So, you have made adjustments to the business to deal with Covid shutdowns. Now, the focus has to be on stabilisation and looking to build a prosperous 2021 which is only 6 months from now. Most business owners are adopting quickly to get back to some form of normality. The question is: what is normal? Here, we look at life after Covid for businesses and what you can do to be ready.
Firstly, Ask Yourself…..
What do you like about your business in the past? What do you want to change? How do you change it ?
Have you taken this opportunity to understand that the pandemic was something tangible for you to see how your business can react, change, move, and also adapt? You might also realise that your business was not actually running at optimum levels before the pandemic struck. Now is the time to correct that, to be ready for life after Covid.
Develop your business in easy steps. Cashflow forecasting that can be adjusted for any eventuality, as we all know nothing is in stone, these take good management and leadership. It is important to point out cashflow is not about the now, it is also about the future forecasting, so knowledge is key. Strategic planning with cashflow is key
Look at your key indicators: keep them simple, have an action list for you to work through.
Understand your goals and milestones over the next 12 months. Stabilisation of your Balance Sheet will come from knowing your Balance Sheet. Simplify to make it complex, or simplify to simplify, knowledge is the key to simplicity
Create a simple model that identifies your risks and rewards: a simple usable tool that you can work from.
Focus on customers and suppliers, support, communicate and deliver seamless service. The service that is not seamless is not a service, know your customers know their requirements give added value.
Supply Chain: Know your supplier limitations and enable a support mechanism be it new suppliers for same service. If your supplier is unable to support dilute your risk engage with new supply chain, Knowledge in these areas is key for a business, this is not admin this is strategic deep dive on your business stakeholders, get ahead have the right advice at critical times.
Contracts and knowing where to get your funding, arranging your payments structure with your contracts and ensuring cashflow.
Develop resilience and agility to have the ability to survive and thrive and remain positive.
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