3. People are still your most valuable asset
Digital solutions have shone during the pandemic. Digital payments, digital ordering and digital meetings have become the standard for many people and businesses. Many of us have started using digital tools that we lived comfortably without before March 2020.
But digital doesn’t replace people. Even when we start to see robots and artificial intelligence in the workplace, we’ll still need people in our businesses. The payroll will still be one of the largest expense items on the profit and loss, reflecting the investment in employees.
Successful businesses recognise the value of their staff and put money into training and developing them. The cost of hiring will remain high, meaning it’s more efficient to retain talent that’s already in the business, wherever appropriate.
4. It will still go wrong sometimes
Some of the most powerful lessons learned by business owners have come from their mistakes, or when something outside their control has gone wrong. This isn’t going to change in the ‘new normal’ after the pandemic.
Arguably, there’s more scope for making mistakes and misjudgements now, as businesses adapt to new patterns of working and living. This underlines the importance of having a secure cashflow plan in place, because mistakes typically involve losing money.
Whether it’s unanticipated costs or a loss of income, unexpected problems often lead to cashflow pressures. If there’s not a strong cashflow plan in place, backed by finance measures for raising funds at short notice, these pressures can damage the business.
5. Growth is still the sign of a healthy business
Walk into the premises of a healthy business and you can immediately feel the energy, enthusiasm and commitment. Whether it’s a new business or been around for a while, it’s still moving forward. Even when sales aren’t going up, it’s got its eye on the future, exploring new markets and new opportunities.
Healthy, growing businesses succeed because they’re led by people who understand that growth demands investment. They put processes in place to ensure funds are available for new projects while ensuring that day-to-day finances are kept under control.
They also assess opportunities when they present themselves. During the pandemic they took maximum advantage of the financial support provided and they’ll now be looking hard at the Recovery Loan Scheme, to determine if it’s right for them.
Helping businesses raise finance for the post-pandemic recovery
We help businesses secure the funds they need to grow. We can help you determine what funding is appropriate for your business - such as the Recovery Loan Scheme, invoice finance or another financial solution.
If you need funds to help your business succeed in the ‘new normal’ that’s here, get in touch and one of our team will be happy to discuss your requirements. The sooner we speak, the sooner you could be moving forwards. Give us a call today.