Getting back to business

Success in 2021 will look different to previous years. Have you defined what success looks like for you in 2021? Are you focusing on what you can control in your business in the current Sydney lockdown? We can help you with your plan and help you GET BACK TO BUSINESS.

It goes without saying that change has been a theme of late. Much of the change we’ve experienced and are still experiencing with the current lockdown situation in Sydney, has been out of our control. However, if we focus on what we can control, such as our response to change, we can regain some control and plan to maximise outcomes.

Five things within your control that will have the biggest impact on your business:

1. Working on your business, not just in it.
It’s hard stepping back from your operational role. Many of us have been or are still in ‘crisis mode’ for an extended period – running on adrenaline and coffee… but it’s still essential to set aside time to focus on your plan and review it regularly. After all, working hard will only pay off if we’re working on the right things. Block out two hours each week to step out of your business and ensure your plan is executed. If this is something you struggle with, ask someone to hold you accountable.

2. Your product/service mix.
It’s likely you’ve already made changes to your product or service offering. This may have happened under pressure and without a proper plan. Take time to thoroughly review your offering. Which products or services have the highest margins? Which products or services haven’t been performing well? Are there new products or services you could introduce which complement your current offering? Do you need to review your pricing?

3. Marketing and communication.
Have you updated your Marketing Plan to reflect changes to your business operations? Clearly communicating with customers and prospects is essential in these times as they need to know when you’re open, that you’re taking their health and safety seriously, and any changes to your offering. You also want to be front of mind as customers look to support businesses.

4. Human resources.
It’s likely that your human resources department has taken a hit. While government support has helped to save some jobs, for some businesses, they have no choice but to reduce the size of their team. Have you spent time reviewing your organisation structure to identify resourcing gaps and areas where you’re over-resourced? You must ensure your team is the right size for your business with the right people on board.

5. Your finance, profitability and cashflow.
You may feel this part is out of your control, however, there are steps you can take to regain control of your finances. If you haven’t already, revise your personal budget and identify areas you could reduce your spending. Then update your business budget, ideally, you’ll review and update this monthly. If you’re struggling with cashflow, we can help you identify improvements you can make to your processes to manage your cashflow.

In these current uncertain Covid times, there’s a lot you can control and it’s crucial for morale and progress that we focus on these things to keep our business in the best possible shape during lockdown and to be fully prepared to ‘get back to business’ once restrictions have lifted. Even if your business has stayed open during lockdown or you’ve been back to business for a while, use these simple strategies for continuous improvement.

Use the resources and information available on the NSW Government COVID19 Help for Business page to stay up to date with the support and services available to assist small business.

Success in 2021 will look very different from previous years. What does it look like for you and your business? If you need help developing a plan, improving your profitability and cashflow, or just want someone to bounce ideas off, get in touch.

“Success is not final, failure is not fatal: it is the courage to continue that counts.” – Winston Churchill

 

Interested in learning more?  REGISTRATIONS HAVE NOW CLOSED for our ‘Get Back to Business’ Webinar on 24th August 2021. 

You will learn how to;

  • Clarify the challenges you need to overcome
  • Understand how to embrace change and focus on what you can control
  • Define your product/service mix, marketing plan and HR needs
  • Determine key finance, budget and pricing requirements
  • Define the planning you should undertake to get back to business


Published : 13 Jul 2021