Have You Had a Financial Setback? Do This Next

The loss of a client can rock your whole world, but it doesn't have to mean the end of your business.

You can bounce back - bigger & better - HERE'S HOW!

• Don’t burn bridges – try to leave your former clients on a good note. Also, find out why they have decided to leave your business (is it due to budget cuts or new management on their side or perhaps it is something you could have prevented?)

• Take a good look at your numbers – make sure you know where you are in terms of your business’s financial position.  [Get reviews on Accounting Software here]

• Be honest and transparent with your team – remember, your employees would want to be reassured on whether their jobs are secured.

• Always have a rainy-day plan – it's always good to have a plan B in place. Make sure you have a good cash flow, as well as other alternatives such as a business credit card. [Get reviews on business credit cards here]

• Refocus – you can get more money from current clients by offering more value, getting in touch with people within your network, or chasing new clients.

• Learn from the setback - Think about what you can do to avoid a similar setback like this happening again. Understand that setbacks do happen. Also, think about what mistakes were made from your business side and what you can do to improve your business.

• Assess your competition – look at the company where your former client is going to, and what they do differently from what your business is doing.

• Ask the client about a testimonial or case study especially if you are leaving each other on good terms. You can use this testimonial to promote your business.

*** YOU ARE NOT ALONE – Get expert help, and speak to a business coach to help you identify ways you can diversify and recover. Join Startwise and you can chat to an expert from as little as R150. ***

In this week’s newsletter:- Set up a free session with a business strategy expert with Startwise. 

- How to get back from a financial setback (FREE GUIDE available)- Plus NEW on SME South Africa this week! 

Have a great, productive week ahead!

Quote of the Week

“[Be] committed to meeting defeat not with despondence, but with a renewed commitment to learn from every failure, analyse it, and do what we can to not let it happen again.”

Read: What I Learnt In My First 5 Years As An Entrepreneur

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ALSO READ: Entrepreneurs Who Bounced Back From Failure To Something Bigger

THERE IS STILL TIME TO REBUILD YOUR BUSINESS IN 2021 - Download the Small Business Bounce Back Guide  Many small businesses, just like yours, spent the better of 2021 rebuilding from the impact of COVID-19. To help entrepreneurs on the road to recovery, SME South Africa is making available, for FREE, The Small Business Bounce Back Guide in collaboration with Sage. 

The following is an excerpt from the Guide. 

Have You Had a Financial Setback? Reassess your Financial Standing – Ask Yourself the Following Questions:

1. How did the crisis affect your supply chain? Can you still source the same goods and services from the same providers you used before the lockdown?

2. What impact has the pandemic had on the demand for your offerings?

3. Have you needed to downscale your workforce and what will this mean for your future growth?

4. What will your cash flow look like?

5. What is your picture in terms of liquidity (credit and cash)?

6. How quickly can you reactivate your sales and marketing strategy?

7. Has your cost base increased? Did this affect profitability? FOR MORE .... DOWNLOAD the FULL Guide 

******* ALSO INSIDE ****

- How to get visibility into your finances - strategies to help you recover from financial devastation. - Fix your cash flow - get paid in time and have more money coming into your bank account than out.- Build & grow a 100% compliant business - how a compliant business not only helps you access funding but also keeps you out of trouble with authorities- Get funding for your business - where to go for funding & genius ways to stand out to investors.- Ideas to market your business online - 10+ ways to market your business online.

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Disclaimer: Please note that some of the links in this email are affiliate links and SME South Africa will earn a commission if you purchase through those links. All recommendations have been carefully considered and they are resources SME South Africa has found helpful and trustworthy.