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3R’s: A Roadmap for a Rapid Revenue Recovery of Small Businesses

The COVID-19 pandemic has disrupted lives and livelihoods. As the pandemic continues and its impact evolves, so too the ability of individuals and businesses to adapt. There has been a lot of changes ever since the pandemic started and these changes have become the new normal. Students are allowed to study without physically going to school, workers started working at home, church masses are held online and face mask and face shield has become the new fashion trend.

As the restrictions loosened over time, businesses have started to understand its full impact and have thought of the best approach to take. Businesses that emerge during the pandemic proves that there is a way to thrive in the new normal. According to the B2B Decision Maker Pulse survey in April 2020 of McKinsey & Company, about a quarter of companies surveyed said that they are redirecting and increasing spend toward emerging opportunities. This survey showed the massive migration of the customers and consumers in various online platforms. The Philippines has always been part of the top 20 countries with the highest internet users which is very convenient in diverting businesses online.

Driving the revenue rapidly is the key to boosting the business for a quick recovery. It’s time to take advantage of the new opportunities to be back on the track. Here are the three R’s to get you started on the road to Rapid Revenue Recovery:

 

  1. Reflect

Roadmap for a Rapid Revenue Recovery of Small Businesses

Identify what is the business’ goals and how it was changed by the pandemic. Assess where your business stands and determine the current financial health and the liquidity of the business. Next, you must create a financial baseline from analyzing your business historical data and integrate it to the current trends. This will help you determine what area in your business to focus on and what business process you can eliminate.

 

  1. Reimagine

Roadmap for a Rapid Revenue Recovery of Small Businesses

It will be hard to pave the way to a rapid revenue recovery in B2B sales without knowing the clear picture. There is a sudden shift in the market and a rapid adaptation is necessary. It is impossible to boost the business without doing bold moves. The things that you want to achieve can still be done amidst the pandemic but necessary changes in the business operations are needed such as moving it to online platforms and reallocation of all the resources. There is a need to reinvent the business with its products and services to take advantage of the digital world.

 

  1. Realize

Roadmap for a Rapid Revenue Recovery of Small Businesses

The preference of the consumers and customers has shifted faster than the businesses can address which makes it more unpredictable. As a result, they needed to increase their agility to catch up with the demands of the current market. There should be an Agile Transformation Operating Model that can help in decision making and to realize the desired results. The agility in this context means the ability to capitalize on the opportunities and avoid uncertainties with speed and decisiveness.

 

COVID-19 pandemic is unlikely to end soon but life must go on. It is like what Charles Darwin said, “The most important factor in survival is neither intelligence nor strength but adaptability”. With the addition of effective coordination, decisiveness, and resilience, it will be easier for the business to recover for a short period.

If you need help with your cash flow or need assistance with your tax compliance, bookkeeping, payroll, and business registration contact us today info@fandqaccountingservices.com or 8-809-6463.

 

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