This year has been extraordinary in terms of upheavals faced by the Parramatta community and others right across Australia. We have endured bushfires and floods and now face the global COVID-19 pandemic and its impact on all of us.
One thing is clear, we need to make friends with uncertainty and work to understand and put in place practical steps and adjustments as issues arise.
At present, many Parramatta businesses are unable to accommodate customers in the usual way because of social distancing measures. The new conditions are impacting cashflow and disrupting the way businesses operate.
Here are some steps you can take to meet these new challenges:
- Financial assistance – Identify which Government financial support measure is relevant for your individual situation and understand where you can seek financial assistance for your business to help you get through the next few months. Can you access low cost finance? What tax breaks are available to you? You can find more about various support measures here.
- Determine your current financial position and reduce costs – Do a cashflow forecast and use this opportunity to learn, so you can make informed decisions on how you will ride out the crisis. Review your profit and loss statement and identify ways to cut or reduce costs, helping you to manage cashflow in the longer term.
- Managing debtors and creditors – Get in touch with debtors and creditors as early as possible to manage expectations and minimise risk.
- Digital transformation – Social distancing has accelerated the need for all businesses to embrace digital transformation. Businesses in the Parramatta area should be taking active steps to convert face-to-face interactions into online sales opportunities.
- Contact key customers and suppliers – Keep communicating and get in touch with your customers and suppliers via email or phone. Let them know how you will be managing your business over the coming months.
- Be open to opportunities – The world has shifted in a very short time. As people settle into the new environment, think about services and products that you could offer to meet the changing needs. If you have something relevant, make sure you grasp that opportunity.
- Review your marketing – Now is the right time to get back to basics and pinpoint what you do, how you do it and your key competitive differences. That will help you build momentum and provide flexibility to meet opportunities that will arise in the months ahead.
- Have a plan for your recovery – While it is important to have a plan to manage current and future uncertainty, it is also vital to learn from what is happening and to continue to innovate within your business.
We know that Parramatta business owners are adept at adjusting to new environments and grasping new opportunities.
There will be positive business developments including embracing online sales options and strengthening local connections during this uncharted period of disruption and adversity. The Realise Business team are here to provide free advisory services and to help local businesses with financial planning, digital transformation and marketing assistance, to meet current and future uncertainties as they arise.