At some point or another, whether it’s in two months or two years, some degree of normality will return to everyday life, and the troubles of 2020 will be behind us. To ensure that you and your company are ready for life after lockdown, you must put all of the advice laid out below into practice.
Here are two things you must do to rebuild your business after COVID-19:
Lower your operating costs
If, after assessing your financial damage, you have no choice but to accept the fact that COVID-19 has devastated your company’s economic foundations, it’s time to start moving forward. You might be in a tight predicament at this moment in time, but there will be a light at the end of the tunnel sooner rather than later… but only if you resolve to push on. Allowing your business to stagnate in its present-day position will only make your situation ten times worse, which is why you must actively attempt to fight your way out of your current financial fiasco.
Lowering your operating costs is the first all-important step that you must take in this instance. You aren’t going to fix your fiscal problems if you carry on wasting money on unnecessary resources, which is why you must make an effort to curb your day-to-day spending habits.
To lower your daily business operating costs, you must:
1. Embrace several cost-effective green practices (reduce your paper consumption, go digital, invest in solar panels, make sure your appliances are switched off when not in use, etc.)
2. Outsource certain tasks if they prove themselves to be an unnecessary drain on your resources
3. Change business water suppliers to ensure that you are getting a fair deal for your daily workplace water consumption
4. Embrace telecommuting and remote working
5. Maintain your tech devices and software solutions (this may require money upfront, but it’ll be sure to save you cash in the long run)
6. Cancel any services that your business no longer has any use for
7. Talk to your employees about the importance of saving money
8. Invest in automation technology that cuts the cost of admin tasks
Assess the financial damage
Before you can start putting plans into place for future growth, you need to take stock of all that happened to you in 2020. You need to take some time to assess the damage that your business has incurred, as that will make you aware of the exact course of action required to rebuild your financial foundation.
To calculate your possible COVID-related financial loses in a highly efficient and effective fashion, you must:
1. Assign a numerical value to each loss that you incurred
2. Evaluate the impact that your loses have had on both your current and future business operations
3. Draw up a cash flow projection template for the upcoming financial year and see how much it differs to previous templates that you’ve created