How to spend your business support package wisely?
Updated: Jun 8
So, you have received a lump sum payment to help support your business to recover from the impact of COVID-19. If you haven't already got access to this support, check your local state or territory for eligibility criteria.
The question is: how should you spend it?
Now you could spend it on some basic expenses but will that help you in the long run? The old saying comes to mind ‘you give a man a fish, you feed him for a day. If you teach him how to fish, you feed him for a lifetime.’
The moral of the story? You want to spend most of your money on growing your business rather than spending it on something that will only satisfy the immediate needs of your business.
Thus, we recommend splitting the sum into three key areas.
This could include rent, paying suppliers and utilities. Also note that you may be eligible for relief on some of these expenses. Check with your local state or territory for eligibility criteria.
An online presence is more important than ever.
Coronavirus has changed the way we do business. From contact free delivery to click and collect. Changing your business to keep pace with new ways of operating is essential for your survival.
Get professional assistance to build a website and create an online presence for your business. This will help you get through the tough time now and increase your sales in the long run. Saving you the hassle and allowing you to focus on looking after your customers. You will end up with a website that reflects your brand, is easy to use and is mobile friendly.
Growing your business
You might think it’s a strange time to grow your business during a global pandemic and a looming recession.
However this is the best time to hit the ground running. While all your competitors are pulling back on spending you can emerge front and centre in the market. Ready for when consumer confidence is up.
Need proof that now is the right time? Let’s take a look at history.
The battle of Kelloggs and Post during the Great Depression. Now you probably know who Kelloggs is but who is Post you may ask? That’s the point, Post pulled back spending on innovation and marketing, while Kelloggs steamed ahead making use of the available means of advertising such as radio. Positioning them as a leader in the market down to this day.
Arm yourself for success in this changing climate by investing your time and newly acquired resources into growing your business.
Now is the time to get started. If you're not sure where to start, contact us to discuss our Covid19 Relief Package that will help your business succeed.