Prior to COVID-19, most Australian businesses were ticking along nicely. Whether selling products or services, the Australian economy was in pretty good shape, and optimism among business owners was high.
Nearly 30 years without a recession plus interest rates that were almost begging us to borrow and expand meant many SMEs were riding high.
Then … COVID-19 hit, and here we are. Growth and optimism have been been replaced by shutdowns and lockdowns overnight.
Thing are slowly starting to look up again. And while it may take some years before the world we knew returns, there are steps business owners can take right now to speed their recovery, and emerge even better than before.
Do you know your business?
Well, of course you do. You look at your books, monitor expenditure, watch your bank balance, track stock, clients and customers… As a business owner, you know exactly where you’re at, and you know exactly how COVID has impacted on your operations.
You have a good idea of the status of your business right now. A snapshot. It’s like you have a drone flying high, sending down snaps of your current status
If you want to come out of the current economic situation stronger, though, you need to look deeper, not higher.
Some outlooks are bleak
One thing is (sadly) sure: not every business will survive. Emerging businesses will be hardest hit: new start-ups and businesses with smaller client bases may mean hard work won’t always help you get through.
If you’re proactive and act now, there are ways to get through this. If you need to close, we can help minimise your financial damage.
If you think your business is not going to make it through the current economic turmoil, contact us. We’ll see if there are ways to recover, and – if it’s not a great outlook – we’ll help you minimise financial loss and come out the other side with fewer scars.
Work hard and emerge stronger
For more established businesses — and even new businesses with a compelling niche – this difficult time may actually present a real opportunity. Look deeper. Go beyond your balance sheet. Consider this:
Is your industry healthy?
Do you think you’ll have fewer competitors in a year’s time? Will demand still exist for your main offering? Has COVID changed the way your clients think? Has it changed how they want to interact with your business?
Your answers will help you either solidify or re-shape your business. During COVID, lots of shops are selling jigsaws. Will anyone want a jigsaw in 2021? What are you doing to expand or diversify?
Is your business sustainable?
It’s awful, but imagine COVID-21, 23 or another bird flu or SARS. Are you ready? You don’t need to be a doomsday prepper with cans of beans in the cellar; you just need to have a plan. How will you pivot next time? This is the time to make a plan:
My barber tells me when he’s open or closed. It keeps our connection, keeps me informed, and stops me cutting my own hair. These are all very good things.
Your business is yours. You started it because you saw an opportunity. You keep at it because – despite the day-to-day hassles of BAS statements, stock control, staff or contractor issues, suppliers, creditors and more – you actually like it. Maybe you even love it.
Think hard. You know your customers. You know your products or services. And you probably know that there’s more that you can do to make them fit together better.
This won’t take long: put on your mask and walk around the block. Ponder what your clients really need. Why do they come to you? What can you do to make their lives easier? What will streamline their experience? What can YOU do to help?
Make just one change to how you run your business: send an email; offer an add-on service; offer free delivery; make a video showing how best to use your product; offer a discount. Connect.
Trust your business instincts and honour your customers.
The material and contents provided in this publication are informative in nature only. It is not intended to be advice and you should not act specifically on the basis of this information alone. If expert assistance is required, professional advice should be obtained. We are here to help, contact us today:
Philip Martin Chartered Accountant
Phone 1300 744 547 | Web pmca.com.au | Email philip@pmca.com.au
Level 9, 440 Collins Street, Melbourne, Vic 3000
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A rich text element can be used with static or dynamic content. For static content, just drop it into any page and begin editing. For dynamic content, add a rich text field to any collection and then connect a rich text element to that field in the settings panel. Voila!
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The rich text element allows you to create and format headings, paragraphs, blockquotes, images, and video all in one place instead of having to add and format them individually. Just double-click and easily create content.
A rich text element can be used with static or dynamic content. For static content, just drop it into any page and begin editing. For dynamic content, add a rich text field to any collection and then connect a rich text element to that field in the settings panel. Voila!
Headings, paragraphs, blockquotes, figures, images, and figure captions can all be styled after a class is added to the rich text element using the "When inside of" nested selector system.
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The rich text element allows you to create and format headings, paragraphs, blockquotes, images, and video all in one place instead of having to add and format them individually. Just double-click and easily create content.
A rich text element can be used with static or dynamic content. For static content, just drop it into any page and begin editing. For dynamic content, add a rich text field to any collection and then connect a rich text element to that field in the settings panel. Voila!
Headings, paragraphs, blockquotes, figures, images, and figure captions can all be styled after a class is added to the rich text element using the "When inside of" nested selector system.
