thoughts and the resulting actions that we take.

It's important to push through the negative and start to think ahead.  Never will this opportunity come again; our 'normal' day to day task list has been removed and we have the time to stop, reassess and establish what works financially, and what's important to you.

If you think back prior to lockdown (it feels like another lifetime!), it was normal to become rushed, bogged down and work 'in' the business rather than 'on it'.  Working 'in' the business is such a vicious circle and it's very easy for your business to head in a direction that you did not envisage in the beginning.  It's easy to miss opportunities to grow and earn.  It's easy to become tired and worn down, and just go through the motions and lose your passion - all because you're too busy with the mundane and you've forgotten why you started your business in the first place.

I like the analogy that 80% of your business is bread and butter, and 20% is the cream - and the 20% is what keeps you passionate about your business and enjoying your job role within it.  

To a point, you want to do the things that you enjoy and not get bogged down – and there’s nothing wrong with that.  It's about reassessing what you originally wanted your business to be, and what your business has actually become - do the two align?  Are you happy with where things are, and if not, now is the time to change it.

So, how do you want YOUR business to look 'on the other side'?

I recommend that you allocate time now, time that won't come again, and seriously consider the following:

• What excites you about your business?  Where does your passion lie and are you doing enough of the tasks you love within your business to keep the passion going?

• Is your skill set being used properly, or does it need updating?  Should you be researching training and upping your skills during this downtime?  Perhaps a social media course, or business accounting to enable you to make your business more attractive and profitable

• Do you need help / assistance to free up your time day to day, or for certain tasks?  Should you consider training a colleague or freelancer in certain tasks? This could enable you to delegate and buy you time to bring more money in

• Should you be looking to branch out / offer different services / products / packages?  What low-cost, high-value services could you develop that will be attractive to prospective clients when we re-open for business properly?

• Are you earning enough? Are you making a profit?  Do you have an up-to-date profit and loss, and cash flow forecast? Have you fully analysed them and created a financial plan that's realistic in these times, and also holds a Plan B as a 'just in case'?  Can you clearly see where the gaps are, and have you considered how you can fill them with new clients / products / services?

• Are you working the hours that suit you? Are you working to live or living to work?

• Are you letting your clients manage you, or are you managing your clients?  Do you need to review your service expectations to ensure that your clients get the best from you, but you dictate how and when?

Overall, whilst you have a big responsibility to your clients and your colleagues, ultimately your business should be what YOU want it to be. This is an opportunity to 'relaunch' rather than just do everything in the same way that you've always done!

For some, it's time for the doors to close. That may be a personal response or a financial one, but whatever you do to, and with, your business during this time, it's your decision, your prerogative and if you play a fair and considerate game, nobody will think badly of you.

It might feel scary, out of your comfort zone, and there will be many decisions that you have to make that you won't want to - but don't go into hibernation, hope for the best and ignore it - take action - I promise you, you will thank yourself 'on the other side'.

Ultimately, you want to re-open in the best situation possible.  With a clear understanding of your finances, your products and services, and with a plan of attack: Fail to Plan, Plan to Fail.

Stay upbeat, beat the negative and switch to positive.  Above all, stay safe.

Natalie Lovett, Director of The Whitewed Directory