If we’re learned any lessons at all from the pandemic, it’s that we can’t assume that our business life is going to be rosy all the time. And so we need to make plans and build strategies that help us to run a robust business that can make it through tough times. For small businesses, this can seem like overkill, but it can make all the difference when things get rocky. Working with a reliable virtual assistant can allow you to put these plans in place affordably and efficiently.
What does a robust business look like?
A robust business is one that is inherently strong. You don’t have to be an international brand to get to this stage – in fact, it can be easier for small businesses to achieve because there are fewer variables to control. There are several key factors that mark out a strong business:
Good financial planning
Managing your cash flow is an essential part of your everyday business. When you put together your annual or medium-term budget, make sure you are thinking about your financial planning wisely. It will help if you use a bookkeeping service for small business, for example, so that someone is on top of your day-to-day finances all the time. Think about keeping money in separate accounts, so you always have the cash to pay your VAT bill or meet your salary requirements. Talk to your accountant about how best to plan for future growth whilst protecting yourself against potential risks.
The more efficient you are, the better your margins become and the more adaptable you can be when a crisis hits. Efficiencies may allow you to build up reserves, and can give you more flexibility to change your business plans when you need to. For small businesses, a common way to better efficiencies is to use affordable virtual assistant services. You pay for these on the basis of how much time you use, and it saves you a considerable amount on staff salaries and overheads.
A widespread customer base
One of the things that caused problems for many small businesses during the pandemic was a reliance on one larger customer. As soon as that account is stopped or lost, there will be a huge impact on income and ability to survive. So one of the best things you can do is make sure that you are not completely reliant on one customer, or one product or service. Take some time to see how you could diversify, bring new customers in and protect yourself against this risk.
Small business owners and managers are always busy. But robust businesses make time for regular reviews. These may take the form of a SWOT process – assessing current Strengths, Weaknesses, Opportunities and Threats. These change over time, depending on economic conditions, regulatory requirements, staffing issues, market conditions and more. Knowing that your business is prepared for current and future conditions puts you in a stronger position to manage them.
Maintaining a good profile
When times are tough, people choose the businesses that have been reliably communicating with them, are visible on the right channels and have positive values and purpose. This means constantly investing. This is where hiring virtual employees can help. By working with an experienced online virtual assistant, you can outsource a range of tasks, including market research, social media updates, marketing strategies and more. This helps you to keep your business in front of the right people all the time.
If you’re looking for reliable virtual assistant support to make your business more robust, why not call us on 0800 994 9016 or use our contact form in the menu above to find out how we can help?
- The virtual assistant company guide to the benefits of business coaching
- Stressed about your business? How virtual assistant outsourcing can help.
- The executive assistant virtual guide to great new business ideas