The COVID-19 crisis has forced businesses to undertake urgent tasks such as forecasting demand, identifying potential supply chain disruptions, and determining the effectiveness of internal crisis intervention measures.
The vast majority of Business Fuel customers have managed to navigate through this period, maintained steady cashflows and as restrictions continue to ease, see this as an opportunity to optimize their business for long term success.
The Return to ‘Business as Usual’
Australian Businesses getting on the front foot of this crisis have been improving the experience of customers, some jobless, many of them frightened and uncertain of what the future might look like. They’ve achieved this by excellence in digital with great social media engagement and optimized websites, rolling out contact-less interactions and clear communication with customers.
If your business has managed to continue through the COVID-19 restrictions – all be it at a limp – but haven’t reviewed your business performance and future, KPMG put together an article with five questions for family businesses to ask themselves in times of change.
“The tendency for family firms to pull together in times of crisis stands them in good stead – but as the world adjusts to its new normal, opportunities will open up for family businesses to continue to thrive in a post-COVID-19 world. But where to begin? Here are five questions you may want to consider when examining the longer-term strategy of your family business.
- What will my market look like, in a post-COVID-19 world, and what has changed permanently?
- What will my balance sheet and funding structure look like and how might that need reworking?
- What risks have become apparent in this crisis, and how can I address them?
- What have I learned about the culture of my business – the good, the bad, and the ugly?
- What does the action play to prioritize and work towards my new-look business consist of?“
Supply Chain Considerations
COVID-19 has highlighted business reliance on a single source supplier or country. Adding to this is the ongoing geopolitical issues and trade wars which can cause businesses to lose some confidence in future supply chain stability.
PwC ask published an article in which they pose the following questions:
“Australian businesses should be asking themselves:
- What diversified sources of supply or alternative export markets may be available?
- To what extent can we stockpile goods and wait out the impact of the outbreak?
- If alternative sources of supply are available, which factors should be considered before making purchasing decisions? Is there a risk Covid-19 could also impact this alternative source of supply?
- If this situation has given rise to an overdue review of the purchasing function in the business, what other issues and opportunities addressed to improve business sustainability moving forward?“
As the lock down restrictions start to ease and the economy is opening up, so are we. Existing customers looking for a Business Loan are invited to apply now or talk to one of our team by calling 1300 660 681.