IN AN EMERGENCY CALL 000 or go to your nearest hospital Emergency Department
The Centre for Rural and Remote Mental Health does not provide Emergency Services.

Rural Small Business – Weathering the storm

Date: September 11, 2020
Author: DIANA SYKES, Managing Director, Marketing Methods P/L; Owner/ Manager, Bandalong Cottages

I have over 30 years experience in business management and marketing and have never had to manage anything quite like COVID-19. I own Marketing Methods P/L, a marketing consultancy and training company, and Bandalong Cottagesself-contained accommodation six minutes from Mudgee.

When the pandemic broke out, I immediately lost 100% of income from my two businesses.

My marketing role mostly involves travel Australiawide. When airlines and borders closed, my clients stopped engagement until further notice. As time moved forward, my contractors were asking for an indication of when travel will resume. There is still a bit of a question mark over that, depending on the destination.

With the accommodation business, the 2019/early 2020 bushfires saw many cancellations. Then COVID-19 saw a complete cancellation of all future bookings. This is only starting to pick up a bit now.

How we’ve spent the downtime

Weirdly, there is some comfort knowing we can only do so much and we’re all in a similar boat.

We are thankful for the government stimulus package and this has enabled us to put our attention back into the businessWe’ve been busy doing research in readiness for return to business. Currently, we are focussed on continuous improvement. We are keeping abreast of industry activity and responses, and monitoring competitors. We’re developing new products and keeping an open dialogue with customers and clients.

We’ve also been busy maintaining and improving our accommodation business infrastructure, grounds and gardens.

Personally, I’ve been catching up on sleep and getting lots of physical work done around the property. Keeping focussed on the to-do list’ has been the key!

The best and the worst thing 

The best thing about running a small business is the control of your product and deliverables – although COVID-19 has tested this somewhat. Even so, I relish the responsibility for generating income/sales and determining the business’s direction.

The worst thing is keeping up with the constantly changing contexts intrinsic to my business, like social media, legislation, tax laws and technical skillsWading through this information takes a lot of time. You have to know a lot and if it’s outside of your skillset, you also have to rely on others.

Great community of like-minded people

I am lucky that I am in a region full of flexible, innovative entrepreneurs who are business-community minded and keen to share ideas. Creativity and collaboration are easy in this space.

Advice for other small businesses

Cash flow is king/queen in any business so, monitoring expenses and keeping an eye on the balance sheet is super important. Don’t go into small business unless you are prepared to spend some of your own money. Try to always have 3+ months of expenses in your bank account so you have a buffer when needed. Monitor ways to reduce your outgoing costs. Since good staff is worth their weight in gold, do everything you can to bring them along with you, and keep them in the loop whatever happens.

Finally, some advice that might seem counter-intuitive. Always have your business ready for sale. That way you and your business present well at short notice, and you keep your product and service fresh. Keep your eye on the market, and have a point in time when you know it’s time to invest or close your business. You’ve got to be prepared to:

1) whether the storm;

2) invest more into it; or

3) close the business knowing you had a go.

Every experience in business teaches you something.

Photo of Diana SykesAbout Diana Sykes

Diana Sykes has over 30 years’ experience in business management and marketing. Since 1993 she has been the Managing Director of Marketing Methods P/L, a marketing consultancy and training company. Since 2017 Diana has been the owner manager of Bandalong Cottages, self-contained accommodation six minutes from Mudgee. In 2019, Bandalong Cottages was a finalist in the NSW Tourism Industry Awards.

 

 

 

The views, thoughts and opinions expressed in this blog belong solely to the author, and not necessarily to the CRRMH or Everymind. We do not seek to promote or endorse the individual or business associated with this blog.


If you have any concerns about yourself or a loved one, mental health and crisis support is available.
Lifeline- call 13 11 14 (24/7) or chat online (7 pm – midnight AEDT, 7 nights)
Beyond Blue Coronavirus Mental Wellbeing Support Service – 1800 512 348 (24/7)

Need advice? Ahead for Business can help small business owners take action on their mental health and wellbeing.

We are working with Everymind to encourage small business owners in rural NSW to prioritise their mental health. We are currently seeking small business owners to interview in our Wellbeing in Rural Small Business project. We need to know what you need so we can better support you! Learn more about our Wellbeing in Rural Small Business project or contact Kris.Gottschall@newcastle.edu.au.

One response to “Rural Small Business – Weathering the storm”

  1. David Porteous says:

    Nicely & concisely expressed – and all sound principles for any small business. I, for one, hope that you weather these downturn storms and emerge on a trajectory to all the success you deserve for your efforts.

Leave a Reply

Your email address will not be published. Required fields are marked *

LATEST NEWS, EVENTS & SOCIAL MEDIA

Events & TRAINING CALENDAR

There are no upcoming events at this time.

Facebook

Aboriginal Flag