Your Business and COVID-19 over the Long Haul
July 29th, 2020
Posted in: Tips & Insights
The COVID-19 pandemic has been a stress-test for many businesses, and ongoing containment measures are likely to remain in place for a significant length of time (probably measured in years). On top of that, there is speculation from experts that we are likely to have more pandemics in the future as well. “Business as usual” is simply off the table for most companies—we all need to make adjustments and figure out how to keep our businesses successful in this new environment.
Keep A Close Eye On All Aspects Of Your Business
One of the first, most important steps for keeping your business successful is keeping a very close watch on things like your cash flow, sales, costs, and Key Performance Indicators (KPI). It’s time to cut any waste or inefficiencies if you haven’t already. You might find this article on optimizing your business processes helpful.
Short-Term Adjustments Going Long-Term
You’ve probably made some short-term adjustments at this point, but it’s time to look at long-term adjustments to keep your business successful. Some adjustments you might need to consider if you haven’t already:
- Employees working from home rather than in the office.
- Conduct as much business as possible online or over the phone.
- Look at your supply chains and find and fix the weaknesses. You might consider sourcing locally as much as possible to reduce delivery problems.
- Employees and customers wearing masks and gloves in your workplace.
- A plan for what to do in the event of an employee or customer testing positive for COVID-19.
- Embrace change and continuous improvement.
This article can be helpful in making your business resilient for COVID-19 and beyond.
Time For Some Shifts
You might need a re-think/re-tooling of your overall business, too. Times are tough for many businesses, but some businesses are thriving—there have been many stories of radical shifts like breweries starting to make hand sanitizer, and any company with sewing machines starting to turn out masks and gowns.
What is your expertise? How can you adapt it for ongoing pandemic challenges? This video goes over 11 Clever business pivots.
Keep Your Customers In The Loop
It is also critical now and for the future to keep your customers in the loop of what is going on with your business. People aren’t sure what businesses are open, or if you have reduced or changed work hours, or if your services have shifted—it’s up to every business owner to use every channel available to them to keep people informed.
We would love to help you make an ongoing business plan with all these changes taken into account, to help your business survive and thrive. Contact Shaw & Associates Chartered Accountants for accounting help you can count on. One complimentary meeting with us will put you and your business on a more profitable and positive path.