How to Survive and Thrive in a Changed World

Posted 19 Aug

How to Survive and Thrive in a Changed World

Lockdowns, closed borders and uncertainty mean small-medium businesses are still struggling with the effects of COVID-19.

We’re all facing uncertainty at the moment, and we know many small business owners are looking for accurate information, practical tips and advice. 

A recent survey of over 2,000 small business owners and consumers uncovered some of the effects and looked at how business owners are coping.

Some key takeaways from this study included:

• The small business difference - personal interactions with consumers are key to success. Small business owners and employees can form personal connections with their customers, show empathy, and change quickly to meet customer needs. 

• Changing consumer behaviour - Some consumer shifts – like increased online shopping – are likely to stick around even after the pandemic ends. For small businesses, this means making sure systems are in place to deal with these needs long-term.

• Agility and strategic thinking count – small business owners have been pivoting fast, planning ahead and working to excel across all areas of business. That’s not an easy task at any time. Businesses that were able to think strategically and adapt to changes in the market have been most likely to thrive during COVID.

Keys to success

Although every business is different, common strategic threads emerged to help small businesses thrive.

• Digitise financial and company information for ease of access.

• Focus on creating emotional and personal connections with customers.

• Boost efficiency with cloud-based management tools.

• Use data to predict and plan for the future.

Another crucial strategy: seek help from your accountant. An expert will be able to help you find efficiencies and select the best available tools to manage your business.

Contact your WDF Professional team member if you would like to discuss further how we can help you. Phone 02 6921 5444 or email accountants@wdf.com.au