Lockdown and the subsequent restricted ‘levels’ of operation continue to be tough for businesses.
Suddenly, the office was empty, employees were spread across various home locations and crucially sales and revenue evaporated for most in the blink of an eye. We had to evolve, and quickly.
Teams got used to home-working, video meetings and dealing with customers in the online space. And many of us began to see the positives of this low-impact, remote-working approach.
What are you going to hang to as you return to normal life?
From a personal perspective:
- More time with family – is you daily commute still needed every day? Are you able to mix it up and work remotely from home, giving you more time with family?
- More exercise and fitness time – finding the time to fit in a gym session or run was always tricky pre-Covid. The quieter pace during Level 4 and 3, meant that many could follow the latest workout video, go for a run, or get back on the bike. We know exercise is good for both our physical AND our mental wellbeing – so how does exercise fit into your new routine?
From a business perspective:
- Future planning – working ON the business, rather than IN the business is an aspiration of any owner, but the time to do this is usually scarce. In lockdown, more of our clients had time to think through their core goals, and work with us on what their next move should be and what their ‘post-Covid-19 strategy’ should be. Surviving, then thriving is the goal.
- Getting in control of your financial model – huge drops in revenue have meant cashflow worries. During the lockdown, we’ve been assisting clients evaluate their cashflow life cycle and re-evaluate their financial model. Looking at costs, debts and potential revenue streams allows you see how you can reduce cash outflows and boost those all-important cash inflows. Developing a cashflow plan for the next year and reviewing it regularly is a key to survival.
- Using data to understand your customers – Intuition is vital for business owners but if there’s data in your business that you haven’t had the time to review, you may be missing opportunities. For some, lockdown provided time for analysis such as, learning to use Google Analytics. Others found information gaps, realising they weren’t capturing the customer data needed to target and talk with their customers in the right way, so now they have adopted the tools they need for better sales and marketing in the future.
None of us know exactly what the ‘new normal’ of business will look like, but we know it won’t be easy as we enter a likely recession.
We have successfully worked with clients through the GFC and have proven tools to help businesses survive recessions.
Contact us anytime, we can help you.