There is no doubt that when you are busy you must focus on production – getting the work done and focusing on your customer’s needs.
What happens when business slows down – you have more time – time to focus on some of the things that you may not have addressed in the past and time to plan for the “NEW FUTURE”.
Can you take time to imagine what your business is going to look like on the other side of this crisis?
Your relationship with your customers – how much do you know about your customers and their business?
Are the drivers of your business going to be the same post Covid? The world is now more concerned with sustainability and climate change will be the theme of the future.
Are all your talented staff encouraged to give their best?
Is your business in the “cloud” and using the latest technology?
Can you move with “speed” to meet customers needs in a changing environment?
Have you had time to review your business plan, your budget, cash flow and expenses?
Take the time now to address these issues now and your business will be in much better shape post Covid.
We have spent some very valuable time with some of our customers over the past 18 months – working through their financial expectations for the next few years.
They have trimmed their business to ensure that it is lean and mean – cutting out unnecessary overhead.
We have put in place budgets and cash flow forecasts that can be monitored monthly.
We have implemented staff incentives and flexibility into their business life.
We have marketing plans that focus on the best return for the $ spent.
We have implemented new systems to streamline operations.
We have pricing systems to ensure that margins are increased.
And we have business owners looking realistically at their earnings.
This must be good for their business’s and Covid has given us the time to address some of the underlying systems that are necessary to run a good business.
Have you addressed these issues in your business yet?
Paul Davies
Partner
OneTeam Chartered Accountants Ltd