Just as small businesses thought that they could breathe easier after 2 years of Covid-19, a war broke out in Ukraine. Amid the turmoil of the world, business owners have to be brave and experiment with new stategies to recover.

There are a few takeaways for small businesses to help support their recovery according to Xero’s small business trends report:

1. Be prepared to take advantage of the pent-up demand from customers by looking into different ways to market the business, especially online. Digital technology will be critical to help businesses get, sell and operate online, be ready for future disruption and to adjust to changing customer patterns. 

2. Use technology to get a in-depth understanding of your business’ cash flow, supply and staffing so that you can bounce back quicker and stronger. 

3. Keep a close eye on cost inflation and adjust prices accordingly.

4. Structure service contracts to take an upfront deposit from customers, so your cash flow doesn’t run dry. It is not uncommon to require a deposit from potential customers to secure a service. 

5. Do not be afraid of investing in the business, as that may be the best way to prepare it for recovery.

Red Dot Now provides accounting, payroll and tax compliance services using the best of breed online technology.

Should you want to discuss this or any of their services further, contact Ryan Coates on e-mail at ryan@reddotnow.com