For any business in the UK right now, the outcome of any decision made should be to reduce the size of the impact on overall business and on the wider society. To be able to do this it is important to know exactly where a micro business is in regards to both the business life cycle and the crisis life cycle. Any business that understands its own life cycle is therefore able to assess what the current set of challenges are and then adapt to them in the right way. One such challenge may be a lack of cash flow, thus leaving micro businesses struggling to pay their bills. For cheaper electricity prices, use the price comparison website Utility Bidder.
The liability of micro businesses typically comes with flexibility – this can help them with adapting into a new way of working during a crisis such as a worldwide pandemic. Increased flexibility enables these businesses to highlight where the new opportunities within a market are and use their quick decision making process to achieve some level of stability along a different phase of their own life cycle. For instance, beacuses any crisis goes through a certain series of steps, understanding each of them and being able to manage them can help a micro business to be ready. The only objective that there is at this point is to get the community back to a normal state as soon as possible. It is at this stage that businesses should be asking themselves what they can be in order to be part of the restorative process. This is helpful in its strategic development for dealing with these types of incidents. As a result, a better strategy is able to be developed so to reduce the seriousness of the impacts not only on the micro business itself, but on society also.
The research indicates that the vast majority of micro businesses that happen to survive a crisis do so with the help of the local community. This is because when a business finds itself well embedded into its local community, they are seen as bringing about improvement to not only the immediate local area, but also to the town / city as a whole. During a crisis incident, it is vitally important for a micro business to make its purpose very clear. Because of the reduction of customers, due to the lockdowns and tiers that have been implemented across the entirety of the UK, many businesses have been operating solely for neighbours and to provide people from the local community with jobs. By building a good reputation within the local community, a micro business can establish trust and even product familiarity. This is a good thing to do as it mirrors a business that is more accountable for the local community.
For any business, the strength of its network is highly important for making top level strategic decisions. By exploring workable opportunities and resources with other peers from within that network, it allows micro businesses to move along with the changes in the market in a collective way rather than feeling as if they are alone. Relying on the goodwill of suppliers and partners is important.