Covid-19 effects on businesses

Zee_18

Free Member
Dec 31, 2018
18
0
Hello,

As we are all aware we are in trying times at the moment! Alot of businesses are struggling to make ends meet, others have been forced to close their doors, some businesses are booming.
Whether its a viral out-break or a recccesion they both have impacts on businesses in a massive way.
How has this effected your business?
Has there been anything which you have learnt from this whole situation?
Have you as a business ever planned for such an event?

I hope to hear you thoughts.
 

Mr D

Free Member
Feb 12, 2017
28,614
3,551
Stirling
About 18 months ago we pivoted our business, focusing on some different stock for most of our purchases. It was planned, it was researched.
It took account of Brexit - both on stock levels and customer demand.

And the stuff is a major chunk of our sales - especially in the last 8 days.



Just hope enough suppliers on our list remain able to sell. Every one of them has lost a major chunk of their customers yesterday.
 
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Lapak

Free Member
Apr 17, 2021
6
0
Hello,

As we are all aware we are in trying times at the moment! Alot of businesses are struggling to make ends meet, others have been forced to close their doors, some businesses are booming.
Whether its a viral out-break or a recccesion they both have impacts on businesses in a massive way.
How has this effected your business?
Has there been anything which you have learnt from this whole situation?
Have you as a business ever planned for such an event?

I hope to hear you thoughts.

My advice...whatever bisness that u have now..cut cost as lower as you can because this corona will roar until 2022. Everyone suffers and you cannot see much profit except those are doing delivery and online business. Everyone will tighten their expenses. So it's good to do gardening while waiting for it to over. All the best!
 
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ecommerce84

Free Member
Feb 24, 2007
991
349
My advice...whatever bisness that u have now..cut cost as lower as you can because this corona will roar until 2022. Everyone suffers and you cannot see much profit except those are doing delivery and online business. Everyone will tighten their expenses. So it's good to do gardening while waiting for it to over. All the best!
Cutting prices should really be a last resort in my opinion as you’ll end up in a race to the bottom chasing customers who are only ever interested in the lowest prices with no real loyalty to you or your business.

Instead try and offer better value elsewhere.
 
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Mr D

Free Member
Feb 12, 2017
28,614
3,551
Stirling
Cutting prices should really be a last resort in my opinion as you’ll end up in a race to the bottom chasing customers who are only ever interested in the lowest prices with no real loyalty to you or your business.

Instead try and offer better value elsewhere.

Cutting costs however is often a good idea.
 
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We've seen growth and it hasn't come from mask sales! What we've seen is some of our competitors have shown their true colours, failed to service customers who require essential PPE, they've just shut doors, delayed production and failed them in a serious way. The new customer influx have been searching for service above price, that's where we come in. Ironically we tick a lot of boxes for a lot of businesses, often cheaper than their current provider and we're built on service.

We're also partners and we've tried to help where possible, selling items at below cost to our long standing customers, so they can keep their doors open.

Don't want to blow our own trumpet (too much) but really proud of when it came to it, we delivered for our customers.
 
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My target market is leisure & hospitality - the knee jerk reaction was to dump it and find another target sector.

I decided instead to stick with leisure & hospitality and ride the storm. It's been a tight year, but far from catostrophic (just done our accounts to Mar '21 showing a loss of £1K)

Whilst lots of brokers stampeded to profit from CBILS, we made a very tough decision not to benefit from Government schemes, instead to offer free support and advice. It's counter-inuitive & FOMO is massive when you see your competitors shouting about deals they have done whilst you do none.

It's paying back now - I have actually received messages of thanks from businesses I gave advice to early on, thanking me for the help.

My clients have suffered badly but only a couple have failed. They are now getting ready to benefit from the staycation boom.
 
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Lapak

Free Member
Apr 17, 2021
6
0
Cutting prices should really be a last resort in my opinion as you’ll end up in a race to the bottom chasing customers who are only ever interested in the lowest prices with no real loyalty to you or your business.

Instead try and offer better value elsewhere.
Yes..that is what everyone doing now and is the big why china product prefered not bcos of quality but the cheap price.
 
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Mr D

Free Member
Feb 12, 2017
28,614
3,551
Stirling
Yes..that is what everyone doing now and is the big why china product prefered not bcos of quality but the cheap price.

No reason to reduce price simply because the product is cheap to buy wholesale.

Unless chasing the customer demographic who go for the cheapest price.
In which case better hope you are the only seller who caters to them. :)
 
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MBE2017

Free Member
Feb 16, 2017
2,631
1,046
Yes..that is what everyone doing now and is the big why china product prefered not bcos of quality but the cheap price.

Not everyone buys from China, it is a big world out there. China has also learnt to improve its quality massively compared to say 20 years ago, when the heads would fall of a Chinese hammer before you got to buy it.

We live in a competitive world, but only the really large boys can survive on discount pricing for long, 95% of normal UK businesses need to compete as suggested with better service, stock levels etc.

End of the day, it’s how much profit you make, and as importantly keep that determine your success, and buying well makes everything much easier.
 
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Rekkovitch

Free Member
Nov 6, 2015
70
7
The past year has been a complete eye opener for me with my business and has forced alot of changes that I had wanted to do but was afraid that they would upset customers.

The result is I get to spend more time with my family and less time working. I can honestly say that last summer was one of the best times in my life as the slowdown with work meant we got to go to the beach , woods or parks as a family. I streamlined the work and cut out all the deadwood customers which paid the least but took up the most of my time.

That said its been very unpredictable and we have made less money which balances out as we didn't spend much during this time.

The seiss grant was very welcome , but for me the 'honeymoon' of lockdown or whatever you want to call it is over so I do want to get back into some sort of 'new normal '
 
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Lapak

Free Member
Apr 17, 2021
6
0
The past year has been a complete eye opener for me with my business and has forced alot of changes that I had wanted to do but was afraid that they would upset customers.

The result is I get to spend more time with my family and less time working. I can honestly say that last summer was one of the best times in my life as the slowdown with work meant we got to go to the beach , woods or parks as a family. I streamlined the work and cut out all the deadwood customers which paid the least but took up the most of my time.

That said its been very unpredictable and we have made less money which balances out as we didn't spend much during this time.

The seiss grant was very welcome , but for me the 'honeymoon' of lockdown or whatever you want to call it is over so I do want to get back into some sort of 'new normal '
I admit to say that the lockdown last year was the best of all..my one week holiday in my hometown turned 3 months!!! Lucky for my husband his business still can run online. Return to work after that leave me and my son all by ourselves in the foreign state. Husband has to return to Sg for his business. My garden becomes greener and i lose 9kg doing exercise to occupy my time. Keep praying that this virus will pass soon.
 
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SillyBill

Free Member
Dec 11, 2019
519
307
The past year has been a complete eye opener for me with my business and has forced alot of changes that I had wanted to do but was afraid that they would upset customers.

The result is I get to spend more time with my family and less time working. I can honestly say that last summer was one of the best times in my life as the slowdown with work meant we got to go to the beach , woods or parks as a family. I streamlined the work and cut out all the deadwood customers which paid the least but took up the most of my time.

That said its been very unpredictable and we have made less money which balances out as we didn't spend much during this time.

The seiss grant was very welcome , but for me the 'honeymoon' of lockdown or whatever you want to call it is over so I do want to get back into some sort of 'new normal '

Quite. Unprecedented introspection has been the unlikely benefit of COVID-19 for business owners IMO. I think it forced many of us to look underneath the hood moreso than normal as one had little choice but to do otherwise. That should count dividends for well-run businesses in the long run, even if this has been a tumultuous time for some. For me it went in the opposite direction with work taking off and I've been contemplating how much longer I can sustain this pace for anyway and what my next moves will be.
 
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Hello,

As we are all aware we are in trying times at the moment! Alot of businesses are struggling to make ends meet, others have been forced to close their doors, some businesses are booming.
Whether its a viral out-break or a recccesion they both have impacts on businesses in a massive way.
How has this effected your business?
Has there been anything which you have learnt from this whole situation?
Have you as a business ever planned for such an event?

I hope to hear you thoughts.
Are you a journalist?
 
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Ozzy

Founder of UKBF
UKBF Staff
  • Business Listing
    I haven’t seen much maybe 2 max ?
    That post was from March 2020, I imagine there may have been a bunch of posts a year ago as it was all starting to kick off then. This started out as a thread just over a year ago that has surfaced again, but I think it is interesting for those who were here a year ago reflecting on the past year as we are coming out of lockdown and some businesses are starting the road of recovery.
     
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    MarkOnline

    Free Member
    Apr 25, 2020
    469
    160
    It depends on which side of the post covid fence you sit on I suppose. For some their finances may be shot to pieces for others they have had a good run and built up more cash.

    I think there are/will be some fantastic oportunities as businesess adapt to where we are now. This pandemic has certainly accelerated the rate at which things change. The ability to expand is presenting itself on an ongoig basis as businesses start to see where turnover levels are now that people are able to start to return to some sort of normality.

    Its a good time to be brave IMO if you have the right business to take advantage of the uncertainty and you can mitigate the possible downside. But I think its still just an educated guess (as it has always been)
     
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