No doubt 2020 was a tough year for most businesses. In this blog article we look at three key points that can help businesses to keep thriving in 2021.
Adapt & Anticipate
Businesses must adapt in order to thrive, not just survive. Especially with the current pandemic, the market’s needs are constantly changing. Make use of technology and digital avenues when physical options are limited or not available. More people than ever are working from home and as a result spending more time online. The Ministry of Business, Innovation & Employment has started a new initiative called ‘Digital Boost’. Digital Boost provides free training for small New Zealand businesses. It helps Kiwis upskill their digital skills in their own time at no cost. You can learn more about this initiative in one of our previous blogs. For example: If practicable, are you offering clients to meet virtually or exchange documents via the cloud?
Be prepared for changes in alert levels at any time to avoid frustration and delays among your team and clients.
Nurture & Involve
To nurture means to care for and protect someone or something while they are growing. In these uncertain times, your team needs encouragement and clear communication. Let your staff know what goals you want to tackle in 2021 and how each one can play their part. With a rise on workplace related burn out and stress, be approachable and proactive. We blogged about some tips from the Mental Health Foundation late last year on how to ease stress. You can find the article here.
Besides your team, you also want to nurture your clients. Show your clients you have come through the last year with more resilience and determination to help them achieve their goals.
Budget & Review
Business should have a budget and stick to it from day one. Quarterly budget reviews and cash flow analysis are important to know where you are tracking and what needs to be adjusted. Managing cash flow is a vital part of running a successful business and we have partnered with Spotlight Reporting to create top notch reports for you on cash flow forecasting. Talk to our team if you would like to take advantage of this.