Without a doubt 2021 will be the most important year in business in our lives.

That may sound dramatic; however, it is now almost six months since the coronavirus pandemic took hold in Australia so there is no better time to reinvent your business. 

Accounting Professionals Partner, Nick Fitzgerald spoke to hundreds of business owners over the last six-months discovering for every business that has struggled enormously, there seems to be one that has never been better.  

“With most of the country inching back toward normality, it is time for business owners to take stock and realise the importance of the next 12 months ahead.”

“JobKeeper coupled with restrictions on what we can do outside of work has meant more money being kept in local economies, household projects taking priority, savings, and even recreational activities coming to the forefront of our lives again.”

“The gravy train is running dry, however. Even those businesses thriving need to start considering what comes next.”

Register for my next webinar on Tuesday, 22 September at 9am: 8 Clever Strategies to Avoid Financial Stress In Your Business

Every business is facing a different set of challenges now and as the ‘free money’ starts to run dry, planning has never been so important. Here’s Nick’s top success tips to help you reinvent your business in a post-COVID world:

  1. Measure, monitor, manage – make sure you have an up-to-date understanding of how your business is performing so you can make quick and agile decisions.

2. Re-assess, re-calculate, re-plan – Do you know what your profit margins look like after JobKeeper? Do you need to re-set your targets or restructure your workforce?  

3. Understand your upcoming tax liabilities – They come around the same time each year and quarter, yet still manage to catch many business owners unaware and short of cash.

4. Look at your finance facilities – Do you need more funding to ride out the next year or so, or is there an opportunity to lock in existing facilities on better terms for the next few years? Engage with your finance broker now to understand if you can restructure to a better rate, better conditions, or both 

5. Automate your business – Are you using technology to your advantage to operate as effectively as possible?  

6. Beef up your Marketing – Whilst it might be time to hold back in a lot of cost areas, now is not the time to slow down your marketing. Competition for each sale will become more hotly contested. Making sure your brand presence is maintained or strengthened will be necessary just to keep the status quo in many cases.  

7. Asset Protection & Insolvency – While this may sound a little defeatist, a regular review of your business structure and asset protection never goes astray. We’ve all heard talk of ‘Zombie’ businesses staying open due to the current Government incentives and many will, unfortunately, fold in 2021 

What next?

Whilst 2021 will bring more challenges, especially for the small business community, setting yourself up now by planning will provide just as many opportunities for you to take advantage of.  

Like all industries and economies, some businesses always outperform the rest. It doesn’t happen by luck; it happens with a strategic planning approach to the areas that can set you up for success before it becomes mission-critical! 

Contact us here if you would like a free consultation

Register for my next webinar on Tuesday, 22 September at 9am: 8 Clever Strategies to Avoid Financial Stress In Your Business

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