Due to the unpredictable fallout of COVID, it’s only natural to worry about the future of your business. After all, these are unprecedented times that we are living in and the business world is currently navigating uncharted waters.
However, the good news is that keeping your business healthy during COVID is more than possible. It’s also possible to grow your business as well as, or even more so, than when COVID started – provided you adapt. There can be no improvement without change and nothing personifies this adage more than the current global situation. So, our crack team of accounting wizards here at The A Firm have put together the top 4 steps you can take right now to stay on track during COVID. Read on!
How Has Covid Affected The Business World?
COVID has changed the way businesses across Australia work, and some of these ways are less obvious than others. They include:
- During the event of a lockdown, all non-essential businesses will be forced to shut down. In many cases this can prove catastrophic at worst for small businesses
- Certain types of businesses will only be allowed a set number of customers in their physical store at once, limiting customer traffic and sales
- Many businesses and business owners are finding that they must encourage their workforce to work from home, rather than the business grounds. This can affect communications drastically
Businesses across the world are now facing the prospect of drastic change in order to stay healthy. If you’re looking for expert advice on how to navigate forward, an expert accountant can work with you to devise a reliable strategy for the future.
The following 4 steps can help your business navigate these unprecedented changes and make the most out of the COVID situation.
#1 Ensure Your Business Is Covid Safe
Keeping your customers and clients happy is the most important part of any business. A large factor in a client’s happiness is how safe they feel in your office or location, especially during a global pandemic.
Keeping your business covid safe can be as simple as ensuring a hand-sanitizer is readily available, social distancing is practiced, and the office kept sanitised as per government standards. You may even want to consider switching in-person meetings to phone calls or Zoom meetings if your regional government has declared quarantine.
Keeping your business safe according to government health guidelines is a way for your business to show you care about your clients and take their safety seriously.
#2 Adapt To The Online Marketplace
As we mentioned before, Zoom meetings will be a powerful tool for businesses moving forward during COVID. But this is only the first step in taking advantage of the online business world. Many people will be staying indoors and jumping online in order to stay connected to their friends, family and workplace; meaning now is the perfect time to make the switch to digital. Consider upgrading your current software, or even performing an audit across the board for your website and digital presence. Doing so will help streamline your operations during the upcoming months.
Some online programs that will drastically help your business adapt to the change online are:
- Zoom – online video meetings software
- Slack – instant, direct chatroom for your team
- Loom – an online program that records your screen; handy for onboarding new clients
- Microsoft teams – a business communications platform developed by microsoft
- Google Docs – Write, edit and share a word document at the same time your staff does
- Dropbox – a handy online storage platform that all staff members can access at the same time
#3 Can The Government Help You?
There are a number of government financial support options available for small business affected by COVID. In some cases, they can give your business the boost it needs to stay healthy. They include:
- Pandemic Leave Disaster Payment
- Indigenous Business Australia Support
- Instant Asset Write-Offs For Businesses
You can find all relevant government financial support during COVID here.
#4 Check In With Your Staff And Business Partners
Lastly, your business’s continued success depends on the team that carries it; so make sure to check in regularly with your staff. It’s no secret that COVID has drastically increased stress levels amongst white-collar workers. Some people may be facing higher levels of stress than others, so it’s always a good idea to sit down with your team and discuss plans moving forward. Namely, what will provide your team with the support they need to continue working during COVID, without it affecting their mental health. The current global situation may be difficult for everyone, but it’s important that as a business owner, you work out a way for everyone to support each other.
How The A Firm Can Help
There’s no doubt about it: COVID has fundamentally changed the way businesses now operate around the world, and many of these changes are here to stay. Although some of today’s businesses are facing extreme pressure to change in order to survive, there are undoubtedly unique opportunities to be had for savvy and forward-thinking business owners. If you’re wondering what the next step for your business is, then contact The A Firm today for your free meet and greet. Our qualified and experienced team of financial solution experts are ready to guide your business through COVID to brighter horizons!