Identify your technology needs to meet your new business plan
It cannot be overstated how important technology will be to the future of business. Work with independent advisers to identify your technology needs to meet your new business plan.
Consider:
• What technology and other resources are needed to shift your business or a segment of the business onto an e-commerce platform, including customer fulfilment. (See tips for improving customer trust & building loyalty when selling online)
• What digital and analytical technologies will give you a deeper and quicker insight into customer behaviour
• What processes can be automated
• The strength of your cybersecurity. (See CPA Australia's IT Checklist for SMEs for some additional information).
Rethink and reconfigure your workplace
Whether you expect your workplace to return to businessas-usual or not, it is essential that you re-think and reconfigure your workplace and operations to ensure a safe and effective transition to recovery. Some questions you may like to consider are:
• Plans for your staff to return to the workplace – what measures can you put in place to maintain social distancing?
• Do staff need training or knowledge of new cleaning, safety or emergency procedures?
• How will you let your customers or stakeholders know what to expect or what has changed when they interact with you?
• Do you have processes and procedures in place to respond to future incidents?
• What improvements can you make to your workplace structure and design to be more resilient and nimble?
Other important steps to business recovery
Negotiate or renegotiate your debt facilities and covenants with your lenders – Your funding arrangements need to match where you want your business to go.
Re-evaluate your staff arrangement to match your new business – Do your staff have the skills required for your new business? Can they be those skills be acquired through training or do you need to employ new staff?