If your business has taken a hard hit last year and still trying to adapt to the new economic landscape, don’t lose hope. Most companies have never experienced anything like the COVID-19 pandemic before that they’ve become exhausted just by keeping up with changing local ordinances.
With the vaccination rollouts and social restrictions being lifted, you can start preparing more comprehensive business plans. According to the Australian Bureau of Statistics, the Unemployment rate dropped by 5.6% and the work hours increased by 38 million hours per month as of March 2021. While experts believe that Australia’s recovery will be fast, it’s better to take practical and lighter steps. Here’s how you can get your business back on track for 2021.
Revisit Your 2020 Plans
You may have to adjust or totally eliminate the plans made in 2020. Although Australia’s recovery is surging as households cash up their savings during the pandemic, many sectors may need more time to regain their ground. It’s advised to set smaller goals and move from there while constantly watching the local and global situation. For example, you planned on opening a new branch before the pandemic. Instead of being consumed by the lost opportunity, focus on increasing revenue for existing branches or migrating online.
Make a reminder to re-visit this plan in 2022.
Review Your Budget
“Before the pandemic, your business probably didn’t have a separate place for masks, hand sanitisers, clear protective panels, thermometers, and PPE. But, considering the frequency of use in this time, you’ll have to set aside money for these items.”, says Shane Perry, Max Funding Small Business Loans Advisor.
Cutting back on expenses may be necessary. You can start by eliminating non-essential roles and spaces.
Sit with your financial managers and auditors to identify the biggest spenders and search for ways to reduce them.
Perform a SWOT Analysis
A SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis will show the current status of your business. In addition, it reveals your capacity for recovery and what you can do to enhance this capacity.
Through this, you can also identify new issues that have emerged as you navigate difficult times. Make sure to include the following in your analysis:
- customer preferences to know what should be changed in your products or services
- challenges that your competitor, suppliers, affiliates, etc. facing
Consider Funding Options
Securing financial help from external sources may have been difficult for some businesses during an economic decline. But with Australia’s continuously economic growth, you shouldn’t limit the funding to internal sources. Instead, consider approaching your bank or a local small business loans company for a needed jumpstart.
Before doing anything, do the following:
- Calculate how much you need
- Be realistic in figuring out how much your business can afford to pay back
- Determine the level of security your business can offer
- Compare the offers of various financial institutions
The pandemic has also caused a dramatic shift in how products and services should be marketed. Digimedia Worx offers can help you in developing new marketing strategies that suit the current climate to get your business back on track for 2021. Book a consultation now!