As Government restrictions are starting to ease and we move towards the recovery now is the time to make sure you have a plan to navigate this next stage and are taking action – start building momentum today.
What sort of things should you be doing?
1/ Review supply chains, customer demand and operational capacity
How have these changed during COVID-19? Are we expecting more changes to take place as restrictions ease and how will that impact us? If COVID-19 forced you to make operational changes within your business, are you going to continue with these? Will there be future impact to these things in the coming months as a result of businesses being shut down during COVID-19/Government Stimulus ending?
2/ Continue monitoring financial performance and cash flow
This needs to be done much more regularly than prior to the crisis. I would suggest at least on a monthly basis so that there is a continued focus on cost control and cash collections so you can be on top of any overdue accounts early and ensure you have the cash to meet demand (for some of this could be higher)
3/ Assess the markets in which you operate
Is there an opportunity to pivot and create alternative revenue streams or should we look to focus on our core business? A a number of State and Local Governments have announced increased expenditure in certain months, is there an opportunity for your business to capitalise on this?
4/ Review your asset register
Are the assets we have for the business continuing to be utilised and at what capacity? Is there an opportunity to dispose of under utilised assets? If the business has pivoted or changed, is there equipment we need to better meet the customer demand?
5/ Ramp up sales and marketing activity
Sales and marketing takes time to build momentum so identify now ways in which you could reach new customers or re-engage existing and then start taking action. Some ideas may include networking, digital and social media activity, email marketing, re-connecting with referrals, etc
Don’t wait for the recovery, make sure you get started today!
If you have any questions about these tips or would like to find out more about business financing , you can contact me on 0431 177 605 or via the contact us form.
COVID-19 has had a major impact on our economy with some businesses struggling to cope. If you are concerned about the impacts of the current situation on your business and/or its impacts to your businesses current/future lending I’d be happy to have a phone chat with you to help you get your head around things – no cost, no obligation.
Simply follow this link to my calendar to find a time that works for you. We’re all in this together and I’d be happy to help.
Alternatively you can also contact me by texting or calling 0431 177 605 or via our Contact Us page.