They say hindsight is a great thing…so ask yourself “could I have done anything differently before or during lockdown to minimize the impacts on my business?”. This may be a difficult question to answer for a lot of business owners and managers, but it is useful to reflect and take any learnings from this crisis and ensure you’re as prepared as you can be for the next one.
The Covid-19 lockdown caused a huge shockwave throughout New Zealand, with businesses hit hard. Understandably, business owners went into crisis management mode. This was about trying to make sense of what was happening around them, assessing the immediate impacts and responding as best they could.
For those businesses that have been able to weather the storm and are back up and running, their attention should now turn to building a business that remains resilient and agile in the face of future crises.
Many owners are now realising the importance of long-term planning to help future proof their business. Any long-term plan must be informed by credible data and insights and be supported by the entire team. It is vital that all members of the team understand how they contribute to achieving the long-term goals.
By regularly analysing how the needs of your market and customers are changing and thinking innovatively about the opportunities that this can create, you can begin to develop a plan for long-term growth that provides the business with clear direction.
"If you fail to plan, you’re planning to fail"
Businesses that have weathered the Covid-19 storm the best so far, have these things in common:
Leveraging the expertise of an experienced advisory team to build a long-term plan can help ensure your business not only survives but thrives through the next crisis.
KPMG Private Enterprise works closely with hundreds of New Zealand SMEs to guide and advise them on financial, commercial, operational and strategic matters.