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How to ensure your business survives COVID 19

20 January 2021

COVID-19 is a pandemic that no one predicted, and whilst we thought we waved goodbye to it in the new year, the start of 2021 is showing us there is a long way to go yet.

With the new vaccine being slowly rolled out, there is hope, and there are additional things which you can do to ensure your business survives the hard months ahead.

1. Adapt and Evolve

Just like evolution, businesses need to adapt and evolve in order to survive unprecedented situations. Your business needs to be able to swiftly respond to changes with minimal disruption. Whether that’s as simple as making your workforce remote, or more complex, like offering new products and services, forward thinking is what will keep you ahead of the competition.

There is a critical component in ensuring your business is able to adapt and evolve and that is having an agile culture. Research conducted at the Massachusetts Institute of Technology suggests that agile firms grow revenue 37 per cent faster and generate 30 per cent higher profits than non-agile companies.

The six factors of an agile culture include leadership commitment, a shared sense of purpose and clarity of direction, authentic leadership, devolved decision making, collaboration across teams and a focus on encouragement and constant feedback.

Work on the six factors of having an agile culture to put the odds of survival in your favor.

2. Embrace Technology

It is not just non-digital businesses that have needed to embrace technology over the last year. Digitally focused businesses have also had to utilize technology in the form of video conferencing, but this is not where it should stop. We are going to see more and more businesses move online so it is important to stay ahead of saturated markets online.

Technology is never ending and there is always more your business can do online to streamline processes and make you stand out from the crowd. Invest in technology where you can by moving expenditure from more traditional overheads such as office rental, into technology which will benefit your company in the long run.

3. Think carefully about your decisions

With constant announcements and news articles sparking panic it is all too easy to make quick decisions which could catastrophically impact your business. Cutting budgets, employees and future plans may seem like quick fixes but in the long term it could sink your business.

Take a step back and think about your decisions thoroughly, there are always smaller steps you can take to manage cash flow and future plans. The steps may be smaller and take longer to get you to where you want to be but in the long run it will benefit you and your business.

4. Stay positive

It may be tough sometimes but staying positive is essential in getting through hard situations.

Stay positive by keeping your mind as clear as possible of worries. This will enable you to make clear and decisive decisions. Do things that make you happy and put some time aside for yourself to help relive stress.

Its also important to keep your mental health in check so be conscious of how external influences are affecting you.


Overview

In these times, nothing is certain but taking small steps will ensure your business survives the hardship COVID has bought upon us.

Even during these unprecedented times, SFM are continuing to offer lightning fast offshore company formation in over 25 jurisdictions. For more information contact us.

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