Measuring the impact of the COVID-19 pandemic on your business

The coronavirus pandemic is affecting all of us in a variety of ways. We’re a small company and the whole Light Blue team is either currently or previously a professional photographer, so we understand the difficulties that you are going through at the moment.

Being able to measure the impact that the pandemic has had on your business certainly isn’t something that you will want to do, however it is helpful if you are applying for some sort of financial assistance for your business.

This guide walks through how to get the details that could help you.

Using charts to get an overview

The benefit of managing your business with Light Blue is that your data’s all in one place, so the information that you need is already here. So you won’t need to spend ages analysing complicated spreadsheets to get an idea of where you stand.

The charts view is your friend, and here are a few different charts that you could load with a couple of clicks and then present as necessary evidence if required.

Note that I’ve got “cumulative totals” turned on and I’m comparing this year to previous years (feel free to go as far back as you feel is appropriate).

To change the data that your chart is displaying, just tweak the options at the top of the screen.

Income,

Enquiries by enquiry date,

Bookings

Planning ahead

As well as taking a look at how things have changed for your business this year, it could be useful for you to take a look at the road ahead so you can take appropriate action.

Identifying bookings at risk of postponement due to the latest restrictions

The lockdown restrictions and rules keep on changing, and in the UK we’ve recently been told that the current restrictions are likely to be in place for six months.

If you’re taking payments for sessions that haven’t happened yet but are at risk of cancelling, there’s a possibility that you may find ourself in a position whereby you need to return some of what’s been paid. We’re not in a position to offer legal advice so if you’re ever in doubt about what you should be doing with regards to cancellations, we recommend consulting an independent legal professional.

Creating custom reports in Light Blue can help to provide the necessary figures in order to manage the potential financial exposure to cancelations of future bookings. That’s a three step process:

1) Find the right records

Use the query tool to search for all of your shoots that are booked over the next 6 months (for example, you can choose another period if you wish).

2) View the list

Then view the results in the List View and customise that view (Window > Customise List View) to show the information that you’re most interested in.

3) Save a custom report

Finally, save the query and list view settings as a custom report so you can view the most up to date information again in the future with a few clicks.

Forecasting your potential income

Getting a clear picture of when you’re going to receive income is very important and helpful at the best of times, but during this unprecedented period of uncertainty your businesses ability to forecast its income is essential.

No forecasting model is going to be iron clad, but the ability for you to look ahead will allow you to remove some of the guesswork from this situation and help you to make some informed decisions.

We’ve got an in-depth guide on how to use Light Blue’s quoting tools to forecast your income, which you can read here.

Keeping an eye on your fixed outgoings

The money coming in to your business is just one part of the equation and even with a reduction in work you will still encounter a certain amount of fixed costs necessary for keeping the business going.

We’re doing what we can to help reduce those costs for our customers and we know that many other suppliers to the trade are as well.

If you’ve been recording your businesses expenditure within Light Blue then it’s fairly quick to get a picture of the fixed costs that you’ve incurred this year. It may also be helpful to look at the figures for last year in order to establish a trend.

Using the query tool, search for purchases that haven’t been linked to shoots and also haven’t been categorised in a way that indicates that they’re a cost of sales. The advanced options allow you to be more precise in your search.

Then you can customise the list view to show the columns that are most relevant to you, and group the purchases by year so that you can compare this years fixed costs to those of previous years.

Need more help?

We’re always ready and willing to support our customers if they need help with things like this. Send an email to [email protected] or schedule a free 1:1 call via the help page.