2020 has turned out to be a whirlwind of change for Australia and the world.
At testing times, we want you to remember that with the right planning and mindset, you will be okay. Here are some basic steps you can take to plan for the future and work your way through any testing time.
1. Focus on ensuring mindset is positive within yourself and within your team. There are often safety nets available, so encourage and help your clients, your team and yourself to know the options.
2. Budget and forecast costs to help set your business up for an easier future. Trimming expenses where possible will help save some cash and will also help you understand what your business can operate without in the longer term.
3. Are there any potential pivot points for your business? Remember to budget accordingly with all of the changes you make to your business: try to think whether these will ultimately boost your business’ financial position.
- Can portions of your business be shifted to online to continue customer purchases and/or client relationships?
- Can you change portions of your business that may already be online, to attract and attend to a larger target customer base?
- Do your employees have skills that can be utilised in other areas?
4. Continue to communicate with your team, wherever possible. Maintaining a strong support network by ensuring your team feel safe and valued within your business, can help set it up to be in a position to re-establish itself whenever the circumstances revert back to normal.
Although we understand it can be overwhelming and at times confusing due to the ever-changing nature of a situation, we encourage you to keep yourself educated on the circumstances and regulations relevant for your business. If you’re in need of assistance or are one of Cocoon’s wonderful clients, please feel free to contact us for any support you may need.