Over recent months, there have been a number of changes required by our business community to maintain community safety in response to COVID-19. While many industries have maintained their operational abilities, others have been closed or made significant changes to their way of conducting business on the fly. As plans for easing of restrictions are put in place, it is important that all business owners get ready to accommodate the public in the ‘new’ normal operating conditions.
Create or update your business plans
Now is a great time to create or update your business plan. Plans can be as simple as a single page with dot points with a popular version of this being the “business model canvas”. A quick web search will provide templates and howto videos.
The following questions will assist the process and guide how your business will generate revenue. Consider recent changes to your business that may become part of your new normal, i.e.:
- Have you made any changes to how you operate to cater for restrictions? (e.g. Delivery options, changes to product offering)
- Will these changes be a permanent contribution to your revenue generation?
- Will you choose a different value proposition? (e.g. Implement a buy local policy to improve your local community’s economic outcomes)
- Who are your customers? Have they changed from your original business or have you found a new market from changing your business model under restrictions (e.g. Restaurant adding take-away as an option opens a new market to customers)?
- How will you market your business? For many, this will be the most important aspect of their plan, with businesses requiring a relaunch of sorts to remind customers that you are back to serve their needs. With many people working and educating at home and on devices, a digital marketing plan is a great starting point. To assist with this, there is a Federal Government program which provides low cost, high quality digital advisory services to Queensland Small Business which includes one-on-one consultations with a dedicated advisor starting from $44.00 inc. GST. For more information: asbas.rdabrisbane.org.au
- Create a budget and cash flow forecast with the help of your trusted finance professional.
Don’t know where or how to start? Council has a range of business support services including dedicated business advisors that can be contacted on (07) 3412 4888 to arrange a free confidential discussion.
Through planning ahead, the business has the best chance of successfully relaunching.
For a list of useful websites to assist your business through COVID and beyond:
- loed.com.au/coronavirus or
- Queensland Government’s Small Business Hotline on 1300 654 687 (available 24/7)