The latest Covid-19 lockdown has highlighted a new reality. The old ‘business as usual’ mindset can no longer be relied on to take your business into the future.
The new reality of operating alongside Covid-19 requires proactive future planning around current and potential revenue streams. We encourage rethinking your business strategy and being flexible with goal setting which will help your business overcome further challenges. Now more than ever, it’s important to maintain good relationships with your creditors, client base and your team.
The new reality of business has paved new ways of thinking and change. Clients that have been successful in achieving higher profitability are the ones who have proactively reached out to us. We work with them to achieve a future focus through compiling annual forecasts and adaptable plans. Through this process we’ve found that business owners who are open to learning and developing extra skills have reaped the benefits of improving organisational culture which in turn improves the bottom line.
While managing the ever changing environment it is important to focus on making decisions that will benefit the business in the long-term. We recommend our clients take the following actions to grow their business and reduce risk during these uncertain times:
- Build better habits – Have a plan to implement changes in your business to help it grow. The smallest change can compound into great rewards.
- Create an annual forecast – with the help of your advisor, focus on maximising revenue and cutting out unnecessary expenditure.
- Get stuck in – Stay actively engaged with your creditors and your client base, ensure that your good relationships are maintained.
- Stay calm – Don’t opt for a short term focus that could be detrimental in the long term.
Be open to learning. - Take care of your team and the community.
We are holding free webinars over the next couple of months to discuss future proofing your business. Contact tauranga@bdo.co.nz to be added to our mailing list for the latest updates on how to prepare your business, or if you have any queries please reach out to Linda Finlay.
