Covid has changed many aspects of modern businesses, just look at the growing home-working culture, but understanding what changes are here to stay must be a priority for any business looking to grow in 2021.
Below are some of our tips to help you move forward.
- Review your budgets and know what your options for funding are: It is a good idea to do regular reviews of your budgets and funding needs to make sure that you are on top of your cashflow. If you do need finance, how much do you know about your options and where to go to find them? Aside from private finance and other alternative ways of funding as crowdfunding, businesses short on cash can apply for government-backed loans as they are offer flexibility (The new Recovery Loan Scheme opened April 6, 2021)
- Planning for the future: Have a look at the past months and take note of what has and hasn’t worked, and what could be redone for the future. Don’t complicate your planning, keep it concise, with realistic goals and time frames. You might even think about getting external support with an updated business plan.
- Accelerate digital transformation: If you weren’t online before the pandemic, you almost certainly are now, in some way shape or form. Now that you have a new way to talk to your customers you need to make sure you stay up to date with it, and the frequent changes. Active social media platforms, an updated website, and Google Reviews & Maps are very useful, as much as online ordering, click & collect and deliveries.
- Have an accountant on your team: of course, we would say it wouldn’t we – but we firmly believe that having a good accountant will provide your business with valuable extra time so you can focus what you do best, running your business.
What other strategies do you think will be important for growth in 2021?
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