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Keeping Your Business Afloat Over the Coming Months

The past couple of years have been pretty difficult for the majority of us. The coronavirus and Covid-19 pandemic has swept across the world, wreaking havoc, causing major loss of life and health and causing governments to implement rules that have impacted our day to day lives. To reduce the spread of the virus and all of its variants, lockdowns, social isolation guidelines and social distancing guidelines have been put in place. This, of course, has had a major impact on businesses. Without staff able to attend on-site work, many have had to completely change their structure and operations to accommodate different, safer modes of working. Now, people are getting vaccinated and hospitalisation and death rates as slowing. But we are still in the midst of this and you’re going to have to take plenty of action to keep your business afloat during the months ahead. Here are a few areas of focus that should help you to achieve this!

Recoup What You’re Owed

Throughout the pandemic, many businesses have been lenient with their clients and customers. This is fair and understandable. Many people have faced financial hardship and you may be fine receiving payments later than you usually would expect. But you do need to make sure that you do eventually recoup what you’re owed. There are a few different ways of doing this, ranging from reminder emails to hiring a finance controller or using a Debt Collection Agency.

Be Flexible With Your Staff

It’s been a tough couple of years for business, but chances are, it’s been a tough couple of years for your staff too. You never know people’s individual living situations and you could find that your team needs flexibility and support right now. Make sure to listen to their concerns and to do what you can to accommodate staff and their needs wherever possible. You may find that people want permanent changes to their working arrangements. For example, staff who have been working remotely over the course of the past couple of years may wish to continue working remotely. Some staff may prefer a phased return to the office. Some might want hybrid working or flexible working hours.

Be Prepared for Ongoing Changes

The entire world situation is in constant flux right now. At times, we seem to be heading full steam ahead towards life as it used to be. Then, another variant hits and we’re much closer to lockdowns than complete freedom again. You need to be able to ride these waves rather than being struck down by them. The answer to preparing for ongoing challenges is to prepare your business for worst case scenarios, be flexible with your approach to business and to adapt with the times. Consumer needs have changed a lot according to different situations, so you need to keep in line with this too!

These are just a few suggestions, but hopefully, some of the information will prove useful to you! Try incorporating some of it into your working routine. You could see the benefits before you even know it!

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