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Resilience and recovery – Rebuilding your business

The impacts of the pandemic on business and industry have varied. The effects have been minimal for some, life-changing for others and some have found reinvention the key to success.

Jenny Dikranian

Content Writer, My Business

Whatever your experience, to recover and thrive in a post-pandemic world, take a step back, re-evaluate how you conduct your business, where to make changes and keep on top of government initiatives to help you along the way.

Here are your next steps.

FINANCIAL POSITION AND CASH FLOW

Disruption to your business impacts income, expenses, debt, revenue figures and forecasts. Look at your statements to understand your financial position and explore ways to increase your cashflow.

Whether it’s cost cutting, streamlining your business or activating new opportunities, there are several strategies you can apply – once you know your financials. Ask your accountant for tailored solutions to help you.

Government relief packages

If you didn’t qualify for JobKeeper, look into the JobMaker Hiring Credit – an initiative introduced by the federal government on 7 October 2020. If eligible, you can claim a hiring credit for up to 12 months by employing a young job seeker.

For employees aged 16 to 29, the credit is $200 per week, for 30 to 35-year olds, $100 per week. It’s a great incentive for you to give a young Australian – or two, a job opportunity and contribute to the economic recovery. Employees need to commence employment by 6 October 2021.

The first claim period will be open from 1 February 2021 until 30 April 2021. Click here to register with the ATO or find out more about JobMaker and if you qualify.

Revenue models

Examine your revenue models and look for opportunities to increase your revenue. Many businesses have adapted – virtually overnight – from a bricks and mortar store to an e-commerce site. While that approach does not suit all businesses, with a little bit of creative thinking you can discover other revenue-making strategies to improve your bottom line and diversify your business.

Subscriptions, memberships, affiliate markets, events and experiences – just a few ideas to get you started.

Business goals and objectives

Look back at how the pandemic has impacted your business and sector – what’s worked well and what are the areas for improvement. By conducting a SWOT analysis you can drill down for insights – a helpful way to review your business plan and strategy.

To get the best out of your analysis, think of a specific goal or objective to address and see where the analysis takes you. It may be time to pivot your business, expand or adapt to current conditions.

On track to recovery

After reflecting on the year that’s been, start planning for the future. There are lessons to be learnt everywhere and the situation is improving. Resilience and recovery will make you strong, keep you on track with your business goals and help bolster our economy.