Moving from short term survival to long term prosperity
As restrictions ease and more businesses are allowed to reopen, it is vital for all business owners to move from a focus on survival to considerations around how their business can recover and prosper for the longer term. For some, it may mean investing time in developing new offerings because their current business model is no longer viable. For others, it is about taking advantage of new opportunities that have been created due to a shift in the way we live and work.
While we may not know exactly what the future has in store, business owners can take several steps to make sure they’re taking a proactive approach to the future of their business:
1). Know the numbers – Make sure you have an accurate picture of your income, expenses, assets and liabilities at the end of June.
2). Verify the viability – Run the ruler over every aspect of your business. What current offerings and practices are sustainable, particularly if government stimulus is not available?
3). Identify opportunities – In what ways might your business be able to pivot to explore new markets or offerings which look potentially viable?
4). Create your plan – Where do you want your business to be in the next 12 months? 3 years? 5 years? What steps do you need to take now to reach these goals? What obstacles or issues may create challenges for you and your business?
Now is the time to be looking over the horizon and reshaping your business to be what you want it to be on the other side of the current disruption. Feel free to contact one of our accountants in Rockhampton if you’d like help to better understand your business’ current financial position or to create a strategic plan.