Today’s blog is the second of a four-part series outlining business survival tips during Covid-19. Today’s three tips focus on leadership, business processes and out of the box thinking – implementing these tips will increase the odds of your business survival and put it in a strong position to thrive post hibernation.
Covid-19 has had a significant impact on the Australian economy and on Australian businesses. We encourage you to read the tips below and use this period as a catalyst for growth and business improvement.
Leadership and Direction
Covid-19 has challenged the status quo for all businesses and none more so than the direction of a business. It is during times like this that strong leadership sets businesses apart. The critical components of a strong leader include transparency and honesty, which will help establish, build, and strengthen trust between staff and allow buy-in into the direction of the business. Trust will increase team morale, improve productivity, and focus objectives toward a common goal.
The next piece of the puzzle with leadership and direction is in setting SMART (Specific, Measurable, Achievable, Relevant, Time bound) goals. It is extremely important to keep employees motivated and focused on the end result and what needs to be done to achieve the end result. Setting goals and tracking performance is a key component of leadership and measuring performance.
Finally, just like a champion sportsperson needs to be coached to perform at their best, business leaders stand a greater chance of being their best by having a mentor who can provide guidance and feedback on critical business decisions and direction. Coaching can also contribute to well-being, prompt self-reflection, and help in making balanced decisions. Always look for what will set you apart from your competitors and sometimes having somebody around to get that extra 1% out of you can go a long way to achieving success.
Refine Business Processes
Covid-19 has put a major scare into economies across the world and although we are still reeling from the impact, change brings opportunities for business to capitalise on. Businesses have been forced to evaluate business processes, technology, and cash flow to ensure that they survive the pandemic and are well prepared to succeed post hibernation.
Technology should play an important role in improving business processes. There are some cost effective tools that will elevate your business performance and allow you to stay on top of new developments in your business – these tools relate to mapping processes, project management, cash flow forecasting and business intelligence. All in all, the technology will provide you with an edge for when the economy bounces back to normal.
It is now more crucial than ever for your business to be operating at maximum efficiency and have all the information you require at your fingertips, to allow you to make informed decisions as and when it is required. Now is the time to create that sophistication in the business and refine those business processes.
X Factors
Successful businesses need to be nimble to continue to stay at the top of their game. The ability to pivot is what keeps a business relevant and protects it from going stale. This ability to think outside of the box and have the X factor is key to prolonged success.
What are some of the X factors we have learned from over the last few months?
- Office Space – the forced shutdown of offices has translated into remote working environments, usually from the “comfort” of one’s home. People have adapted to continue working at high levels of efficiency and challenged the notion that an office is required for a business to operate. The days of needing an expensive office is no longer necessary, especially with the technology available and this reduction in cost, can free up working capital to devote to revenue generating areas of the business.
- Online Opportunities – there are many opportunities available to us with the technology at hand i.e. offering services and products online to keep costs down whilst providing customers with the goods they require. This out of the box thinking is a win-win and a classic example of this is gyms offering online fitness programs due to the lockdown conditions – here is an opportunity to generate unlimited recurring revenue whilst keeping costs to a minimum.
- Collaboration with Competitors – would you consider collaborating with a competitor? Some businesses have the confidence to collaborate with their rivals and learn from each other. There may even be an opportunity to join forces and offer the market a new product or service with the increased capacity and reduced risk at hand.
Tough times can produce opportunities for great innovation and allow new products and services to emerge. There are many examples of businesses that have pivoted from their original offering to become the successful companies that we now know.
Conclusion
Covid-19 can act as a catalyst for instilling positive change into your business. Use this period in time to a) focus on your leadership and business direction, b) introduce new technology and refine business processes and c) think outside of the box and be innovative with your X factor ideas.
Let Us Help
If your business has a turnover of over $1 million, ABJ Solutions is offering a complimentary meeting to help answer questions and model critical decisions with you. Get in touch with us today so that we can help guide you through these challenging times.
