With the pandemic receding and government restrictions loosening up, businesses are moving closer to ‘returning back to normal’. However, whilst everyone may be eager to get back to business as usual, the unpredictable and long-lasting impact following this pandemic means that businesses must be prepared for the new opportunities and risks when reopening.
Here are some key areas to consider when adapting your business during the coronavirus recovery period:
This includes addressing short-term liquidity challenges as well as the costs (and profits to be generated) when considering building new resources to seize new opportunities. It is important to understand costs incurred or saved by bringing people back to work or to be able to plan for fluctuations in business demand through the COVID-19 recovery period.
Due to the changes in health and safety put in place by local, state and federal laws and guidelines, transitioning back to work will require careful preparation. It is important to establish and revisit current medical, health and emergency protocols before resuming workers previously on standby or transitioning from back to the workplace from previously working digitally.
The pandemic has not only changed the economy but also changed consumer and behaviours. It is important to understand and tailor your marketing strategy to these changes by understanding these trends early.
You may be looking for a fresh start for your business but are still recovering from the impact the pandemic has had on your business. If you would like more information on how to overcome these challenges concerning insolvency and financial instability then please contact Australian Company Liquidations. We are registered company liquidators who offer a FREE 24/7 insolvency hotline for Australian directors seeking free, confidential advice. Please call us on 1800 731 155 now.