Brisbane business advisory and accounting firm, Advivo, share their insights on the ‘new normal’ of doing business after the pandemic.
If there is one thing that recent times have shown us, it’s just how adaptable we can be and need to be. There is now a new ‘normal’ to how we work. The usual slow pace of change has been interrupted, and many businesses that had never considered adopting alternative approaches to work, have been forced to do so by circumstance, opening opportunity to take these changes forward and create a different and better way of working or dare we say it, surviving for some.
If you’re a small business owner, you already know that you could never drop the ball, not even when times were good. One of the advantages of being a small business is the ability to easily embrace and adopt change and extend the spirit of innovation.
Here are ways in which the pandemic has changed business as we know it:
Crisis management and response
People are more aware of risk in general and risks they hadn’t contemplated before, such as pandemics and lockdowns and what might happen and the impact from this. It is good that people are more conscious of risk and contemplate the impact and formulate mitigating strategies in advance.
Work smarter not harder
With people working remotely this has accelerated the introduction of more efficiencies through technology, digitisation and artificial intelligence.
Building solid relationships
Build solid relationships with key stakeholders such as suppliers, core clients, and banks. Never before has this been so important with the key being regular communication and transparency, working together and collaboratively. This also includes staff having the right people doing the right job and not wasting time, effort and cost.
Seek the right advice
Seek advice from those that can help such as an accountant, lawyer, banker and mentor. Analyse the advice, develop an implementation plan and act on it. DO NOT PROCRASTINATE!
Now is the time for businesses to review how they’ve adapted to the current situation and build on this into the future. COVID-19 may not have changed things forever, but it has forced businesses to rethink their offerings and strategies and with the landscape becoming even more competitive as a result of world events, effective long-term strategies will be fundamental to small business success.
If you have any questions or need any advice on how to take your small business to the next level, the experienced team at Advivo Business Advisors and Accountants focus on business advisory and are here to help you. Please contact us today.