Weathering the storm: how you can keep your business running

Running a business comes with its challenges. The everyday can be filled with a long list of tasks that means thinking for the long term – or for the unforeseen – is just not a priority. However, with SMEs like yours under enormous pressure from staffing management to energy costs, not acting can be truly damaging. 

Failure to prepare and think ahead can be devastating for businesses. A Tyl analysis of trading data for SMEs on the 18th of March, when Storm Eunice hit, shows that the average business lost more than £336 from their tills that day. When margins are tight, every penny matters. 

So, how can you develop your business to be in a position to weather the storm of any eventuality? There is no silver bullet to solve these business challenges, but there are clear strategies you can put in place to ensure your business is as resilient as possible, your customers feel valued and you build a loyal customer base.

Investing in your communication channels 

Communication is paramount. When something outside of your control happens like a storm or tube strike that will affect hours or product/service availability, it’s key to inform customers as soon as possible. Even a business that has built a fantastic rapport with its customers will feel the wrath of frustrated customers if they turn up and the store is closed, or a service cannot take place. 

There are many ways of developing your communication avenues. While it’s important to engage with customers how they prefer, it’s also sensible not to run before you can walk. So, try to avoid setting up every single communications platform for your business if you cannot give it the attention it needs. Email and social media are some of the most popular, but many businesses are also experimenting using WhatsApp. 

In developing your communications strategy with customers, you are creating even more touchpoints to remind customers that you are there. For instance, customers may not have planned to visit you during a tube strike, but the email mentioning opening hours during that time might prompt them to think about returning another time. 

Build your online storefront

For some businesses like a hair salon or coffee shop, it may appear as though it would be impossible to build an online presence. During the pandemic, the entrepreneurial thinking of many SMEs was outstanding. For instance, coffee shops could look at selling their beans to roast at home, or salon owners could sell beauty products online.   

For most businesses there is often a much clearer opportunity to develop and expand their business online so that in the instance of a storm, you can direct customers to continue shopping through your online platform. With changes in regulations in how businesses accept payments, it’s critical that you partner with a payments provider that is established and can support you with these and any future regulatory changes.

Be flexible and adaptable 

Consumers want flexibility and ease. The traditional view of fixed premises is becoming more outdated, and ultimately doesn’t serve the needs of consumers who want products and services ready for them when they need them. As well as having an online presence, a business that invests in a mobile unit will be able to change location based on popularity of areas on different days. 

A coffee shop could move to a location that receives more footfall in summer compared to the winter months, or as a result of a tube strike move closer to another mode of transport that day. For other businesses that are more service focused like a pet grooming business or masseuse, the option to visit customers at home is beneficial in building a wider customer base. It also means that you could charge a premium for the convenience afforded to your customer. 

Given the world’s recent experience of the unpredictable, all small businesses can do is “hope for the best and plan for the worst”. And it continues to be a difficult time for businesses, with energy prices rising and a squeeze on consumer wallets, which means that consumers have less disposable income. Any dip in spending from these bigger issues, or unexpected moments like storms, can have huge implications and therefore need to be minimised. Growing your business through these simple but effective ways means you’ll be in a better position to weather the storm during those moments you just can’t imagine are around the corner.