Guide for SMEs: how to pivot your business model

first_imgGuide to SMEs_Article image_long[3],This is part of our free series, Guide for SMEs, which aims to provide practical, actionable advice for small food and drink brands impacted by the coronavirus crisisWhen lockdown hit, many bricks and mortar food and drink businesses had to overcome the roadblock that had landed on their route to market by pivoting their business model.To find out how it’s done, and what needs to be considered when you make the switch, we spoke to Stefano Cuomo, MD of Faversham food hall Macknade, which introduced its first delivery service while in lockdown to keep the tills ringing. Are there any considerations small businesses should take into account before they decide to pivot?For the hospitality sector, particularly food and beverage retailers, the main consideration is whether to offer delivery or takeaway options. In the short term, delivery and takeaway services can work well as they can be scaled up or down, and the approach allows businesses to maintain a positive rapport with their customers.However, the overheads for retail and delivery are very different, which should be an important concern influencing the decision to pivot into delivery. For small and medium-sized retailers, whilst it’s important to be dynamic, innovation needs to be carried out in a way that doesn’t result in extra overheads or your business won’t benefit. The best strategic approach is to review measures regularly to ensure that they can be fulfilled.Another huge consideration is the health and safety of both employees and customers. Understanding the current health and safety guidelines is crucial; we work with a support organisation for SMEs, Locate in Kent, to help unpick the requirements, and I believe in other parts of the UK, there are similar support services.What work must be done ahead of changing your business plan?Considering your margins is a major part of creating a strategic plan. Thanks to the government furlough scheme, we have been given some headspace to revisit our business model with the burden of extra overheads taken away.From March to July, we have been able to relook at our model and start to pivot. These changes in our approach aren’t just to help us to remain profitable now, but allow us some wiggle room to examine our business model in depth to make sure it’s still going to be relevant in two years’ time.Naturally, this is challenging in the current climate as there are still a lot of unknowns, but having a central strategy to guide you, that is flexible enough to be adapted as we progress through the crisis, will be key for SMEs to ensure the success of their business.How will pivoting impact taxation?It comes back to margin. Businesses have been able to defer a lot of their overheads thanks to government measures, but there is going to be some unpicking to be done in the coming months as businesses start to look at bringing those costs back in, and what the impact is going to be.Additionally, from a cashflow perspective, businesses need to ensure their deferred payments are being planned for. ‘Having a central strategy to guide you, that is flexible enough to be adapted as we progress through the crisis, will be key for SMEs,’ says Cuomo What kind of support is available for SMEs who are considering diversification?I’d encourage SMEs to look at the organisations that work with their local council as a starting point, as well as identifying the main areas of support you would benefit from.In Kent, where Macknade is based, we have organisations like Locate in Kent, Visit Kent and Produced in Kent that provide fantastic resources for SMEs. These agencies are partners of the local council and offer business support services. There is also funding available from Kent County Council, in the form of 0% loans, to support businesses already in Kent or those looking to relocate there. Finding and meeting other businesses that are similar to yours is helpful too. We find that connecting with other SMEs and sharing information to support each other can make a lot of difference. When should an SME communicate the switch to customers?The approach should be the same as any other trading period: keep having continual dialogue with your customers with clear messages about what you’re doing. It’s important to explain the approach you’re taking and reassure customers that your product and its quality remains the same.Now more than ever, communication is key to maintain your customer relationships, and adopting a transparent and inclusive manner with your customer communications – keeping them updated on the progress of your plans and how your business is faring – will help to keep them engaged with your business.Do staff contracts need to be changed?At the moment, the formal employee contract will remain the same, in terms of being an overview of responsibilities and expectations of the team member. Although, as the situation in the UK changes, it is likely that contracts are going to need to adapt in line with the ‘new normal’.As we start to move forward towards a more flexible way of working, this is going to have to be contracted in. Are there any popular switches for businesses operating in certain markets?The obvious one for food and drink businesses has been delivery. This shift, however, can only come with an understanding of who your core customers are, as no business can service everyone.At Macknade, our customer age demographic is 60-plus. When we look at this core customer, the chances are they were isolating earlier than other age groups and are likely to continue to prioritise home delivery options.Delivery therefore makes strategic sense in the context of our customer base. I think that is the main point to consider – understand who you are targeting and how your business can pivot to suit your customer base.last_img read more

Unacceptable body slam: Angry father tackles son’s opponent

first_img Loading… Promoted Content6 Of The Best 90s Shows That Need To Come Back ASAPBest & Worst Celebrity Endorsed Games Ever Made7 Famous And Incredibly Unique Places In Thailand14 Hilarious Comics Made By Women You Need To Follow Right NowWhich Country Is The Most Romantic In The World?8 Superfoods For Growing Hair Back And Stimulating Its Growth6 Ridiculous Health Myths That Are Actually TrueCouples Who Celebrated Their Union In A Unique, Unforgettable Way10 Risky Jobs Some Women Do11 Most Immersive Game To Play On Your Table Top6 Extreme Facts About Hurricanes7 Ways To Understand Your Girlfriend Better Jones’s son is a student from Hickory Ridge High School. His son was reportedly not injured. He was booked on a $1,000 secured bond at the Cabarrus County Jail. According to the North Carolina High School Athletic Association, the referee had just gave the hand signals to call the student’s move illegal. Kannapolis police said Jones was charged with simple assault and disorderly conduct. Some however shunned the temptation to blame Jones for acting on impulse noting that no man would stand and see his son being injured in the name of school wrestling, especially when they are non-professionals who have been taught to follow rules to the letter. FacebookTwitterWhatsAppEmail分享 center_img A North Carolina father Barry Lee Jones has been arrested and charged with assault after tackling his teenage son’s opponent at a high school wrestling match when he did an illegal move. Officers from the Kannapolis Police Department said in a press statement that Barry Lee Jones was arrested on Saturday. In the video, the two high school students are seen wrestling when Jones’ son is body slammed by his opponent. Jones apparently saw the body slam as too hot for comfort and within a matter of seconds rushed into the court to tackle his son’s opponent and teach him when to draw the line Barry Lee Jones dashed to tackle opponent who body slammed his son  in school wrestling match. According to Fox 61, the teen Jones tackled was from Southeast Guilford High School.Advertisementlast_img read more

Busy day of inter-county GAA

first_imgIn Munster a semi-final meeting with Kerry awaits the winners of the clash between Clare and Limerick, with that game taking place at Cusack Park in Ennis.At the same time in the Connacht quarter-finals Leitrim travel to a revamped McGovern Park in Ruislip for a meeting with London.In hurling the last two places in the semi-finals of the Leinster Championship will be decided.First up at O’Moore Park in Portlaoise, Laois play host to an in-form Wexford.Throw-in isat 2pm, and then at 4pm attention turns to O’Connor Park in Tullamore.They play host to the meeting of Dublin and newly crowned league champions Galway.It’s been a disruptive build-up to the summer for Dublin, after they were relegated to Division 1B in the league and were without many players on club duty with All-Ireland champions Cuala.But manager Ger Cunningham says they’re now keen to focus on the positives. It’s another busy Sunday in the All-Ireland Football and Hurling Championship.The football action gets underway at 2pm when Derry and Tyrone meet in the quarter-finals of the Ulster Championship at Celtic Park.Then at 3.30 the focus is on Munster and Connacht football.last_img read more

Connor McDavid injury update: Oilers star (knee) doesn’t need surgery

first_imgOilers star Connor McDavid will not need surgery on his knee after suffering an injury during Edmonton’s regular-season finale last Saturday against the Flames.TSN reported Saturday that the Edmonton captain injured his posterior cruciate ligament (PCL). He is expected to  to be ready for training camp in September. The Oilers released a statement Friday, indicating McDavid would begin rehab soon: “The Oilers medical staff, in collaboration with top orthopedic specialists, have determined a rehabilitation protocol for Connor McDavid, which will begin immediately.”McDavid went down after he crashed into the goal post during the second period of the game after he got caught up with Flames defenseman Mark Giordano. His teammates had to help him off the ice. Related News The team later announced X-rays on McDavid’s leg came back negative and he would be allowed to return home with the team to undergo further testing.How good are you at reading lips? Is Connor McDavid saying something broke? I hope not.— Ayaz (@sahyder1) April 7, 2019McDavid, 22, finished the season second in the NHL with 116 points (41 goals, 75 assists).McDavid, a league MVP candidate, was expected to play for Canada at the 2019 IIHF World Championships next month, but he will now rest and recover. NHL playoffs 2019: Lightning’s Nikita Kucherov suspended one game for boardinglast_img read more