Reopening Your Business After Covid 19

Where to from here?

Reopening Your Business After Covid 19 – Right now, it’s “Business Unusual” but as businesses reopen after the Covid-19 pandemic they will need to adapt to an unfamiliar environment.

It appears that generally, as a Nation, we have survived the health crisis and the lockdown of our lives, businesses and the economy, but now what?

Can we carry on running our businesses the way we have always done?

At Drumm Nevatt & Associates (DNA) we believe that if businesses continue to do what they have always done then in this economic environment they are not going to continue to get what they have always got.

The world has changed, the economy has changed and businesses must change and evolve if they are going to survive the economic impact of Covid-19 that is just starting to hit us.

The government support for businesses is extensive including (but not limited to) the wage subsidies, grants to obtain professional advice to support your business, Small Business Cashflow Loans, and some taxation concessions.

But alone that is not going to be enough for a number of businesses to survive.

Businesses need to make a Business Recovery Plan (RBP) to ensure that they can recover from the pandemic as strongly as possible.

During times of adversity we are often forced to think outside the square, to reinvent the way we work or behave.

The four main opportunities for reinventing businesses are:

  • Innovate – introduce new products or services;
  • Re-engineer – improve the design of a product or system;
  • Adapt – change process to fit within the new environment;
  • Widen Your Lane – broaden your product or service offering.

There have been a number of examples of businesses reinventing themselves during lockdown, including the company that pivoted from selling travel pillows to hair clippers and the motorsport businesses that started producing ventilators.

Have you considered how your business could reinvent itself?

A RBP should, however, contain much more than a plan to reinvent a business.

Small business owners need to ensure that they have a cashflow forecast for the next twelve months, identify risks to the business and strategies to mitigate those risks, and understand the minimum weekly or monthly sales level they need to achieve to remain viable.

If you want to find out more about creating a Business Recovery Plan then contact the team at Drumm Nevatt & Associates Limited to discuss or  our webinar.