A lot has been said and written about the COVID-19 pandemic and the severe effects the lockdown has had on business in Malaysia. This is the perfect time for companies to adapt their business models to the new normal in the post-COVID-19 period to ensure maximum business recovery and survive this economic crisis. Relying on accounting firms in Malaysia will also provide a much-needed, objective outlook on your business and financial condition.
While short-term strategies for business recovery are significant, business owners also have to realize that they must redevelop their working procedures and business model to adapt to the new conditions in the post-pandemic world. Long-term planning and strategies will make your business thrive in these unprecedented times.
Here are the top five strategies that you should implement to adapt your business to the new normal:
1. Implement Cloud Solutions
Cloud computing has been an important part of organizations for many years now. However, the pandemic has highlighted the importance of modern cloud solutions. Virtual and remote working are essential parts of the new business models, so you must consider implementing modern cloud solutions in your business to start enjoying the massive benefits provided by cloud technology. It will provide scalability, reliability and efficiency in your new business procedures.
2. Establish New Sales Channels
The COVID-19 pandemic has greatly disrupted the traditional sales channels of almost all types of businesses, especially small companies. Now, organizations should start researching various sales channels. Many companies have already moved to online platforms, like e-commerce stores and social media platforms, to keep their business afloat during the pandemic.
In the post-COVID-19 world, you should not abandon such channels. Instead, allocate an appropriate portion of your budget to digital marketing and developing other sales channels. It will ensure that your business is able to smoothly function – even if it is closed physically.
3. Reduce Physical Assets
Many accounting firms in Malaysia provide professional accounting services. You should consider availing them to revaluate your entire business model. Technology has been an essential part of business for many years now, but the pandemic has accelerated this process.
You should expect rapid digitalization in various industries; thus, try to minimize the physical assets in your value chain – as much as you can. Moreover, you will realize that using modern tools and technology will improve the entire company and enhance the capabilities of your business.
For instance, you will be able to get reliable accounting services in Malaysia through digital channels, such as using suitable software for better finance management and budgeting. Ultimately, it will be useful in adapting to the new normal of business that is highly dictated by the digital age.
4. Reset Your Supply Chain
It is easier said than done, but if the COVID-19 pandemic has disrupted the supply chain of your business, then you must re-configure it. You should remember that even if the lockdown is over, the pandemic is still affecting a lot of countries and people all over the world. The only way to move forward is by adapting to evolving situations.
The coronavirus pandemic has exposed the vulnerabilities of the global supply chain. For this reason, it is imperative that your business devise suitable strategies that will help optimize the business procedures for your company. One common approach that you can use to avoid further disturbance in the supply chain is to use a flexible and networked ecosystem instead of a linear supply-chain model.
The flexibility and resilience of supply chains are significant to help a business recover as well as prevent further losses in the future. Using technology in the global supply chain has also become more important than ever. Automation, machine learning, AI and using tools to predict future trends are becoming essential in the post-COVID world to help organizations adapt to new settings.
In a Nutshell
All of the above strategies are highly useful in adapting your business to the new working procedures and demands after the pandemic. There are many other measures that you can take to help your business survive in the post-pandemic period. These methods will only be useful when you are fully ready to embrace the change in your business and accept the fact that you might have to completely transform your business to adapt to the new world.
When making such important decisions, you should definitely consider using the accounting services of experienced and reliable accounting firms in Malaysia. Such firms are fully equipped with the right skills and technology needed to be able to evaluate business conditions and suggest changes. This will depend upon the analysis and data collected by these companies about the industry and specific businesses. For more information, feel free to get in touch with us.