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How much time have you given to preparing for a post-pandemic world? That may seem a challenging prospect while we find ourselves still in lockdown, with no confirmed end date, but it will come to an end in the not-too-distant future and the economy will start to open up again.
So now is the time to be looking forward to the role your business will play and to make sure it’s fit to grab whatever new opportunities come your way.
Fail to prepare, prepare to fail
If you don’t give proper time to planning and preparing for the future, you’ll be playing catch-up with your competitors. Consider these key areas where change may be necessary:
Strategy
Strategies always need to be agile in a world of constant change, but as we move into a post-pandemic era, has the “why” of your business been affected? Will your strategy still get you to where you want to go or do you need to change how you achieve your strategic goals?
Understanding how the pandemic has affected your sector, what your competitor landscape looks like and how your clients have been impacted will help you know whether you are still your delivering key services in a way that meets customer’s needs.
The workplace
Employee mental health has been, and remains, a concern for many employers throughout the pandemic. If you are an employer, how you manage and help your team to adapt to a new working world, with WFH likely to continue to some extent, will be critical to how you move forward. You may also need to consider talent gaps if you find yourself moving towards a different way of working or need to change your offer.
Finance
Do you need to invest in new equipment or training to prepare for a new way of working? Are there government loans to be paid back and what should businesses be preparing for when the Government announces its next budget? If your strategy is adapting you may need to reconsider how your budget is allocated and how income might be generated.
Changing customer demands
Will your customers’ behaviour and needs change again post-pandemic? Understanding this will help you decide what you need to change to support them alongside the changes you’ve already made which need to remain. We often hear how the pandemic has changed people’s perspectives and businesses shouldn’t assume the old norms will return.
Digital technologies
The pandemic has forced many businesses to speed up their digital strategies to meet the needs of working during a pandemic. Building digital strategies into your post-pandemic business will ensure you keep pace with digital evolution within your market.
The pandemic will come to an end and this will allow businesses to plan for a brighter future, rather than react to circumstances. Now is the time to be planning and working with partners that support you and your business with financial and strategic advice, to ensure you are ready to hit the ground running.
Need assistance? Black and White Accounting is here to help
Black and White Accounting are Chartered Certified Accountants and Bookkeepers embedded in the community and serving small and medium businesses across the UK. Our focus is to empower you and your business to achieve your objectives.
If you would like to discuss any business challenges you’re concerned about and how you can make sure you’re ready for what 2021 brings, our specialist team are ready to help with accounting, tax and strategic business advice. Contact Black and White Chartered Certified Accountants today or call us on 0800 140 4644.
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