What Are You Doing To Not Only Survive But Thrive In Business?
Posted On: 24/08/21 - 0

With all of the challenges of the past 18 months and all of the uncertainty of this pandemic, it’s important for business owners to not only survive but thrive in business in today’s economy. The current business environment can be, at best, described as uncertain. After being hit hard by the pandemic, businesses need direction to understand how to better adapt to change. With the threat of COVID-19 still lingering, what should you focus on to stay viable and grow your business?

Modify Your Business Plan In Order to Not Only Survive But Thrive

First and foremost, businesses need to take time to plan ahead! The most important way to stay prepared for what could come next is to do some strategic planning. This means identifying options around how you’d be able to transition business operations in the face of uncertainty, and we have had a lot of that lately. This will help you to not only survive but thrive in business. Many businesses have been successful in doing just that. We have seen clients pivot to online sales during this chaotic time, another business transitioned from retail to door to door delivery. One business we heard about changed from manufacturing salon products to hand sanitizer and they still cannot keep up with the orders. We had a prospect contact us a couple of weeks ago. She had a massage therapy business (bricks and mortar). She left the commercial space and has been busier than ever travelling to her clients. She’s never been more profitable.

Improve Your Cash Flow

Your business must become more financially sound with access to working capital. When the pandemic hit, many small businesses simply didn’t have adequate cash-on-hand to meet their expenses. Because of lack of funds, it forced so many to lay off workers. And sadly, for some, close their doors permanently. Effective cash flow management can help you keep cash injections timely and predictable, while also reducing excess debt. It’ll also help you identify areas of risk, so you can plan accordingly. As devastating as the pandemic has been, it has also revealed opportunities which has forced many changes in business.

This Hasn’t Been All Doom and Gloom.

If we embrace the challenge and think outside of the box, this could be a very exciting time to pivot to a stronger position in business. Covid has taught us how to better handle disruptions in the future. If you are looking to not only survive but thrive in your business to better accommodate these uncertain times, contact our office. We have a team of professionals that are experienced and ready to help you pivot from survive to thrive.

12203-107 Avenue.
Edmonton, Alberta.
T5M 1Y9

Call us:
780.482.7297