November 27, 2020
Winter has finally arrived and with it the fear of a fresh or second wave of infections all thanks to the coronavirus pandemic. With businesses in a virtual shut down mode due to the lockdown and sales pummeling it appears that the only thing business owners can do is to put on their thinking caps and work out ways to inject life into their business. A re-think on your present businesses model is indeed the call for the way because re-evaluation based upon market feedback is something that all successful business models go through.
Business accounting though a complex subject is a necessity here as knowing on what you can bank on is something of crucial importance. Objectives needs to be rational and goals need to be created keeping in mind that we are not dealing with normal market situations but instead a pandemic situation that has taken the world’s breath away. The situation keeps changing for instance, since October we have been working with a restricted market and now suddenly businesses are faced with a month-long lockdown. With a long lockdown period it is quite obvious that your business goals and objectives need to be changed and revised as there is no one structure fits all approach that can be endorsed here.
Furthermore, when considered re-working those business models you might find that hiring a small business accountant could be to your benefit as you will at least have someone who can give you information on your cash flow and related situations. Doshi Accountants is a firm of trusted accountants with over two decades of experience under their belt. They work with all types of businesses and believe that small businesses accounting is integral to the growth of any business because managing cash flow and having properly kept books is a boost to your administration.
How will your customer pool be affected?
The best example for the above is the hospitality sector where restaurants have been forced to offer the takeaway option because they cannot accommodate their patrons at their tables due to the infectiousness virus. Thus, you need to first see how the pandemic situation will affect your customers. While on the lockdown you can build on an online customer base and look into new avenues of marketing your products digitally. You also need to think a few steps ahead viz. what happens post the lockdown? Therefore, based upon the same you can instead work upon modifying how your services are offered. For example; face to face services may not be encouraged for some time and hence, depending on your business you might have to modify how your business serves its clients.
What value will your services hold?
There are services that are always in demand; for example, education. Schools may have been shut down but this does not diminish the need. For a stronger example take pubs and bars. People will always want to loosen up with a drink or merely hangout with friends at the end of the week. Due to the pandemic this is not possible and so bars and pubs have not been allowed to open at all. Therefore, when unable to provide onsite services how would the business survive? The educational sector has opted for online learning via applications, videos and live steaming of classes. The hospitality sector for now has compromised with takeaways and online ordering. With all businesses struggling to stay afloat your competitors suddenly become even more so – your competitors. Therefore, marketing the difference too is of fundamental importance.
In this type of market even though the services you offer do have a constant demand due to the reduction in market monopoly you will have to be prepared for a decline in your present profit as compared to the previous profit margin.
Why get the word across about your services?
Merely having a demand for your services is not enough. What matters in the present competitive market is that the services that you are offering have been rightly marketed to your target audience. The pandemic situation has in fact boosted the sales in technology for instance, the sales of Zoom, a video conferring app have increased significantly this year. Many accounting firms previously relied on traditional and orthodox accounting practices but now things have changed because they too have understood the importance of cloud working. Therefore, to take your business to the next level you may have to consider upgrading yourself technologically.
Gearing up to face the upcoming challenges
You might find that your business though well set now might have to carve a new niche. Perhaps you have never needed online marketing for instance but now you find that embracing technology is no longer an option. These tweaks and staying up-to-date with the present times is indeed the need of the hour and there are no negotiations open to this. Clear any hurdles to your supply chain or review previous customer complaints so that you know which avenues are open to improvements.
Accounting for startups is of extreme importance but one cannot negate it for already setup and running businesses. We are now living in a strange world and are faced with a bleak winter thanks to the pandemic. Keeping this in mid, even old business players will find that they will have to pull up their socks as far as their accounting practices go. Doshi Accountants has assisted its clients during this dynamic period. Being accountants who are technologically savvy they have been able to readily embrace remote working and thus, you will receive their services on time and fully compliant with the government guidelines. A business owner needs to focus now more than ever on business. Thus, you focus on the accountants and let professional and dedicated accountants like Doshi Accountants handle the accounts end of your business for you!