How long do we have to live with the unpredictable lockdowns and cancellations due to the pandemic? I am afraid the answer is quite a while.
As your accountant, we need to know the economy environment and trading conditions to help your business. Although we don’t have the crystal ball, neither are we any expert in medical research, we would like to share our understanding of what we are facing now for moving forward together.
The world entered the Covid theme since 2019. Now it crossed no return line, which means there isn’t going to be a back to normal as pre-Covid. We are living in the same settings, including lockdowns and borders closures, for the next two years at least. The followings are the things to review if you haven’t done it yet.
- Do a SWOT analysis for your business. Observe the current market as it is now and think about what you can offer that is needed. Forget about what you have been doing but was “interrupted” by the Covid. It is because this was not an interruption but what we have for longer term. It is a change.
- Redesign your products and services to satisfy the current market, your delivery style and feedback mechanism for your business. It should feel like a brand-new business than an upgrade or a temporary patch. It is going to be your permanent business settings which should help you to take over some market shares.
- Never give up on trials and changes. You are not the only one facing this. We are all in this thing together with a start line. The silver lining is that with the right combination of ingredients after you try and try, you should be able to establish a competitive advantage much earlier than anyone else. For those who always look back and reluctant to accept the reality, or those who give up to the unknown world after some obstacles, you will step over their dead bodies and sing your victory song soon.
We can be there for you for the strategic thinking and minor your business activities from compiled financial data (https://www.myca.net.au/business-growth/). If you would like to explore, the recent updated Victoria Business website offers some free templates for business plans (https://business.gov.au/planning/business-plans).
Have fun with this adventure as we know it is always in your entrepreneur spirit.