By Daniel SmithPartner
13 October 2021
- Business advisory
COVID-19 has brought with it various challenges, and we all have been dealing with a new level of ambiguity requiring us to balance what we can control with what we can’t.
If we focus on the things that we can’t control and burn our energy and resources, we might just miss the business opportunities that disruption can present.
Focusing on what we can control and how we react to these challenges will assist in remaining agile and focused on our strategic objectives. It can even alter our direction to stay ahead of the pack, or at least assist with keeping up.
Some key areas of focus for your business, to ensure that your business survives the impacts of COVID-19 include;
- Ensure that you focus on monitoring your liquidity and cash flow: This focus has become even more important to ensure your businesses survival.
- Regularly conduct revenue forecasting, review costs and profit margins: It is important to do this more often, to check the impact of the disruptions that are occurring.
- Regularly monitor customer demand: Ensuring that you can capture, adapt and respond to changes in trends as they occur, is key to success in this ever-changing environment.
- Refresh, review, develop and update your business continuity plans: The environment has changed significantly. A good business continuity plan provides a structured approach and tools to help you navigate the various events that may occur in your business.
- Balance your stakeholders: Ensure that you balance the health of all your stakeholders, (clients, staff, business partners, etc) with the viability of your business across the short and longer terms.
- Embrace the change that is occurring: Look for the positives, efficiencies and benefits that can be created by this disruption.
- Look for improvements in your supply chain: Many businesses are experiencing supply chain challenges, such as delays with moving goods and people across the country or globe. Many successful businesses are using this as an opportunity to identify alternatives, that create efficiencies, or building stronger alliances with their supply chain partners. Attend to the short term supply chain disruption, but also plan for longer term supply chain strategies.
- Use these events as an opportunity to build a trusted team: Empower your team to make decisions to respond to and adapt to the changing environment.
- Build flexibility in the way you work: Restructure or re-engineer processes to create efficiencies. Working from home, or having business partners dial into your business, is a prime example of a huge change that has occurred, and many businesses are gaining efficiencies as a result.
For further guidance and for assistance in determining the key areas of focus for your business and the development and implementation strategies to ensure the success of your business support reach out to your local PKF business adviser.