With many restaurants and cafes operating at half capacity and entertainment venues all but closed, there is no doubt that now is a tough time for many Australian businesses. Many are facing challenges that they have never encountered before, forcing widespread restructuring and constant refreshing to stay afloat.
While COVID may be lingering longer than many of us imagined, we are increasingly accepting that our current way of life is part of a bigger new normal. To ensure your business can continue to survive and then thrive, here are some tips to help you continue operating during these trying times.
- Optimise your cash flow
Cash is what your business needs right now to ensure you have the stock to see this crisis through. Whether you are running out of it fast or are lucky enough to have a reserve at your disposal, it is crucial that you analyse where you can enhance and cut back on your cashflow. Some key areas to look into include accounts receivable and payable, your inventory, overheads, pricing, order volumes and the cost of your goods sold.
- Focus on growth
It may sound counterproductive at a stage where many businesses are struggling to survive, but there has never been a better time than now to work out where and how your business can grow. Will you continue to find growth through client retention, or would new lead generation be a more useful way to help your business grow?
- Don’t neglect marketing
Whether you want to maintain client relationships or explore potential new leads, your marketing strategy is one sure fire to optimise your business’s chance of survival. Put time into promoting your brand to current and new audiences through your social media channels, newsletter and email campaigns, blog posts and audio-visual content such as webinars or podcasts.
- Keep calm
Not giving in to stress is easier said than done, but one key thing to remember in the current landscape is to avoid panic. In this rapidly changing landscape, it is often more useful to step back and reassess. Seek out trusted and useful opinions, keep your perspective and continue looking after yourself – it will your mindset all the more healthier to keep on working through this challenge.