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Getting your business ready for a Post Covid-19 world

Getting your business ready for a Post Covid-19 world as small to medium business is essential for survival. These businesses contribute significantly to Australia’s economy, employment, and sense of community, and are crucial to Australia’s recovery, yet the challenges faced by these businesses are often overlooked.

A whopping 99.8% of Australian businesses are classified as either small (fewer than 20 employees, or less than $10 million revenue) or medium (20–199 employees, over $10 million revenue) enterprises.

We look at some of the key elements of SME businesses in Australia and how to address this effectively to get ready for the future.

Cashflow

With the Government aids coming to an end a lot of the businesses will have a significant impact on their cash flow. Multiple issues such as retaining staff, stock ordering, rent etc. will not be subsidised therefore cash flow of the businesses will be impacted. So, having a plan set aside for a strong cash flow or looking for alternative funding solutions is critical. Our partners can help when such a situation arises for a business and provide a variety of solutions.

Digitalisation

During the Covid-19 period, a massive intake of digitalisation was on-boarded by many businesses. To successfully keep the business running it is now essential for the businesses to digitalise a lot of their processes. For example, relying on digital communication tools to create effective and efficient communication and distribution of communication, establishing digital payment platform which increases convenience for both customers and businesses alike, digital marketing to manage budgets and target a specific audience for offers and promotions are now essential. While these are initially time and budget-sensitive to set up but with the proper tools and skills this can increase overall efficiency for the business significantly and for initial financial support Our partners can offer multiple solutions.

Brand building

In the post Covid-19 world businesses are going to start to refresh their presence to stand out from the competition and establish their unique image. It would be a smart business decision to build a brand around the new proposition the business has and build an image to complement along it. Brand building is an investment and ROI is long term and if it seems like the solution can’t be achieved at the current condition of business Our partners can financially support to build a successful brand.

Recruitment

As things are getting back to usual like pre covid-19 world, a requirement for businesses would be to recruit to full capabilities. A lot of the businesses at the time of covid-19 had to lose their regular staff level to adjust the operating costs to survive. But going back to full capacity means the ability to conduct more business which will eventually bring in more profits. Recruitment is a process that is costly for any SME business and if any financial support is required regarding recruitment our partners can come up with a variety of solutions that can financially enable different recruitment options.

Rethinking Operation

In a post covid-19 world re-organising supply chain, stock management, workforce, etc. will play a crucial part3. Finding out how to best manage these issues with business efficiency in mind is going to be a challenge. But allocating resources and adapting to the new changes in post covid-19 world will be beneficial to businesses. Our partners can provide that extra funding solution for the operational changes to be implemented as well.

With all the suggested actions for business to get ready for the post COVID-19 world if you require any financial assistance, My Biz Helpline is here to help.

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