It began to feel a bit like deja vu, right? With city centres across Australia going in and out of lockdown, many businesses had the same question: Where do we go from here? It’s not all doom and gloom, though. The fact that we all went through similar challenges means that there are some common lessons too. At Accumulus, we guided clients through the chaos of the last few years and found that in order to get the best headstart possible post-pandemic, there are a few key tips to keep in mind.
While the sudden nature of snap lockdowns and rule changes may have thrown everyone for a loop, it’s no reason to heave the rulebook out of the window. Although the worst seems to be behind us, there was a valuable lesson in being prepared for the unexpected. Setting goals and KPIs don’t only help you during the good times, they can also help you keep track of progress and set a clear roadmap through difficult periods too – like lockdown.
With the help of the virtual CFO support from Accumulus, a few of our clients were able to revisit their agendas and realign their goals with the changing context. For example, rather than aiming for 25% growth on a service that was been hindered by lockdown measures, we have helped them isolate areas of their business that can remain consistent performers – whether they’re on-site in person or working remotely. Maintaining goals and KPIs not only ensures your team and progress stays on track, it also acts as a strong motivator. In the recovery period now, a lot of businesses are still looking back and retracing steps, but for us, facing the future with a stronger, more focused strategy is the best way to give your business the boost it deserves.
Unless you’re in the mask-making business, it’s likely that your turnover isn’t what you hoped it would be in the last few years. So how do you keep your business running healthily in the face of less incoming cash? Making sure your spending is efficient is the first step. No, streamlining a budget isn’t as grim as cutting all expenses and running on the bare minimum. Instead, at Accumulus, we have taken a clinical look at our clients’ books and assessed where budgets can be reduced or even redirected during challenging times.
While streamlining budgets can be a solution for the long term, it’s also one of the quickest ways you can curtail increasing losses in the short-term too. But wouldn’t spending money on financial planning and budget assistance cost money too? Of course, but it’s worth it in the long run. There’s a common misconception that when your business is struggling or could be performing better, it’s time to batten down the hatches and go into extreme survival mode. In fact, it’s the opposite that makes the most sense. While you’re in the position to do it, why not invest in expert guidance and, in turn, your own success?
It might sound obvious, but a lot of people were caught by surprise when sudden restrictions on movement meant they couldn’t swing by the office to pick up that important document. Moving to cloud software makes sense beyond the lockdown too. Not only will you have all of your vital files and records at your fingertips – no matter whether you’re working from home or at the office – but it also ensures everyone in your team has access to the latest and most up-to-date versions too. Ensuring everyone is on the same page is key to creating a clear overview of how your business is doing.
Through platforms like Xero, Accumulus has helped clients shift the way they do everyday business to a faster, more efficient and transparent system. If you don’t have access to everything you need to know about the financial side of your business, how can you make informed and smart choices?
The last few years were tough on a lot of businesses across Australia, but a positive thing we saw was how effective a strong, focused strategy can be in keeping things on track amid chaos and unpredictable events. By following our guidance and shaping your business to be more agile and aligned, you can give yourself the headstart your business deserves coming out of lockdown. To find out how we can help you with tailored strategies, reach out and let’s get back on the path to success today.