It’s no secret that the pandemic and its aftermath disrupted many businesses across the world. While established players with survival strategies in place managed to stay afloat, several enterprises that had just taken seed were completely wiped out.
And even though 2021 looks slightly better at the surface, no one actually knows how it will pan out for corporate houses down the line.
If you are a business owner set in the UK and have managed to sail through 2020, you need to step up your game in 2021 to ensure growth and survival. Things are about to get fiercer with other businesses bouncing back and the next stage of Brexit rules on the brink. In this post, we’ve shared 3 handy tips that can help you keep your company thriving in the years to come.
Switch to digital finance
It’s been a double-blow for company owners in the UK as they’ve been hit by the pandemic on one hand and by Brexit on the other. As such, it’s imperative that business owners take charge of their finances and switch to digital mediums that can help them transact easily overseas.
For instance, solutions like AirWallex offer tools to consolidate multiple money-related functions under a single end-to-end interface. Such platforms can not only make things easy, but business owners in the UK can take benefit from them to expand their reach internationally and accept payments from anywhere in the world.
However, one thing to note is that any digital service company owners use should be approved in the marketplaces where they want to establish their presence and the UK FCA.
Have a contingency plan in place
If the drastic pandemic hasn’t made a business realize the importance of preparing for the unexpected, nothing ever will! According to ONS research, more than 40% of UK businesses that were operational during the pandemic have limited reserves left. This is a true depiction of how challenging it is to survive in the current global financial scenario.
To survive through 2021 and beyond, diligent business owners should have multiple contingency plans in place, or have one solid plan in place which can cover the effects of multiple crises. You never really know what can hit you – recession, network outages, IT infrastructure crash, or like the past year, an unexpected pandemic. You’ve got to stay prepared for it all.
Invest in the appropriate technology
You might find that suggestion odd, especially if you’ve been trying to curb unnecessary spending at your business, but the fact is that if it wasn’t for technology, professional teams couldn’t have stayed connected, let alone collaborated to sail through 2020.
Thus, regardless of what else you do, don’t overlook investing in a technology stack that fits your business’ purpose. Zoom, Slack, Google Drive – you could use them all and more if needed, but ensure that your teams have the platforms they need to maintain their productivity and share information.
To conclude
It is high time business owners realize that being casual about things isn’t going to get them anywhere. To continue growth despite obstacles, investing in the right tools and adapting to new techniques is a must.