It may be an understatement to call the year 2020 “extraordinary” or “unprecedented” but it is certainly accurate. Getting back to business after a year of recurring lockdowns and constantly closing and re-opening state borders (and even international) has made many business owners anxious about what will business in 2021 look like. Continue reading to find out more or, if you think you could use a helping hand in preparing for whatever may come, reach out to our business advisors by calling (07) 3391 1188. Now is also a great time to consider taking advantage of our business tax planning and advice services, well ahead of the end of the current financial year.
Business in 2021 Will Have to Reinvent Itself
Getting back to business this year is unlikely to feel like a “return to normal”, not for the foreseeable future. Leading up to Christmas we have seen firsthand how rapidly the situation has been changing in major Australian state capital cities: Melbourne, Adelaide and Sydney with the still ongoing pandemic’s recurring, cyclical outbreaks. Early January 2021 saw Brisbane go into a three lockdown as well. Although we are now looking forward to the inevitable vaccine rollouts, it is still nigh impossible for the general public to predict how the pandemic will play out. With the threat of an outbreak (and a subsequent lockdown) as unpredictable as it has proven to be, the world (and Australia) is still learning to better manage this uncertainty. Doing business in 2021 will require business owners to reinvent their operations by improving their resilience and increasing their flexibility to continue trading under adverse circumstances as much as possible. In 2020, for many businesses, this meant investing in remote working technologies and moving their products or services online by leveraging existing or inventing new digital service delivery platforms. Taking advantage of digital technologies and remote connectivity is likely to be an effective business survival strategy for at least the most immediate future and certainly one worth considering.
Take Note of How Your Customers Interact with Your Business, Meet and Exceed Their Expectations
While technology has saved many businesses in 2020, running a successful business in 2021 should also focus on building more human and personal rather than purely transactional experiences. Putting your clients at the center and operating your business with them in mind, can help to create a loyal customer base that may very well be there for your when you need it the most.
Failure to Plan Equals Planning to Fail
The current health crisis emerged with little warning and continues to persist well beyond one year. Even once this threat has been finally eliminated, the fact of the matter is different difficult to predict emergency can just easily disrupt your small business. Take note of your experience in 2020 and use what you have learned during the pandemic to prepare for a hypothetical next crisis. Now may be a good time to trim unnecessary spending and start building savings (especially if your business had none when the pandemic first struck) or focus on paying debts off.
Ultimately, best preparing for getting back to business in 2021 will vary from business to business. Consider getting professional cash flow advice to best plan for the months to come.
If you’re still anxious about getting back to business this year, get a helping hand from the leading business advisors, call Taggart & Partners on (07) 3391 1188, e-mail firstname.lastname@example.org or enquire online for help with tackling the current tax year and its challenges.