Are you ready?
What will you do after 114 days of lockdown?
A question facing business owners in New South Wales
Lockdown is expected to end on 18 October
It was said on a recent Zoom call that the top 40% of businesses will flourish whilst the bottom 40% will flounder
A reference to industries that are best placed for the expected uptick in the economy after freedom day
Best placed includes technology, hospitality (for those that survive) and construction
The other end includes retail, possibly travel (until international travel returns) and commercial property
But I argue that industry is only part of the opportunity that awaits
As important is your mindset and readiness to take advantage of the opportunities that await
I nominate 3 aspects of any business that should be priorities as freedom day approaches:
- Have an updated strategic plan that factors the best use of your resources for the next 3 months
- Make sure you have an experienced team that can quickly scale if the growth eventuates
- Ensure you have the systems and processes in place to ensure orderly growth
I have always been a great advocate of the 3 Ps – a plan, people and processes
Are you prepared to take advantage of a business boom, should it come?
Written By Peter Crewe-Brown – Sydney CFO at The CFO Centre
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