Several months since COVID-19 started spreading around the globe, businesses are now shifting their efforts from lockdown mode to business as usual.
This health threat has brought a new normal when it comes to business.
Now, online platforms are the new office environment. The digitization of the business operations created new ways to plan and collaborate among employees. Business continuity in a new normal set up requires careful planning and agility to be executed successfully.
Business owners regardless of the size are all on the same page. All are navigating the current situation of their businesses, planning for a post-pandemic recovery, and creating goals that can adapt to the new normal.
Unfortunately, not all businesses survive continuous damage to the economy. Some owners are making bold decisions, either they continue shutting down their doors or laying off employees.
For those who are still thriving, dealing with this crisis requires a carefully planned strategy based on organizational priorities to quickly capture revenue for a recovery.
How Can My Adapt to the New Normal?
Your business can still be saved from the edge of closure through proactive ways you can start practicing.
Create Structural Changes
Bringing back your usual business operations before this pandemic can take a long time. You must be flexible to be able to get through the uncertainty of this crisis.
After months of lockdown, businesses decided to adopt changes to their structure. One of the immediate solutions is to move most workforces to online spaces. The Coronavirus has restricted movements and introduced a new way of working.
As time passes by, this immediate and supposed to be temporary remote work schemes may be turned into a long-term and permanent solution for many businesses.
People are getting accustomed to this practice. It revealed convenience both for the employers and the employees. Companies and businesses have seen it as a viable approach to a more modernized way of operations.
On the other hand, adapting these changes also hone the owner’s skills of empathy and decision-making.
Being able to bend during this crisis also draws you closer to your employees. You are together through these changes and struggles your business is facing.
Aside from empathy, you are forced to rely on the available, perhaps incomplete data and apply your best judgment for your business. If you think you need other decision-makers, try making your existing employees involved. They are the immediate set of people you can count on when it comes to your business.
Embrace Innovation and Technology
Regardless of your industry, embracing innovative ideas and technological advancements is a must during this situation. This is an imperative business recovery strategy owners like you must take.
Even before the pandemic, automation has long been utilized by small businesses. This helps those who decided to commit to business growth.
Most automation in small businesses is accounting and finance related. It is their priority to watch out for these tasks, especially when they have limited resources.
Small businesses opt to outsource their accounting and finance tasks for more accurate data while others rely on free accounting software and study on their own. These are just cost-effective options for small business owners so they can gradually embrace innovations.
Aside from automation, established companies also focus on more digitally-driven efforts. They realized how digital marketing can help them thrive through this. Some platforms can provide these companies with insights and analytics that can eventually help them in making better business decisions.
Monitor Your Finances
This is the best time to learn how to save money.
During a crisis like this, you can only rely on your hard-earned profits to move forward, therefore, you have no room for unnecessary purchase or revamp on your business.
As an owner, it is your responsibility to revisit your costs. Take your time and think about what are the costs you can cut down. Maybe it will not hurt if you ask your landlords, suppliers, and partners to negotiate terms regarding your payments. Once you have settled these changes on your payment obligations you will have an idea on your current and future cash flows.
Maximize Recovery Grant
Finances are crucial during an economic blow. If you foresee that your business can still thrive after you studied your existing funds, you can seek other resources for extra funding.
Ever since the lockdowns were implemented, governments have been giving out all types of assistance to all affected businesses and firms.
Almost everyone is in financial distress because of the economic damage. In Australia, the states were forced to produce various assistance to support businesses in their respective jurisdictions.
States have prepared wage subsidies which include firms’ apprentices and trainees. Assistance also includes investment incentives and credit loans.
Aside from assistance provided by every state, the Australian Taxation Office also offers cash flow boosts. Eligible businesses can claim tax-free cash flow boosts of between $20,000 – $100,000. The government’s cash flow boost program is designed for businesses, sole traders, companies, partnerships, trusts, or non-profit organizations. ATO has laid out specific requirements for interested Aussies.
For business owners, this is the time their capacity to build and their characters are tested. This is your chance to realign your priorities and dig deeper into what is really happening in your business.
Quitting and shutting down are not the solutions to this crisis. You must stay focused on your personal and business goals.
After you survived this huge economic crisis, you will be more prepared in future challenges your business might face. You might also want to consider other options for your business including outsourcing.
There are tons of outsourcing companies that can provide you with high-quality services while you take the time to rebuild your losses. These professionals will help you get through this. Outsourcing agencies offer a wide range of services from content marketing to virtual assistance.
Overall, we all need to remember that everyone has been dealing with the situation the best we can. Kindness and understanding for others are vital as the world reopens and we, as a community, navigate resetting and rebuilding not just our business but our lives. https://www.entrepreneur.com/article/348633