Gateshead Council work closley with Business Link, the primary access point for public funded business support and the main contact in accessing the £10m package of business resilience support recently announced by One North East. They can provide a dedicated Relationship Manager who will work with you to understand your business needs and provide the most appropriate support, information and guidance to help your business move forward.
Business healthcheck and free service to help you improve productivity, assist you with your tax bill, identify areas to save money by reducing waste and cutting costs, or find financial support for areas such as debt management, restructuring, expanding new markets and product development.Business Link has issued a top ten steps to help your business prepare to survive the economic slowdown.These are a starting point for anyone who is worried about the survival of their business.
Top 10 steps to survive economic downturn
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Mind your cashflow:
Understand exactly what your finances are telling you. Issue invoices promptly and chase up debtors; don't buy more stock than you need; negotiate longer credit terms with suppliers; shorter ones for customers; fill up gaps in your forward order book;and keep in touch with your bank.
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Cut your costs:
Look for savings in every part of your business. Making your business greener isn't just about saving the planet, it's also about saving you money. Do you turn equipment off at night? Is every business journey necessary? Are you taking full advantage of your tax allowances? Do you qualify for Small Business Rate Relief?
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Credit check new customers:
It may take only one major customer to go bust to jeopardise your business. Protect yourself by conducting rigorous credit checks on new customers and agreeing clear credit terms up front.
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Know your customers:
When finances are uncertain, consumers cut their discretionary spending, so do all you can to keep your customers coming through your doors. Investigating the potential of untapped foreign markets and new customers is a good way to sidestep a crowded marketplace or a fall in current orders. Building up a number of new clients and suppliers could be the ideal way to increase your turnover and profits.
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Provide outstanding customer service:
Consumers appreciate businesses that give them more for their money, especially when times are tough. Efficient service, fast delivery, flexible payment terms, and so on, can persuade people to spend with you rather than a competitor.
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Increase your marketing:
When competing for a smaller pot of money, it becomes more important than ever to tell people why they should come to you.You don't have to break the bank, but be sure to shout about your business.
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Concentrate on products and services that sell:
Don't put your efforts into trying to sell things that are untried or that few people will buy; stick to profitable favourites. Don't be tempted to slash prices either - if demand for your offer is not price sensitive, you will be giving your profits away.
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Train your staff:
Your staff are one of your greatest assets and could be the key to retaining customers and keeping your business running.Training is important to their personal development and the productivity of your business, so don't be tempted to scrap your training plan.
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Streamline your operation:
Consider moving to smaller premises, or subletting your existing space. Sell off excess equipment and look at staffing - are your people concentrated in the right areas?Will flexible working be more cost efficient? If considering redundancies, remember that it's bad for morale and replacements may be hard to find when business picks up.
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Sell online:
An online sales or marketing channel will expose you to a larger marketplace for minimal cost. Plan and resource online selling properly, including providing payment security, attracting visitors and meeting orders swiftly.