Scaling Businesses

Tapping into Entrepreneurship

by Daniel Medlen

May 2, 2020

Tapping in to the spirit of entrepreneurship has never been so necessary. I recently read a book ‘The Unstoppables’ by Bill Schley, co-founder of the branding firm Brand Team Six showing how the best practitioners think about two things: The Big Picture and The Little Picture – essence and essentials. The essentials are the business and financial mechanics required for any business. But the essence is the emotional mechanics to deal with obstacles, risk, fear and failure. Mastering the emotional mechanics is how we believe entrepreneurs succeed and win. This is how you will capture the unlimited power of entrepreneurship and tap into revitalising your company during these very tough times.

At Aspreys  we love helping entrepreneurs reach their potential. While we specialise in accounting, company compliance and payroll, we always support our clients with a helping hand. And a team to bounce their ideas off. So as you look to reinvent your business right now, we’ve developed some tips for you:

Think Differently

We’ve all been dealt the same card, so it’s very much down to whether you’re prepared to accept, embrace, adapt and respond to change, or let Covid-19 be the reason the business ceased trading. It’s amazing to see how so many of our SME clients are responding to the new reality. They are thinking of different ways of utilising their skills and amending their offering. Our Personal Trainers are setting up Facetime sessions in a one-on-one environment. Online fitness platforms are offering daily free sessions, getting people to experience a new way of virtual fitness training. Amazon sellers are expanding their product lines. Cafes and restaurants are offering extended take-away delivery services. Doctors are offering Zoom calls rather than face-to-face appointments to continue receiving an income and help patients get the advice they need.

Innovation is Key

New entrepreneurs are popping up with ideas to help people during this crisis. Setting up delivery services for goods we didn’t need delivered before. Creating online resources for our children in a virtual classroom environment.  Plastics firms are creating new products to meet the surge in demand for things like, real ale delivered directly from your local pub. Plumbers are making videos and offering telephone consultations. Even talking customers through fixing their own taps!

Adapt to a New Set of Rules

During these testing times, entrepreneurs are adapting to a new set of rules. They are mindful of the following to minimise risks and to survive the slowdown:

Track Expenses Against Revenue
  • It is important to conduct a proper assessment of your fixed and variable expenses. But track these against actual revenues. This will give a clear picture of where you stand financially. It will help entrepreneurs in planning ahead.
Review Your Business Model
  • Reassess where your business stands against assumption vis-a-vis revenue and cost. Track current financial metrics and cash flow. Evaluate the impact on new sales, collections, credit cycles and potential bad debts.
Scenario Planning
  • Be prepared for all scenarios. For example with a 3-month downturn, halt variable expenditures like hiring, marketing, travel, etc.
Be Patient
  • Every business needs capital to run. The question that crosses the mind of every founder/entrepreneur in these difficult times is from where they will get the capital. There are many funds who have enough capital to deploy for the coming years and they may not shy away from it.

This is the time when understanding the gravity of the situation and turning it positive is all that matters. Smooth sailing is possible in these difficult times. Why not think about mastering the emotional mechanics to succeed and win? This is how you will capture the unlimited power of entrepreneurship and tap into revitalising your company during these very tough times.

Here at Aspreys, we are open for business as usual, albeit via a Zoom call or answering social media forums. We are all about embracing technology and innovation to drive growth. We are supporting our clients to build and grow using the ideas, energy and skills they already have at their disposal. Very often our clients have the answers staring right in front of them. By championing SMEs, we are seeing the old adage, when life gives you lemons, making lemonade is the way forward.