Succeeding in the world of business has always taken hard work and dedication. With business prospects more strained than ever in the midst of COVID-19, you may feel a new level of frustration in your working life.
While surviving in this time of crisis may feel like an insurmountable task, it is important to remember that all is not lost. There are many measures that you can take to protect your livelihood at this time, while increasing the likelihood of your business’ longevity.
To save you time on research, we have compiled some strategies that we hope will serve as food for thought.
It is vital that you identify the factors most essential to the survival of your business, whatever they may be. This will give you the right focus in devising a newly adapted business strategy. Try to pinpoint those objectives that you MUST meet, distinguishing them from those it would merely be preferable to meet. This will give you scope to prioritise in conjunction with differing strategies, ensuring that you are meeting the bare minimum at the very least.
The main problem at the moment is not capacity, but time; business owners are more than capable of doing they ought to survive, yet it simply feels like there aren’t enough hours in the day. However, if you strategize and prioritize your objectives, carrying out the appropriate planning and communicating this affectively to your workforce, your chances will take a turn for the better.
To say that uncertainty is high at the moment is an understatement. The government is constantly changing and adapting guidelines- for both service providers and consumers alike- in an ongoing attempt to combat the spread of Coronavirus.
In developing a tactful strategy that prioritises the objectives of your business, you should also factor in the possibility of sudden change. Consider all possible scenarios, no matter how unlikely you feel them to be, then ask yourself how each will affect your cash flow. This will allow you to gage how you can reasonably mitigate the financial loss of specific disruptions.
The key emphasis should on the best and worst-case scenarios as this will ensure that you have carried out your planning to the fullest extent. After this, you can simply adapt the plan to meet the demands of those scenarios of a different severity.
Things may look very different when we reach the other side of this pandemic, subsequently faced with a new normal. Making permanent changes in light of this will be vital for your business. These changes may not be so bad, however.
Certainly, change tends to be hard in business- old habits die hard! This is especially true in relation to technology. The Coronavirus has, generally speaking, seen people utilizing technology more often, for more and more things. It will serve you well to monitor the changes in the behaviour of your clientele. For example, if clients are opting for virtual meetings more often, it may be worth thinking about switching to virtual client meetings entirely. This has merit in that it saves the cost of a meeting room, and eradicates any inconvenience in location and travel.
The main takeaway here is, although change is scary, you can make the best of a bad situation and modernize your practices!
At Gow & Partners, we pride ourselves in helping businesses stay afloat and thrive in the way that they deserve. For honest and personalized advice, contact our dedicated team of accountants on 01254 589799. Alternatively, drop us an email at email@example.com.