5 Tips for creating a post-pandemic business plan

Published on 7th January, 2022 at 04:30 pm

While we continue to endure the pandemic, you can start to adapt your business plan to what comes next – so you’re ready to tackle the post-pandemic world in new ways, primed for success.

Innovation often flourishes in times of crisis. Throughout history, stress and upheaval have led to some of the most inventive solutions to problems we never even dreamed about, unlocked fresh possibilities and, in some cases, even gave rise to whole new industries. Instagram, Uber, Airbnb and WhatsApp were born out of the 2008 global financial crash, all brand-new concepts for a brand-new post-recession reality. Going further back, the canning process was invented during the Napoleonic Wars to preserve army rations; the zip was fine-tuned during the First World War for sailors’ uniforms; and the early workings of the first computer were invented during the Second World War to help crack enemy codes.

When stretched to the limit, we have a way of stretching our minds, too – coming up with novel ways to survive and make life better.

Why do I need to update my business plan post pandemic?

In our post-COVID-19 world, businesses will have to adapt to a new reality. While these times are stressful, they can also be exciting, and present an opportunity for entrepreneurs to dust off their business plans and look ahead to a new future. Think of how the world – and how people interact with it – has changed irrevocably: video conferencing is now commonplace, and we’re seeing a dramatic shift from in-person to online shopping. A Mastercard study revealed that 68% of South African consumers say they are shopping more online since the onset of the pandemic. Remote working products and technologies are more in-demand than ever, contactless payment is the norm, wellbeing has become a major market player as more people focus on their health, and even the fashion industry has changed to embrace more leisurewear, with sales of lipstick, high heels and traditional office wear plummeting. In the US, slipper sales between March and October 2020 jumped 70% compared to the same time period in 2019.

5 Tips for adapting your business to the new ways of working

Tip #1: Be agile

“Take it from how the big corporates could, at the drop of a hat, be agile in their approach,” says Craig Williams, a financial planner at Pearl BlueStar, underwritten by Sanlam. “Agility gives you the freedom to make radical changes without having too much of an impact on your day-to-day operations.” Entrepreneurs and business owners will have to let go of outdated ways of thinking about productivity and their workforce. “We all know about the buzz to move to hot desks and remote working, which, in many cases, allows staff in certain industries to be more productive,” says Williams.

Protect your personal financial security as a business owner with these tips.

Tip #2: Ensure your tech is up to scratch

“Businesses need to invest in decent digital set-ups and support in order to still offer a great client experience, coupled with productivity,” says Williams. If your business and staff are not working online in a seamless way that impacts them or clients positively, now’s the time to get your systems up to scratch, agrees Nicki Blignaut, senior financial planner and principal at 2one2 BlueStar, underwritten by Sanlam. “Where possible, ensure your services are available online and that you and your staff are mobile. In case of future lockdowns, you need to be able to work remotely where possible.”

Considering taking out a loan? Use this handy online loan repayment calculator to work out your monthly repayments or how much you can afford to borrow.

Tip #3: Keep on the lookout for new opportunities

Once you’re set up to continue your current operations, look ahead to find new trends and opportunities that will ensure longevity. Consumer behaviour has changed – and it probably won’t go back to what it used to be. Actively look for gaps in the market and be quick to respond. “The side hustle is not just for employees,” says Williams. “Certain industries can now have a multifaceted approach where they are the one-stop shop for solutions. Business owners and their teams can now come up with ways to take advantage of their skill sets.” With many working remotely, new branding, offices and other initial outlay expenses are not necessary for new ideas to get off the ground, freeing you up to think big and act quickly.

Tip #4: Be prepared for anything

“Cash flow is extremely important during these times,” Blignaut says. “Try to have at least six months’ worth of cashflow. Try to reduce expenditure until you have this available. Don’t buy new computers or equipment until you know you have this back-up in place. Where possible, try to get clients to pay upfront, or at least pay a deposit so that your costs are covered if they don’t pay.”

“With these solutions in place, you can be assured that your service or product can continue if a key person is no longer available for whatever reason,” says Blignaut. It can also help protect your family and other shareholders if something should happen to you. Williams also reiterates the importance of a financial cushion. “Do you have sufficient cash flow, emergency capital or a credit facility? Make smart financial decisions by appointing a bookkeeper and tax consultant,” he says.

Tip #5: Speak to a financial planner

Williams says it’s also important to ensure you are protected. Now more than ever, it’s vital to partner with a financial planner who can guide you. “Make sure the intellectual property of your organisation is protected with solutions like Key Person insurance and Buy and Sell agreements,” he adds.

Book a meeting with a financial planner to explore your savings and investment options as a business owner.