At the end of 2020, there were an estimated 2.2 million small businesses that felt the effect of COVID-19 in Australia. As reported in December 2020, out of these businesses, 78% reported a decline in revenue while 72% concerned about their business’ survival.
In May 2021, The Australian Bureau of Statistics reported the following:
- 78% of businesses reported either no change or increased revenue
- 43% of businesses reported that their cash on hand could cover only three months of business operations
- At the end of March 2021, 20% of these businesses no longer have access to support measures
Businesses in Australia are now slowly coming out of hibernation and adjusting to the “new normal”. So how do you prepare yourself and your business to get back on its feet after lockdowns and restrictions?
Here are some tips we hope can help:
Re-evaluate your Business Plan
“Business as usual” no longer exists and it is time to revisit your business strategies. Consider the long-term impacts of COVID-19 and adjust your strategy to suit the market. Include in your plan factors such as: restrictions or limits in your area, how quickly will you be able to re-open your business and how many employees will you need. Re-calculate your expenses, create a cash flow and understand where you can maximise profits.
Work out the Logistics
Ensure that you have clear processes and policies to ensure the safety and security of both your clients and your employees. Set up a regular cleaning schedule to make sure that the business premise is as safe as possible. You might also want to consider wearing masks or gloves and have a designated wash area with soap, paper towels and hand sanitiser.
Know the demands of the market
Check if your stock is sufficient because chances are the demand is high! It might take time for your sales to pick up so keep your orders conservative. Evaluate your services and adapt/evolve to the market’s demand.
Promote your opening
Communicate your reopening through your website, social media channels, emails and by phone. Some businesses may require prior bookings so schedule your customers before opening to maximise time. You should consider reopening with a special event or a promotion that will encourage your customers even more.
Offer alternatives
Offering alternatives to in-person services, starting with being online and responsive. Some of your customers may still feel uncomfortable visiting your business in person. By offering alternatives like contactless click options or delivery service, you are still able to cater to customers.
The reality is that it is still possible for a lockdown again but planning and staying prepared will be key to surviving. It is helpful to plan in stages so you can monitor and control your business safely. Being flexible will help you and your business adapt quickly while remaining cost-effective.
