The pandemic that started in 2020, stormed many businesses and forced some companies to close down. According to statistical data from Yelp, “permanent business closures have reached 97,966, representing 60% of closed businesses that won’t be reopening.” This indicates that the havoc caused by the coronavirus in the business sector is simply inconceivable.
Furthermore, 2021 is another year, and since the pandemic is still around, business survival becomes a priority for many thriving businesses. So to help you prepare and overcome new obstacles this year, here are several business survival tips that you can use to your advantage:
Seek professional support from your Accountants
Maintain confidentiality when you explore funding options and rely on your reliable accountant to get the job done for you. You do not want your staff, clients, and vendors to know that your company may need additional cash injection because it could impact trust, morals, or work quality.
Accountants have helped small companies overcome the challenges and hardships brought by the 2020 recession. As the pandemic continues to frequently change the business climate unexpectedly, small companies should rely on their accountants to help them adjust and adapt to the changes accordingly.
Ask ideas or feedback from your business workforce
Don’t hesitate to ask your employees, or even your customers and partners, what they think the company should do differently this year. Often, workers are naturally aware of the problems (also possible solutions) in the company. In contrast, those with an external experience may exchange ideas that you may not have considered or think about before. If you want to survive as a company, then don’t be afraid to involve your workforce in the process. It is always better to rely on everyone in the company than to do everything on your own.
Don’t cut back on effective marketing
Marketing is significant for every company. Businesses that managed to survive in 2020 were the brands that put a lot of effort to remain at the forefront of their customers’ minds. In 2021, there is no reason for you to drop your marketing efforts, especially when consumers are spending more time online and on social media channels.
While the tips above can contribute to your survival in 2021, it is equally important to keep in mind that proper business planning and execution are the factors that will define whether you’ll be able to survive the new year.
Prosperity Accountants can help, call us on 08 9443 5199 or fill out our contact form to get your plan into action.