Steps to make your business more resilient
Blog: Steps to make your business more resilient
The past year has caught all of us off guard. Whether you’re a multinational or a sole trader, it’s fair to say that the ground shifted over the past 12 months.
Many of our clients are small and medium businesses, so we’ve seen firsthand the importance of pivoting, adapting and changing at short notice.
We’ve also seen the habits of resilient companies. If you’re lucky enough to have weathered the storm of the past year, here are some tips for survival.
Capitalize on digital resources
App and software developments and innovations can be so relentless, that it’s easy to lose sight of what’s available and what’s right for you.
So for instance, small and medium businesses should be aware that there's software available to automate your data entry, to chase bills for you and to compare supplier costs.
Even something as simple as a receipt app can greatly improve productivity and accuracy.
The more apps and software you learn to use, the more you’ll realize how much more efficient and agile your company can be.
A recent popular example is the sudden shift to remote working: Businesses with a cloud computing infrastructure were much better equipped to move their business to remote at very short notice.
Build an infrastructure to sell goods or services online
One of the key lessons of the past year has been the importance of selling online.
While there are shops and restaurants that have moved to online, there are also less obvious businesses that have made the switch, such as accounting advisory services, education, personal training, and social offerings like corporate parties and escape rooms.
Even if your business is thriving without the need to move online right now, you might still be missing opportunities for growth or easy revenue.
Examine legacy and ongoing costs
We've talked about this before but it's worth taking a look at ongoing and legacy costs and expenses. It's now easier than ever to compare how much you're paying for rent and utilities and other bills.
You can also monitor how much you're spending on utilities. Indeed some providers offer precise monitoring of when and where you’re spending - automated, timed switching off of appliances and heating during downtime can save you thousands every year without affecting productivity.
Maintain a savvy, knowledgeable workforce
It’s worthwhile providing an upskilling budget and infrastructure coupled with incentives for staff to upskill. Make training part of your ongoing business strategy. A more knowledgeable employee is not only better value but they're also more likely to stay. Well trained employees can also broaden your company’s service offerings.
Ensure an efficient supply chain
Take a look at your supply chain and make sure it says efficient and fine-tuned as can possibly be for every step of the chain. For instance if you were all synchronized with your business software (using the same or compatible software), that means arrivals deliveries bills and invoices can be automated in sync with one another.
Be prepared to pivot
Keep an eye on the market, on where your margins lie and your strengths are.
The past year has seen several businesses pivot their offering. This might be an accountant moving into more advisory services, or a bricks and mortar shop launching an online service at the last minute, and even some businesses changing their sources of main revenue.
Some cafes have leaned into their bakery and takeaway services, a sign maker switched to making beds, bars have become cocktail delivery companies, events firms have become webinar ones, and so on.
Even if circumstances aren't changing, it's worth looking at margins, labour, supply chain and other aspects of your business to see where you can change focus or even widen those margins.
AutoEntry - helping businesses stay agile
AutoEntry is not only a terrific data entry tool, but it also ensures you have a more cloud based, remote and agile business.
You can try it for free to see how much easier working life can be.