The Coronavirus outbreak is changing the way people live and work. Change, however, does not have to decrease your productivity and your ability to continue building your business. Take the time to consider your current business structure. How can it be improved? What tasks and business operation practices have often told yourself “I’ll get to that later”?
Consider investing your time in areas that will benefit your business once social distancing measures are lifted.
1. Review your company terms and conditions
Whether you own a café or a construction business, it is always good practice to review your company terms and conditions. Are these listed on your website? Have you updated them recently? You do not want to get involved in a lengthy and expensive court case because you have been operating your business based on old trading terms. Now is the time to revisit your business model and ensure that you are adequately protected.
2. Review your fee structure
If coronavirus has taught us anything it is that businesses need to be prepared for the unexpected. Now is the time to undertake a financial audit of not only your current accounts but how you may be invoicing in the future. Can you provide fixed fee services? Can invoices be paid up front? How about automating your overdue payment notices?
3. Update your social media and webpages
Just because you aren’t open to the public (or if you are on a reduced capacity) doesn’t mean that you should cease all social media and marketing engagement. Have you been considering reaching a broader range of clients? Get creative. Think about podcasts, informative videos or newsletters.
Consider ways to stay at the forefront of the mind of your clients so that when you do reopen, you are the first person they call. Ensure your webpages and social media outline how you are trading and what changes you have adopted during the lockdown restrictions.
4. Upskill
Using this time to look for ways to innovate in your business and find ways to do things better is a great use of time if you’re unable to trade, or trading at a reduced level. Take a short course. Have you had a legal query that you have been wondering about for a while but not had the chance to speak to an advisor? Speak to our office about preparing a short advice so that you are better equipped to deal with legal issues if they arise in the future.
5. Communicate with your clients
Keep in contact with your clients. Give them a call or send them an email to see how they are going, put up a personal post on your social media. Ask for feedback on how your business could improve or what clients might like to see when the lockdown laws are lifted. Look for other communication points for your clients - social media, SMS, WhatsApp, video conference and webchat are great additional options to just offering a phone number.
Reinvest, re-energise, revive. See this pandemic as a way forward and invest time in your business. We are offering ongoing support to our clients during these unprecedented times and are happy to review your commercial trading terms, proposed business structures or to advise you on how you can best protect your business moving forward.
For more information, please contact:
Angelo Conti | Partner
E: angelo.conti@madgwicks.com.au
T: +61 3 9242 4757
