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The COVID-19 crisis has impacted more businesses in more ways than we thought possible.

Regardless of the industry, I’ve noticed businesses are choosing to respond in one of two ways – either passively (wait and see what happens) or proactively (let’s look for opportunities).

If your business is one of those impacted by COVID-19 (and let’s face it, whose business isn’t), choosing between a passive or proactive response while your business rides the storm can make a huge difference to how it emerges once we’re on the other side.

While some businesses have been able to reinvent their product or service to help keep their business alive, others are finding loads of unexpected time on their hands. While not ideal, having unexpected time on your hands provides an ideal opportunity to clear out the clutter, improve processes and create amore streamlined approach that will position your business on the mark when the ramp up begins.

During the Global Financial Crisis (GFC) in 2007-8, many businesses survived by reinventing themselves — by finding better ways of doing things, implementing new technology and overhauling inefficient and time-consuming processes, such as a new accounting system like Xero, business/project management software like Accelo, how about automating follows ups for outstanding invoices, or setting up and leaning zoom to use for your sales calls.

This is a good time to focus on things that will bring long-term efficiencies and benefits for your business. Looking back at Stephen Covey’s time management matrix, we need to take the time to focus on activities that fall neatly into Quadrant 2 – Not Urgent and Important. This is often one of our most overlooked areas we spend our time in, but one that provides long-lasting, positive results for our business.

Use this time to concentrate on getting the foundations humming for your business so that it will benefit immensely in the recovery and when it needs it most. These foundations could be:

1. Simplify – clear out your inbox emails and get on top of your electronic filing system.

2. Improve – review, streamline and implement more efficient processes and business management procedures, things like implementing new software.

3. Plan – brainstorm new opportunities, prepare a strategy for the move forwards, set goals and targets.

You will then be confident that your business infrastructure is in good shape when business conditions improve.

“It is in your moments of decision that your destiny is shaped.” – Tony Robbins

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Contact Natalie at Beyond CFO