Tips for spring cleaning your business
Spring is always a good time to review your company goals and make any changes to keep your business on track for next 12 months. However, with the ongoing fallout from COVID-19 pandemic, it might be wise to literally overhaul your entire business to make sure that your goals can still be achieved in this new environment.
So where do you start?
7 steps for spring cleaning your business in a post-pandemic world
Many of these steps you might already perform every spring, but some of them are aimed specifically at helping your business navigate in a post-COVID world. So here are seven steps to revamping your business in a post-pandemic environment.
- Review your policy on remote working: With many employees working remotely during the pandemic, is this a policy that’s sustainable? It’s likely that some of your employees will prefer working at home and will actively seek employers who continue to offer flexible work arrangements.
- Review your market reach: Investing in secondary markets might be one way to mitigate and manage your risks in a post-pandemic world. This may involve a change to your business model, but if similar disruptions occur in the future, diversifying your market can help your business weather the storm.
- Review your suppliers: If all your suppliers are overseas, particularly in one country, then you might have already realised the implications of this strategy. It’s wise to look for suppliers closer to home and even increase the number of suppliers on your books. Diversifying your supply chain can help to keep your business afloat, even if your supply chain is disrupted again in the future.
- Review your office layout: With social distancing likely to be with us for the foreseeable future, redesigning the layout of your workspaces is a sensible idea. Many businesses are now exploring more flexible layouts that can be customised to suit a variety of working conditions.
- Review your business practices: Are there areas that can be streamlined to save costs and improve business efficiency? Post-COVID, every dollar counts, so if you can make subtle changes to business practices, you might be able to reduce your costs. For example, what can you do to reduce your energy costs? Can you reduce your use of consumables? What about accounting software, email management or business forecasting tools?
- Review your prices: Given that most people are struggling to put food on the table, do your prices reflect current market needs? It might be difficult to lower your prices, but a comparison with your competitors might allow you to make a few tweaks that will get you over the line.
- Review your inventory: A stock review will highlight old or damaged stock that can be sold off at a discount, increasing your revenue and making space for new stock. It might also be worthwhile researching other products that could complement your current offerings, further increasing your revenue.
Given that your business may be struggling to survive during the pandemic, some of these spring cleaning steps might actually help your business to not only survive, but to thrive post-COVID. For more help minimising your business risks in a post-pandemic world, talk to an insurance specialist today. Contact Lisa Carter from Clear Insurance.
Advisr does not provide advice and does not hold a financial service license (AFSL). All information above has been provided by Lisa Carter.