Considerations and opportunities post COVID-19

Data:

  • As you take your business online, define and understand who owns the data that comes through to your business and if you will not own this data, understand what will happen if your relationship with those owning it comes to an end.
  • Understand the data that comes to your business and know where and how you can use it.
  • Ensure you put measures in place to protect this data and that you and customers’ online presence is secured.

Websites: 

  • Ensure that you review your website and make it relevant.
  • Make sure your website is generating leads and talking about the problem you solve not listing the services you provide.

Outsourcing: 

If you are going to outsource and service:

  • Ensure that you perform thorough due diligence of the third-party service provider.
  • Do a proper analysis of your own resources and ability to facilitate and manage the outsourced work.

Technology: 

Study technologies that are relevant to your business and make use of these. Technology is not your enemy but your ally. You must have seen this now because of COVID-19. So, use this time to make sure you are not left behind in the future. Find out what opportunities technology present to your business and take advantage of these.

Giganomics: 

This refers to “combining multiples skills, talents and abilities to generate income for living. Taken from the old musical term “gig” which means a performance. Many “gigs” in a variety of disciplines, when worked together, can provide a livable income.”

“Gigs” are going to become a “thing” in the future. Is your business positioned to exploit this? How will your recruitment and staffing be affected? Will you still need bigger office spaces?

Research and development:

If you did not have such a department within your business, is this not the right time to institute one? This will ensure that you stay ahead of the curve and trends.

Online business transacting:

Does your business have capabilities to handle transactions online if you are not already there? Can you accept payments via online payments platforms?

Saving and capital deployment: 

Is your business keeping as many liquid assets as possible? Are you taking steps to build a reasonable cash reserve to help you in the future should we have another pandemic?

Manufacturing: 

Can your business use the existing manufacturing processes and machinery to make safety and health equipment or chemicals? If they can, this is a good opportunity to generate new sources of income and cash for your business.

Networking:

Learn to collaborate and work with others in producing goods and services or creating your own social economies.

Collaboration is about choosing who needs to be involved in your project and how these people may be aligned.  One useful tip here is that you must always ensure that there is one person in the team who is accountable for a single outcome even though that person is backed by a team. This will promote a culture of responsibility and accountability.

There is power and wealth creation in unity.

About Eva Financial Solutions

We simplify finance, accounting and tax for small business owners and in turn give them clarity, peace of mind and the ability to focus on what they do best while we prepare them for growth, investment and exit. Our diverse service, forward-looking approach and robust tools distinguish us from the rest.

We achieve my mission through business advisory services (helping you to solve problems that keep you awake at night,) and by giving the small business owners the right financial systems, tools and Business Apps.

Is this an area you’re currently interested in getting help with? get in touch. 

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