How to Provide Value in Tough Times
Lisa Messenger
Founder & Editor in Chief at Collective Hub, Best Selling Author, Entrepreneur, Investor
It has never been more important to tightly manage your bottom line and add value to your customers. During COVID, many SMBs stepped up, finding new ways to continue selling and stay motivated.
As part of the webinar series with HP, Business Not as Usual, I had the chance to learn from some of the best. I spoke with Chelsea Rossney Director of Commercial Channel at HP, Ella Bache CEO Pippa Hallas and Victoria Devine, Founder/CEO at Zella Wealth and She’s on the Money, who all provided valuable insights into ways in which SMBs could adapt in uncertain times. We explored how to continue to serve your customer, and bottom line.
With 26 years of experience in the technology sector and as the chair of the Australian arm of HP’s Women’s Impact Network, Chelsea Rossney knows how to lead and motivate a team. Luckily, at HP the team was already mobile and familiar with remote working, however they weren’t accustomed to spending 100% of their week at home.
Chelsea’s first move was to ensure her staff were prepared to adjust the change, both mentally and physically. This meant accepting flexibility and providing support. “We needed to allow the flexibility to let the independence and motivation come out of individuals,” she explained.
For SMBs who may not have as many resources, Chelsea said there are many small, but impactful things they could take on immediately, such as doing a quick poll with customers and consulting staff to see how they could adjust their product or service offering.
Even in uncertainty, Chelsea said looking forward is vital. SMBs need to stay top of mind with their customers, and continually adapt. “Don’t think that if an activity cannot be pivoted completely that it will be a waste of time,” she said.
As the CEO of Melbourne-based financial advisory practice Zella Wealth, Victoria Devine had a front row seat for how SMBs pivoted. But regardless of a businesses’ circumstances, she said the same basic principles apply. “Cashflow is queen and that’s what is going to keep your business alive in the long term,” she explained.
Victoria said SMB owners should sit down monthly and assess their finances. She suggested printing out a bank statement with two different coloured highlighters to highlight costs which can’t be changed – like rent and electricity bills – and discretionary things like subscriptions or office flowers. “Ask yourself if you need these to function as a business,” she said.
When it comes to finding additional revenue streams, Victoria said it’s about working out what you’re good at. “Look at who your clients are and if there something you could add on as a plus to those people that are already buying from you and love your brand,” she said.
She also noted that more products doesn’t necessarily mean better products. It can mean more overheads, manufacturing costs and less cash flow, so it’s important to always pay attention to the numbers.
In another conversation, Ella Bache CEO Pippa Hallas shared how the business pivoted online, when COVID restrictions saw all 150 stores in Australia shut down.
At the time, Pippa knew she had to make a bold move, and she had just 10 days to figure out what that was and implement it. “In my mind, the option to do nothing was not an option,” she said.
Ella Bache launched a virtual platform for its franchisees which allowed customers to connect with the same trusted beauty therapists as they would instore. The company provided support for its franchisees in the transition, empowering staff to act as “influencers” in the digital world. “We set up an education session every day with our franchisees to teach them how to run a digital business,” Pippa said.
When it came to how customers received the transition from bricks-and-mortar to digital, Pippa said having a strong brand helped to maintain loyalty. “If you’ve got a brand people love and trust, they will follow you into the different channels,” she explained.
Moving forward, Pippa said the world of business has changed for good. “I think the whole online and offline experience is not going to go back to what it was,” she said.
To join my conversations with Chelsea, Pippa and Victoria, head to https://reinvent.hp.com/business-not-as-usual-recordings.