COVID-19 affected many industries and sectors throughout 2020. Shut-downs, temporary closures and reduced business operations have marked a year with ongoing uncertainty. And while the impacts have varied from industry to industry, and state to state, some were hit harder than others.
As we head into 2021 however, there’s optimism in the air. We’re forging a path forward to a new business as usual.
But what does this look like for your business? And how can you make it easier on yourself to refocus on the future?
Here are some tips to help your business bounce back.
Tip 1 – Reassess your market
Before you rush back to ‘business as usual’, review and reevaluate your market. COVID-19 restrictions and lockdowns have changed consumer behaviour, and you may need to adjust your operations to meet new trends and demands. This could mean:
- adjusting product offerings
- targeting new customer segments
- embracing digital sales channels
- revising your marketing strategy
By embracing innovation around your products and services, and applying previous learnings, you can create a stronger foundation for future growth.
Tip 2 – Connect with your customers
Once you know what your business may look like, connect with your client base. If emerging from lockdown has changed how you operate, your customers need to know. By taking control of the narrative and keeping them informed, you become a trusted, reliable business partner in a constantly changing environment.
Tip 3 – Prepare your workforce
Workforce planning has taken on new meaning now that flexible working has become firmly embedded across many sectors. While this delivers many positives, it also presents new challenges. Dedicated in-person team days, rotating rosters and clear procedures around flexible working technology are just a few of the things to consider when managing your workforce.
Tip 4 – Review your workplace
With health and safety a top priority, and thanks to new rules around physical distancing, you may need to reconfigure your office layout to:
- Create sufficient distance between workstations.
- Meet current people-per-square-metre ratios.
- Manage the safe flow of people in and out of the workplace.
- Adhere to new face mask regulations where required.
- Establish strict cleaning and sanitation procedures.
Tip 5 – Rebuild supplier relationships
The ability to once again meet with suppliers in person opens the door to re-connect and build on existing relationships. While many industries have embraced remote working, video conference fatigue is real and there’s a growing appetite for in-person connection. By taking a proactive approach you can build some valuable goodwill, help ensure stability, and potentially secure more favourable pricing.
Tip 6 – Boost your cash flow
Emerging from lockdown requires change, and the key to making this happen is a strong cash flow position. Efficient cash flow will help you get operations back up and running to meet your renewed demands, connect with clients, and cover the costs associated with re-engaging your workforce and adhering to the new rules.
For some businesses, the challenge comes with an added – and often welcome – layer of complexity. Thanks to shifts in consumer behaviour, such as the surge in eCommerce or move toward takeaway dining – there are new opportunities to grow, and a cash flow boost is the ideal way to rise to meet them.
If you’re in a position to grow in this new business landscape, now is the perfect time to look into the different options available to help power your business:
- Trade Finance – Get access to a convenient, revolving line of credit to pay local and international suppliers, whilst having up to 120 days (60 of which are interest free) to repay your financier.
- Debtor Finance – Tap into the power of your receivables and access up to 85% of the funds locked up in your invoices.
- Supply Chain Accelerate – Unlike anything otherwise available to medium-large Australian businesses, this solution settles 100% of your invoices upfront and gives you 120 days to re-pay.
Now is the time to get back into business and lay the foundations for your future. A meaningful cash flow boost will not only help your emergence from lockdown, but also allow you to take advantage of any opportunities that come your way.
Take a look at our flexible Trade Finance Solutions, and get in touch to discuss the best fit for your business.
Disclaimer: The following comments are only our views and should not be construed as advice. You should act using your own information and judgment. Although information has been obtained from and is based upon multiple sources the author believes to be reliable, we do not guarantee its accuracy and it may be incomplete or condensed. All opinions and estimates constitute the author’s own judgment as at the date of publication and are subject to change without notice.