Life after the Shut-Down
It’s important to look forward!
Most of the industry is open again for business. Some areas of the country are far more restricted in how they operate than others, but overall, shops are reporting healthy sales that are approaching or exceeding levels before the pandemic.
This makes sense as the industry was performing well before COVID-19 and the economy was strong. Although no one can predict the future, my guess is that we will see strong sales for the industry for the remainder of 2020 (barring any other unforeseen circumstances).
It’s important to look forward at this time. The worst thing a shop can do right now is to hold back or make decisions that could have a negative impact on sales. Here are some areas that all shops should be concentrating on to ensure positive results. If you are too busy to tackle these important areas of your business right now, I’ve included ways that KB Consulting can help you get them done quickly.
“The worst thing a shop can do right now is to hold back or make decisions that could have a negative impact on sales.”
Keep staffing to a level that will ensure that you can produce projects and serve clients with the same urgency as before the virus. The biggest mistake shops can make right now is to disappoint customers who want our products. Using the pandemic as an excuse to delay finished projects or not provide great service is not a good strategy. If you have lost staffing during the pandemic, replace them now so that you are in a solid position to provide the services customers expect. KB Consulting company manuals and training manuals can help you expedite the training times for new employees.
Create and monitor your budget every month. If you create a monthly budget that produces a positive cash flow, you can compare it to the actual results in real time. Doing this now is very important during this recovery period. Not only will it show you how fast you are recovering, it will let you know on a month-to-month basis how much cash you should have in the bank. Many of us found out how important that is during recent times. It is very important to learn from hard times and make sure you improve your ability to cope with difficult times in the future. If you are not sure how to create a month budget for monitoring profit and cash flow, we can help you set that up.
Don’t stop marketing. Promoting your business is more important now than ever before. As businesses open back up, competition for customers will be intense. If you do not have a consistent marketing strategy in place, it will have a negative impact on sales. The KB Consulting Instant Marketing Program has been a valuable resource for many shops across the country, saving them time and ensuring a consistent and effective monthly marketing program.
We’ve all been through something that most of us never anticipated would happen. As the industry starts to return to something more “normal,” we must position ourselves to take full advantage of the recovery process. Anticipate a return to much better times ahead by doing the things that will allow you to recover quickly.
Thanks Ken. All good points at a time when “opening up” for Commerce is not happening up here in Nova Scotia. I propose that we up here are not as Dynamic a people as south of us. Certainly not risk takers so recovery is still way off and we struggle with hope. Larson Juhl has been great with their Webinars with new initiatives and spirit.