When the coronavirus pandemic first hit the UK, no one anticipated that we would still be managing its impact almost 10 months later. Vaccines are now being rolled out to protect us from the virus. However, no vaccine can protect the businesses fighting to stay afloat.
At Portt & Co, we’ve supported clients in more ways than just furloughing staff. We’ve helped them consider long-term implications, adapt their services, and explore new revenue streams.
“The year 2020 has been a real roller coaster both financially and emotionally. Going from 100-0 overnight in March due to lockdown and ending up being closed for more then half the year has taken a massive economical blow to the business. But streamlining and support from suppliers has made us survive (so far).” Fredrik Olsson, owner of Kosmopol
Turning Challenges into Opportunities
With hospitality being one of the worst hit sectors, Fredrik, owner of award-winning cocktail bar, Kosmopol London, saw the lockdowns and tier restrictions as an opportunity to launch a business idea he’s been considering for years. If you can’t bring the customers to your cocktails, why not bring your cocktails to them! With that in mind, we recommended the Growth Support Kickstart Grant Scheme to help provide him with the funds to launch it.
“Throughout this period we have, besides keeping our outgoings to a minimum, also looked for new ways of income. When our Accountant Matt Portt recommended The Covid-19 recovery grant I started to look at ways of opening up for new channels. We started looking at a new revenue stream and picked up on an idea I planted a few years back but never materialised – ‘We Love Delivery’.”
We assisted Fredrik in completing and submitting his grant paperwork. Once approved, he quickly set to work implementing his new business idea. The grant money covered the cost of packaging, branding, and marketing for ‘We Love Delivery’. Now, London residents can enjoy Kosmopol’s cocktails from the comfort of their homes. Customers can either collect the cocktails themselves or order via Deliveroo and UberEats. Fredrik plans to continue offering cocktail deliveries even after lockdown restrictions ease. This means that anyone who can’t visit the bar in person can still enjoy cocktails for socially distanced celebrations.
Fredrik’s story is a great example of using the pandemic as an opportunity to think outside the box to make the most of your business during troubling times.
If you’re unsure of how to move your business forward and would like the input of an experienced and reliable remote Finance Director, drop us an email.