Wed. Sep 30th, 2020

Planet Compliance

Innovation & Regulation in Finance

The Future is Here, And Businesses Need to Adapt Quickly

4 min read

Over the last number of months, we have seen the entire world be turned upside down due to the effects of the Coronavirus pandemic. Businesses of all types and sizes have had to make drastic changes to their business processes to try to remain afloat throughout these uncertain times. And, while business owners all over Australia and the rest of the world, are doing all the can to adapt to ‘the new norm’, who knows what may lay ahead in the coming months. 

 

Now is the time for businesses to prepare for the new future that lies ahead. Whether your staff will be working remotely, you have to implement PPE measures for your staff and customers, you’re changing your business model entirely or making the shift to an e-commerce setup, you need to take effective action as soon as possible. Business owners who delay their response to the new normal could very quickly be left behind as the, still very uncertain, COVID-19 situation continues to cause chaos for businesses everywhere. 

 

Continue reading to learn how your business can adapt to meet the demands of the new uncertain future that lies ahead. 

 

Fortify Your Finances

 

No matter what challenges you might face as a business owner, it’s always important to know exactly how your business is performing financially. With the precarious position many businesses find themselves in, this is a great time to take stock of where you are right now. Study your profit and loss statement, look over your cash flow statement and check your balance sheet to see how you are performing. Calculate GST to ensure everything is correct, double-check your payroll and take account of current inventory. With a clear image of your finances, you can plan for the new future and adapt as required. 

 

Network With Local Businesses

 

The phrase “we’re all in this together” has been heard all too often throughout the pandemic. However, for a local business owner, this is the approach that you need to take. Connect with other local business owners and see how you can help to support each other through these difficult times. Many local business communities have come up with inventive ways to help each other out and to serve the community despite the Coronavirus crisis. Working with other businesses can help to bolster your business and garner more support from local customers and clients. 

 

Embrace Opportunities Online

 

While some businesses, such as retail outlets, will very easily be able to move their operations online, for other business owners it’s not so simple. However, the key here is to embrace online opportunities, whatever those might be. For example, you can spend the extra time you have available to become more active on social media and boost the profile of your company. Many fitness companies and education outlets have started offering live classes online to members. Other businesses have made changes to their processes, allowing clients to work with them in a virtual capacity with meetings held over Zoom and Skype. There is no limit to what you can do in the online realm, it’s just a matter of finding a solution that will work for your business. 

 

Embrace The Change And Prepare For The New Norm 

 

From face coverings, to hand sanitiser, to videoconferencing from home and online yoga classes, the world is a very different place than it was a few short months ago. As a business owner, it’s crucial that you find ways to adapt and change so that you can keep up with the constantly changing business landscape. Taking measures to future-proof your business as best as possible should be your first step. Be sure to maintain contact with your customers to let them know how much you value their custom. 

 

When the world finally resumes normality, you want to ensure that your business is still standing and the loyal customer base you have spent time building is still there. Embrace the changes, take action and get your business ready for whatever the future might hold. 

 

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