What else can small businesses do to set themselves up for success?

By Wendi Dawson

Several weeks into this pandemic, we all have been impacted by border and school closures, industry shutdowns, social distancing, dramatic loss in revenue, etc. Finally, we are seeing some positive signs. 

We are flattening the curve, the economic stimulus packages offered by the state and federal governments have taken shape and the City of Melbourne has released a multitude of grants and economic relief packages. The much-needed assistance is arriving. 

From a business perspective, you have no doubt already revised your cashflow and terms of business, made some tough decisions about which staff members are mission critical and sadly which ones may not be, had honest conversations with your suppliers and are looking after your best customers like never before …

But what next? What else should you be doing now?  

Other markets, products or services

All businesses will need ensure that they are relevant in the “new normal” and that may involve pivoting. Explore other markets that might need your products and services – or could you even provide different products and services to your existing markets? Many organisations have already experienced great success by moving online.

Business continuity planning (BCP)

Most businesses have had to accept the challenge of working from home and managing remote teams. Organisations who have previously been reluctant to try are finding that they can thrive in a decentralised model which might even be more cost-effective than a typical commercial lease. With the added complexity that many students are home schooling, working from home may no longer be as feasible. Businesses may need to explore how flexible workspace solutions could complement their operations.

New networks

More than ever, businesses will need new contacts and prospects. Networking, which has always been fundamental to business success, will be even more critical. Be sure to engage with networking groups which can assist you with making and nurturing new connections.  

Melbourne Business Network (MBN) - COVID-19 business resources

Whether it is the new business grants available via the City of Melbourne or business assistance from the State or Federal Governments, we have collated all of these avenues of support in one place: melbournebusinessnetwork.org.au/mbn-covid-19-update 

Business webinars

The MBN will be hosting a number of complimentary webinars geared at helping businesses during this time. Refer to our website for these sessions and be sure to subscribe to our newsletter: melbournebusinessnetwork.org.au • 

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