Future Thinking For Your Business: What To Do Now Lockdown Is Easing

Sometimes as an entrepreneur it can be really difficult to see beyond the here and now. Always looking to make the next quick buck or two, hoping to find or be part of the next big thing. But often, a little time set aside to focus on your future plans, the financial aspects and your goals, can actually help steer you in the right direction when it comes to what you are doing on a day to day basis. Which perhaps could be running a business. 

We have all been part of some unprecedented times in the last few months, and many businesses have been affected by Covd-19. There is no denying that because of this pandemic, many businesses have had to shut their doors for good. But this doesn’t have to be the script for you and your business. It might be time to start looking to the future, making steps and changes to create a new normal to function, and how you can still move your business forward and thrive. So with that in mind, here are some of the ways you can consider the future, and while doing so make plans for every eventuality.

Go back to the business plan and maybe make a new one 

One of the first things to do would be to go back to the business plan and make some changes to what you might think the future looks like for your business now. If you haven’t done this in a while, there are plenty of tutorials online that could help you. A business plan could be a great way to help you get things back on track. It can remind you of the things that you wanted to do and the changes you wanted to make, as well as enable you to be systematic with what the future looks like for your business now that lockdown is easing and you can perhaps start to function at a higher rate once more. 

Diversify your business and perhaps stick with the changes you made 

During the lockdown period, you may have had to look at ways to diversify your business. It could be that you found a new way to supply your products, focused a lot on your online sales and presence and made some big changes in that way. Perhaps you have found that some of the new methods and directions that you have taken your business have really worked for you. So why change them or go back to old ways? It might be a good idea for you to focus on these changes and enhance them in some way to make some positive changes to your business. It  may have highlighted what you can do. 

Needing money for your business to move it forward

Many businesses will be struggling right now, and you may find that you need to think about these things moving forward because it could be that you might be struggling financially. A lot of businesses will have lost revenue that they rely on, so you might need to take the time to think about how you can invest in the business and perhaps even look at funding options. It could be that you look at business loans, or maybe speak with the bank or investors for a cash injection. You could utilise a merchant cash advance where you can take advantage of funds and pay back as you make the money back through the business. There are many different methods of funding that could come into force right now, so think hard about how you may best utilise the additional funding and investment into your business to drive it forward and keep you thriving. 

Outsourcing where needed
You may think the time is not to spend, but this could be a big mistake, especially with driving your business forward. You need to think about marketing, strategy, social media, branding and your website, and a whole host of other areas that will require your focus. This is when you may need to consider your options with outsourcing and looking at different methods that you can take advantage of. This could help you to move the business forward and enable you to focus on the areas of the business where you can make a difference. Now more than ever it is still important for you to place a value on your time.

Making investments 

Sometimes you need to take a step back and consider what you are going to gain in the future, and often as a business owner, that can look uncertain due to the uncertainty that you may have over the journey to take with your venture. Now more than ever. A business might sell, it might expand, or it could stay as it is. So making investments personally could help to secure your retirement from business and give you some financial security. It may be time to really invest back into you and what your idea and business is all about. Be happy with the choices that you have made.

Thinking about the future when it comes to your business 

On a side note you do need to think about the future of your business and the direction you want to go. Do you plan on selling your business? Do you want to expand it, have more products or services to offer, or simply get bigger? These are things to be working towards, which in turn, can help profit your future. You also need to think about the security element and protection of your business, now and for the future as it grows. This is when practical measures like a new security system could be the right option. It may be time to think about how you store your products or the things that you need to provide a service to your customers and clients. You might also want to revisit your business plan again with this in mind and look at ways to expand and grow your business in a different direction. The COVID-19 outbreak has taught us that we can make changes to the things that we do and the direction we need to take very quickly, and we can all diversify and make the changes possible. 

What should you do personally?

There is no doubt that things are strange right now, and many people may be struggling to come to terms with the damage that has been caused to their businesses and income. But personally you need to stay strong the very best you can during this crisis. It might be that you have to admit defeat, but not without a fight. Take the time to work on your own mental health and attitude, personally and for your business. You will see that there is a great benefit in doing this, and it could help you to feel more at ease about things moving forward. 

Savings and pensions

Savings and putting money into pensions are two of the most popular ways that you can fund your future in terms of retirement. Savings are something we all aspire to do, but often can use them for short term things, instead of thinking about the bigger picture, so you may want to think about your future in terms of putting money into long term saving options. That is not necessarily instant access. Pensions are something we may want to have additionally to any other form of funding for our retirement. Money that is invested into a plan each month and then given to you in a lump sum, when retirement comes. Now more than ever you may want to think about the security of your business and what options that you have now things are changing and getting back to normal. 

Making money from your home

Finally, many people use their homes as part of their retirement fund. An asset that should only go up in value in time, especially if you make home improvements along the way. When you do decide to retire you can then sell your home and downsize, banking any additional profits, or choose to stay and use equity based loans to enjoy the value of your home. However, your home may have become your business hub in recent months, so why does this need to change? You could start looking at how you can continue to work from home. Perhaps looking at storage options and sheds in the garden for stock, a new home office to work from and improved internet speeds. You may have had a business location and premises in the past, perhaps an office or a shop, but lockdown has taught you that you can work from home now and perhaps make a big saving with just focusing on online sales. Could this be a possibility for you? Does your business operate well from home? 

Let’s hope this has given you something to think about when it comes to your financial future.