Post-covid comeback plan

As the Covid-19 pandemic and subsequent global economic collapse are incomparable to anything we have experienced in recent history, there is no actual rulebook on how we as business owners or sole traders can emerge ready to jump back into the fray. 

All financial forecasting and growth plans have been severely disrupted. We have all needed to become highly flexible in our business management and rely heavily on governmental support depending on the nature of our business to maintain jobs and continue to function as best we can. 

As we tentatively begin to leave Covid-19 behind, thanks to the effectiveness of vaccines that are being rolled out and the development of stricter hygiene and social distancing habits, we can begin to look forward again to how our business looks in the future; perhaps shifting our focus from surviving to thriving. 

Having a post-covid comeback plan is as essential as having the detailed lockdown plans that have been formulated and perfected these past 18 months. But what should you consider in this plan? We suggest keeping in mind the following:

– Free Up Cash

As we all know, cash is king. By reducing inventory levels and discounting old stock that hasn’t moved, you are able to free up some cash to give you a little breathing room. Focus on areas in your business that are steadily growing and giving you that confidence to shift from covid conditions to post covid conditions. This might include adding value to your customer’s experience and deepening your relationship with them. 

– Speed up the Sales Cycle

If you’re looking to break free from the slow movement that has dogged your business, then you need to put in some proactive measures to enable your sales process to speed up. Streamline the process or perhaps focus on reducing turnaround times to get sales pumping through your books. 

– Focus on the long-term

We can again begin to look a little further ahead with our goals as many of us cut this out entirely as we focused on staying afloat from month to month. With thoughts on encouraging sustainable practices that will benefit you in the next five years or more, you can make changes that will have practical advantages for years to come. 

If you’re curious about how to fine-tune these tips and others to work for your business, we here at Accounting Tax Solutions can offer bespoke advice and support. Don’t delay, and get in touch today by calling 07 5559 1200 for professional, tailor-made advice regarding your post-covid comeback plan.