Managing a business through uncertain times

Paperclip started trading from a converted domestic garage in May 2008, just before the full impact of The Great Recession of 2008-09 became evident. Consequently, sadly, I am no stranger to managing through times of economic uncertainly. Based on my experiences and approach to management, this brief article looks at some of the possible routes open to business owners to adapt to what appear to be challenging times ahead.

If there is a single management philosophy for Paperclip it could be summarised as ‘stick to the knitting’. Since the start, my approach has been to focus on the delivery of professional, tailored and affordable telephone answering and administrative services. I outsource virtually all non-core activities. Services currently outsourced include accounts and payroll, IT support, phone systems support, HR advice, marketing, SEO, web development and IT systems development.

As an advocate for the benefits of outsourcing, it should come as no surprise that I believe many businesses would benefit from outsourcing all, or some, of their reception services: turning a fixed cost into a variable cost. With Paperclip, for example, you only pay for the minutes used. In addition to cost reduction, your callers will appreciate the level of service you provide, and you will be able to focus your energies and resources on those parts of your business that truly make a difference to your bottom line. You can find out more about the variety of options available to your business in outsourcing telephone answering and admin at www.paperclip.co.uk.

Today, when I speak to other business owners, they all tell me that recruiting and retaining staff is incredibly challenging. Recruitment is one service area where Paperclip has switched to a hybrid in-house and external service provider approach. We now undertake focussed local and regional job vacancies advertising in-house, as well as using the services of longstanding recruitment agency partners. I have found this approach has tapped into potential employees we may previously missed.

Whilst economic activity may slow down, even in a recession it is important to remember that businesses will still need your products and services. It may just be harder to close that sale in the timescale and at the price you are looking for. Like many businesses, Paperclip now generates leads and sales through social media and its website. Consequently, we are currently reviewing the Paperclip website (www.paperclip.co.uk) with the aim of making it a more effective lead generation and conversion engine.

The Paperclip website is full of great content – video testimonials, blog articles like this one, downloads and more – but when we reviewed the Google Analytics we were immediately struck by the dominance of the website’s home page in terms of visitor numbers, length of stay and so on. Although the review process is ongoing, we have already established the key outcomes we are looking to achieve; some or all of these may well apply to your website too.

Firstly, ensure your website loads quickly and be prepared to ‘sacrifice’ some style in the pursuit of effectiveness. Paperclip used to have a video background on its home page; this has now been replaced by a limited carousel. In the area above the fold, i.e. the area of the website that is immediately viewable to PC, tablet and mobile phone users, make sure your visitor knows both what you do and the key benefit(s) of sourcing this product or service from you. There should also be a clear CTA (call to action) to encourage the visitor to take the next step on their buying journey. In the case of Paperclip, this would ideally be picking up the phone and speaking to our team. As the visitor scrolls down your home page, there should be further CTA.

On your website, ensure you provide your visitors with a variety of contact options so they can reach out to you in the way that they feel most comfortable with. Whilst phone and email should be a given, I have been converted to the need to include a ‘contact form’ on any revised Paperclip website. In general I am not a great fan of forms – I am never convinced I will get a reply – but apparently Google likes them and my intention is to have a small video alongside the form explaining to the visitor how we will respond to the information they provide. As people get more comfortable using Live Chat, it is becoming more commonplace on websites; Paperclip has had Live Chat for about four years now. We also deliver Live Chat services for clients. If you are interested in finding out how Live Chat could benefit your business, I would be happy to talk you through it. My contact details are at the end of this article.

During Covid, ‘pivoting’ became a strategy buzzword. If by ‘pivoting’, we mean having the vision and agility to respond to new business opportunities that challenge the ‘same old, same old’, then I am a fan. At Paperclip we have pivoted to provide telephone appointments, bookings and reservation services for a range of client groups. Most notably, we now have a substantial portfolio of private medical therapist clients such as physiotherapists, osteopaths and podiatrists. Paperclip handles the booking of appointments and cancellations for such clients, entering data directly into the practice management software whilst we are on the call with the patient or prospective patient.

‘Pivoting’ has also taken Paperclip into providing telephone support services for e-commerce businesses, particularly where the product or service provided is high-value and where there are numerous options/variants which could confuse a potential buyer. This form of support service can be provided by phone or Live Chat. We are also considering the viability and merits of franchising the Paperclip model.

Paperclip is a member of the East Midlands Chamber of Commerce. Not only does membership bring with it a number of support service benefits, e.g. HR and legal advice, it also provides a ready-made group of like-minded businesses with which you can network. It can be energy-sapping and time-consuming but, with the current challenging economic climate, I have prioritised time to attend networking events, identify and foster referral partners and consider the merits of affiliate programmes.

Finally, it goes without saying that finance, and cash flow in particular, is of critical importance at the moment. Having strong relationships with your accountant and bank are hugely beneficial when reviewing financial plans and positioning your business to withstand the stresses that come with an economic downturn. In a way, we have returned to the issue of cost reduction and potential outsourcing I discussed in the opening paragraphs of this article.

Like most business people reading this article, I have a medium-term plan to take my business, Paperclip, forward. In my case, this is over a four-year time horizon. Whilst some of the targets may be impacted by the current economic situation, the medium-term direction of travel will remain the same. I remain a great believer in the benefits that flow from the development, and regular review, of plans.

Anne Batty, Managing Director, Paperclip Ltd

[email protected]; www.paperclip.co.uk

#outsourcing, #recession, #businessadvisory