Critical business strategies for a COVID-19 world

Negativity is predominantly associated with downtime but there is also a great opportunity if you are willing to reimagine your current business model and leap ahead of your competitors who choose to do nothing.

By developing innovative practices, you enable your business to adapt to changing conditions. Stay ahead of your competitors.

Part of this evaluation process should be to review if you are making the best use of the available technology to reduce costs, increase efficiency, and make your business more competitive.

Consider, for instance:

1. Installing a customer relationship management (CRM) system, nurturing existing relationships and building a referral base
2. Look at taking your business online,  expanding your customer reach and increasing sales
3. Review currently available business grants, a cash boost could be critical

Speak to us today about exploring your options and not only survive this crisis but thrive during our economic evolution.

Find out what other support services are available to help you.

You need to quickly decide whether your business can thrive and sustain its operations in a newly formed economic environment. Will it be able to cope with the changes and new customer expectations? Is your current model sustainable?

A cash flow forecast will help you to make decisions about what you should do and in order of priority.

Financial forecasts aren’t just for big companies, they are essential for any business, especially in these uncertain times. If you are worried about your cash position or you’re uncertain of the impact COVID-19 is having on your business then preparing financial forecasts is a critical step toward empowering your decision-making capabilities.

In a world where ‘Knowledge is Power’, you and your team need to have accurate facts and figures to make vital business decisions quickly and in a responsive manner.

Once you have this knowledge available, you are in a better position to seek financial assistance currently on offer within the stimulus packages provided by the Government.

Consider, for instance:

1. The financial impact of losing clients, delayed payments or closures? Are you able to meet demands and explore new opportunities?
2. Is deferral of ATO payments is required? Do you need to arrange a loan instead? How much is needed? How will the repayments work?
3. With the current environment, more flexibility and assumptions are required that the standard comparison between this years and last year’s figures.

Determining where, in the coming days, weeks, and months, cash gaps might arise will allow you to understanding the effects of the COVID-19 crisis on your business and allow you to formulate a plan to mitigate the risks of running out of cash.

It is important that you understand your cash flow, predict where shortfalls will appear, and plan so that you can navigate the next few months.

Speak to us today about exploring your options and not only survive this crisis but thrive during our economic evolution.

Find out what other support services are available to help you.