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Planning for Post-Pandemic Business Recovery

James Morris
Published by:
James Morris
Published on:
May 27, 2020
Modoras Accounting (QLD) Pty Ltd ABN 81 601 145 215
Planning for Post-Pandemic Business Recovery

While many businesses are focused on staying afloat with the disruption that COVID-19 has caused the world over, it’s important to plan for a post-pandemic future to ensure both survival and recovery.

Struggling businesses are making use of government programs and building cash reserves, however, while surviving this period is vital, there are steps that can be implemented now to ensure businesses thrive post-pandemic.

Looking hard at cash flow, not just today but in a week’s, month’s and a few months’ time can be vital.

When looking forward, it can be easier to plan and prepare. As will have been the case with many businesses before COVID-19 lockdown measures were put in place, businesses can overlook the importance of forward planning.

By focusing too much on the here and now, business owners risk being unprepared for what the future may hold.

Some businesses who are asset intensive may find that as sales increase, cash will begin to drop.

For example, retailers may reopen to find their stock is old entering a new season or be completely obsolete. The supply chain will be disrupted or broken, so beginning to conduct business as usual upon reopening may be more difficult than expected.

What should I do?

In times of change, you may be asking yourself a lot of questions about the future.

As a business owner, here are some questions to consider:

1. What does the new business landscape look like?

Has COVID-19 changed the business landscape of your industry? What are the potential struggles and opportunities? What the ‘new normal’ will be may prove to be a fundamental change in the nature of interactions and relationships between businesses and individuals.

2. Have I taken advantage of all the stimulus packages available?

With many Australian businesses facing significant hurdles from COVID-19, the Federal Government and the ATO has released a number of stimulus packages and relief measures n a bid to curb the economic impact.

Modoras Melbourne Director Alf Couceiro had shared his insight into what stimulus packages may mean for businesses and individuals in a free webinar recording. He covers the new opportunities for SMEs, how the stimulus package could potentially affect your bottom line, superannuation stimulus initiatives, and how to make the most of the package on offer. Watch the recording here.

3. Have I put together a plan?

As a business owner, your focus may have been staying afloat during the hardest government restrictions. Looking forward, putting a solid plan in place will help to provide a clear image of growth.

Modoras offer Business Advisory services that can walk you through creating a solid business plan that considers profit improvement, business growth, risk management and more. Read more here.

4. What does my cash flow look like?

Have you taken a close look at your business’ cash flow? An in-depth understanding of the cash that’s coming and going can be the foundation of any solid business plan, leading to informed decision making.

5. Have I considered all possibilities, and examined all future business models?

Structural market changes and newly shaped markets may prove the tipping point for businesses to adapt or change future business models. The development of new technologies may be a consideration when thinking long term.

6. Do I need to re-skill or up-skill employees?

As businesses open and as employees return to regular places of work, can you see that employee job roles have changed? Are new procedures and technologies now a part of daily operations? This could mean employees would benefit from re-training or new training.

7. Am I following the market, or am I going to shape it?

Businesses who choose not just to adapt to a new normal, but to shape the future of their industry can put themselves ahead of competitors. Now is the time for innovative thinking.

Modoras offers a range of Business Advisory services designed to help prepare you for tomorrow’s challenges with digital solutions and agile thinking. Contact us today and we’ll show you how.

If you have questions on how to build a resilient business and facilitate growth during this time, book a catch up with a Modoras professional by contacting us on 1300 888 803.

IMPORTANT INFORMATION: This blog has been prepared by Modoras Accounting (QLD) Pty. Ltd. ABN 81 601 145 215. The information and opinions contained in this blog is general information only and is not intended to represent specific personal advice (Accounting, taxation, financial, insurance or credit). No individuals’ personal circumstances have been taken into consideration for the preparation of this material. The information and opinions herein do not constitute any recommendation to purchase, sell or hold any particular financial product. Modoras Accounting (QLD) Pty. Ltd. recommends that no financial product or financial service be acquired or disposed of or financial strategy adopted without you first obtaining professional personal financial advice suitable and appropriate to your own personal needs, objectives, goals and circumstances. Information, forecasts and opinions contained in this blog can change without notice. Modoras Accounting (QLD) Pty. Ltd. does not guarantee the accuracy of the information at any particular time. Although care has been exercised in compiling the information contained within, Modoras Accounting (QLD) Pty. Ltd. does not warrant that the articles within are free from errors, inaccuracies or omissions. To the extent permissible by law, neither Modoras Accounting (QLD) Pty. Ltd. nor its employees, representatives or agents (including associated and affiliated companies) accept liability for loss or damages incurred as a result of a person acting in reliance of this publication. Liability limited by a scheme approved under Professional Standards Legislation.

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