It is amazing to think that in the near future we will start to return to some sense of normality in our everyday lives. Finally, supermarkets will be able to keep toilet paper on the shelves for longer than an hour, you will be allowed to leave your house and workplaces will be inhabited again.
While the last few weeks have not been easy, adjusting to what we call the new norm has taught us many valuable lessons. Business owners must understand that they cannot make plans solely to survive the bad times. Some businesses will make it out of the pandemic, only to fold a few months later when they run into post-crisis problems they didn’t plan for. Rather than treat this disaster as a one-off difficulty, businesses should acknowledge the long-term changes created by the spread of COVID-19 — and work proactively to develop future-facing strategies to make business operations pandemic proof.
Have a backup plan
Safe to say there may come a time again where you need to reduce your business operations for reasons beyond your control. You need to make sure your business can survive if you can no longer operate, or you are forced to slow your operations down.
This means your insurance policies should be reviewed to make sure you are protected, and financially you need to have a rainy day fund that will keep your business running if you are not able to trade as normal. If saving additional dollars is not an option, then make sure you are able to access credit.
Relationships are key
How well you manage and communicate with your staff plays a big role in your daily business and its success, but it becomes essential during times of crisis. Staff who are motivated, understood and feel appreciated will be productive and loyal to you. Building a culture that demonstrates your values creates a strong, well-bonded team.
The same can be said for your customers. Make sure that your marketing plan includes strong content designed to resonate and add value to your clients. The more value you deliver, the less likely they will leave you for a competitor.
Systems in check
It is important to ensure your business is meeting government regulations so that you are not left owing too much money in tax debts, and to make sure your business is eligible to receive government funding and grants if these are on offer. As an example, thousands of Australian employers did not receive the recent JobKeeper payment, due to ineligibility.
A savvy business owner is always ahead of the game. The quickest way to make sure your business is pandemic proof, is to diagnose any problems before they arise. CAAA Commercial Concierge offer a complimentary business assessment to identify and risks or gaps, before they become a serious problem. Speak to your concierge to find out how you can improve your business.