There are lots of small changes you can make to help your business adapt during tricky times.
Here, we share tips from the V-Hub team on how you can ensure your business remains fighting fit in a crisis.
Rising inflation means everything is pricier, so money simply doesn’t go as far as it did a year ago. It’s no surprise that consumers are cutting back on buying non-essential items. With less opportunities to make sales, businesses are looking for ways to become leaner and more efficient.
Automation can really help here, freeing valuable time to focus on activity that makes a real impact. Examples include adopting an online payments system that automates different parts of the buyer journey; reducing stacks of paperwork by switching to a HR solution that removes lots of admin; or improving stock replacement systems by automatically ordering more if a product is running low.
For example, we use our chatbot Tobi to help resolve customer queries and even HR and IT employee requests internally.
When it comes to adding the personal touch, small businesses do it best. Making the most of your business’ unique personality is a great way to set your business apart from larger competitors.
Again, technology is your friend here. Use social media channels and your website to really bring out your personality. Respond to customer queries or complaints speedily and with empathy, so they know you care about their needs. Reward repeat shoppers with tailored products or personalised deals that fit what they’ve bought before.
Building meaningful relationships with new and existing customers is something that more established businesses often struggle to do, so think about what your business can offer to really get to know and connect with your customers.
The cost-of-living crisis isn’t just about money; it’s also had a big impact on people’s wellbeing, with many businesses reporting higher rates of mental health decline among their teams.
This is a worrying trend for employers. After all, a happy and healthy workforce is a productive one.
Staying on top of how your team feels is important. There are many ways you can do this – ranging from training mental health first aiders with the internationally-recognised Mental Health First Aid (MHFA) International, to adopting digital HR systems that help track and support development conversations with managers.
Whichever way you go, make sure your team understand that you’re committed to helping them through difficult times, and are clear on where and how they can access additional support.
While these tips are useful in times of crisis, they’re valuable for the long-term, too. We can’t always predict the future, but by using technology to improve operations, reduce costs and support your team, you’ll be better placed to manage challenges down the line.