Since COVID-19, the phrase ‘business as usual’ has taken on a new meaning – although businesses are thriving despite the challenges, their priorities have changed. And while your current operations likely look different from a year ago, focusing on new priorities will allow your business to thrive as well.
If you’re having difficulty prioritizing, you’re not alone. Overcoming challenges like business continuity, competitive threats, and managing a remote workforce during a global pandemic are new experiences for every business owner or manager.
Focus your attention on where changes will make the broadest impact so you can tackle challenges strategically and avoid doing too much at once. Consider these factors as you choose business priorities.
Pay Attention to Your Cash Flow Forecast
Cash flow forecasting is first on the list because cash is the lifeblood of small to midsized enterprises (SMEs), and leveraging intelligent reporting capabilities is vital to determining your organizational health. Knowing the monies you have moving in and out helps you take corrective action and steer your business based on global market variables.
As more businesses undergo digital transformations, knowing your position will determine the right time to make enterprise technology investments to fill gaps in your processes and effectively navigate the new business environment.
Contend With Costly Manual Processes
One way to take control of a mostly uncontrollable situation is to learn to leverage your existing resources better. While external variables like market demand fluctuations are outside your business's influence, you can find roadblocks in your processes, define where manual labor reduces productivity, and free up resources. Consider investing in enterprise technology to automate time-consuming, error-prone tasks and make better use of your time and energy.
Fill Gaps in Your Business Management System
When did you last upgrade your business system? Many companies are adopting enterprise technology faster due to the flexibility these solutions offer in redefining ‘business as usual,’ such as the explosion of eCommerce during the pandemic.
Are your enterprise and web applications and other software systems integrated? If your data doesn’t flow freely through your organization, you’re using too many manual processes, which wastes time and energy and leads to errors.
Becoming a more resilient business is a process, and prioritizing the steps you’ll take to tackle this challenge is vital to success. If you’re at a loss on how to prioritize, that’s okay – Vision33 can help your business redefine ‘business as usual.’