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.
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.
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