Author: Mark Templeton, Managing Director
We are now experiencing what unfortunately was not unexpected – yes, another lockdown!
I am not an infectious diseases expert nor am I a politician, but Australia has two very distinct advantages over many other countries in the world. Firstly, we can watch what is happening in other countries and act to mitigate such outcomes. The Coronavirus is clearly very contagious and uniquely persistent. This virus is not going away anytime soon. Secondly, we are an island – yes, we are not attached to any other country so if we control our borders then we won’t import the infection which will allow better control.
The conclusion is we need to learn to live with this virus.
We need to focus on hygiene and social interaction not just for now but for the long term. Make the tough decisions (not the popular ones) and be consistent with their implementation – persist.
When this virus started, I outlined the disaster management plan that the Board of TAG Financial Services put in place for our business. We are still operating to that disaster management plan. When this plan was put in place, I advised the Board we would need to learn to live with the virus and that maybe for up to 2 years. I also advised that it was highly likely there would be a second lock down – people don’t like rules, and many do not have the discipline to stick to them for long.
What does this mean for us business owners?
We must learn to live and run our operations with this virus. This means accepting the new normal. Here are a few key focus areas:
Try new things
Some new things will work, and they will benefit your business into the future – you should be identifying these now and make them a permanent feature. I am sure that technology is playing a bigger role and I am sure you are determining what works. Stop those things that do not work or that are only forming bad habits.
Keep a level of functionality
Businesses need systems and processes and humans need rules and routine. Do not let discipline around the small things disappear, as chaos will appear, and you will have enough chaos without creating more yourself.
Focus on cashflow
If you are not planning and managing cashflow into the future, start now. When the virus is gone, the economic headwinds will continue to blow, and you need to have made provision for them.
It’s not easy but you should never let a crisis pass you by. There is opportunity if you can see past the short-term pain and fear. Ask yourself when this crisis is over what will I get out of it? It is opportunity to re-invent yourself and your business.
Don’t forget the sun will come up tomorrow.
Stay healthy!
Disclaimer: The information contained is general in nature. Professional advice should be sought before acting on any aspect on this page. Financial planning services provided by TAG Financial Advisors Pty Ltd (ABN 77 154 205 017 AFSL 415632), a wholly owned subsidiary of TAG Financial Services Pty Ltd (ABN 67 075 374 686). Copyright 2020. Please do not reproduce without the expressed written consent of the author.