3 Immediate Steps your Business Must Take to Thrive in a Post-Covid World
For business owners, the far-reaching effect of the pandemic isn’t news anymore.
COVID-19 has been detrimental for the Australian economy more so than anyone expected. Last year, it was reported that one in 10 businesses halting trading, with 70% alone attributing this to the pandemic.
The whole ordeal has created a clear scar now deeply branded into the landscape of our entrepreneurial world.
But if humans do anything well, it’s adapting quickly.
If we’re blasted by the shockwaves of the global pandemic, our businesses must implement new practices and measures to survive (and ultimately thrive). But we can’t afford to wait.
We’ve put together 3 crucial steps your business must take right now to prepare for a post-Covid world. They might be daunting at first, but they’ll go a long way in optimising your business to be ‘pandemic-ready’ – ensuring that you can keep your head above water throughout this intense journey,
- Build a recovery strategy
Every business has goals as it starts, whether it be becoming a market leader in any particular industry, selling the trendiest products or the hottest #1 bestselling self-help book on the shelves.
These goals shape and catalyse the nature of our businesses as they begin to grow.
But it doesn’t end there.
Businesses must continue to capitalize upon the inertia developed.
The momentum from starting a business can be easily lost and hard to maintain, especially being so in a world impacted by COVID-19.
It is absolutely essential for businesses to continue to create a recovery strategy, which involves:
- developing new, realistic goals; and
- planning your path towards said goals in an achievable way.
This may be accomplished by consistently monitoring the market and figuring out exciting opportunities to get one-up on your competitors and how to capitalize on niches caused by the pandemic.
Some of these niches, for instance, might be fueled by the growth of e-commerce and new and trendy video communications platforms – more on that in step #3.
- Understand your vitals
Take a deep breath, step back, and think about what your business is bult on.
This step is about understanding those key functions – those vitals – that make your business what it truly is. These will play a key role in your recovery strategy we spoke about in step #1.
We’re talking about your business’ capital, without which the business cannot achieve the ideas that it has laid out. It is the financial meat embodying the weeks of brainstorming behind every company.
Due to its importance, every business owner must monitor the month-by-month cash flow of the company. Taking a keen interest in the debits and credits of your company will better familiarise yourself with the importance of certain recurring and one-off payments and, more importantly, the ‘unimportance’ of other payments.
Once cashflow has been monitored and a keen understanding has been developed, you are then able to optimise the cashflow, using whatever remaining cash is leftover every month to inject into the business.
That way, you’ll be able to use the available capital to evolve and grow the business through product development, advertising, training, credit collection and employee satisfaction (for example).
- Digitisation (yep, it’s unavoidable)
Take one look at AirBnb, Zoom and Amazon. They’re now (even more powerful) economic behemoths, largely thanks to the pandemic forcing the world to go online (did you know that Zoom stock surged by 425% in 2020?)
A massive revelation that was brought about by the pandemic was the realisation that we could operate in the world via contactless methods.
Whether it be paying for goods, watching movies, speaking to colleagues or even gambling money.
While many businesses are already operating somewhat digitally, there are various ways to further bring your business into the digital space.
Think about it: you could go paperless, work from home or use e-commerce tools like Shopify.
The bottom line
Beating the effects of the Coronavirus involves a clear strategy, tightening your business vitals and taking advantage of the online economy.
If you take charge of those 3 things right now, you’ll be well on your way to thriving in our post-Covid world.
Connect with us today to discover how 2account can tailor its expertise to help you achieve your business vision.
Email us at admin@2account.com.au
Call Renee directly on 0417 113 827