As the Caribbean slowly begins to emerge from the pandemic, here are five ways to help you steer your business in the right direction.
1. Assess your current business status and update your business plan.
Step back and survey all the ways your business may have been negatively and positively impacted over the past year or so. Some Caribbean business owners overlook how a potentially negative situation may lead to a positive process-driven change. Do an assessment and list the impacts to your business and then sort in order of priority. At this point, revisit (or create) a business plan to help you on the path forward.
Learn more > Building and updating your business plan
2. Evaluate your cash flow.
As your business emerges from the pandemic, it is critical to have a clear understanding of your cash flow. In simple terms, your future cash position is an assessment of what you have today, plus what is expected to come in, less what is expected to go out. In ordinary times, future cash forecasting is a relatively straightforward exercise, particularly if you’ve been in business for some time. If you are looking to rebuild your business in an uncertain environment, this simple forecasting can be more challenging.
3. Connect — and reconnect — with your customers.
If your business is one that does not actively engage with your customer base then it’s time to start. Loyalty patterns shift as needs evolve and you cannot assume all your regular customers will continue their old purchasing patterns. Announce yourself and engage with your customers regularly. A common way to connect with current and prospective clients is social media supported by email communications.
Learn more > Affordable ways to stay connected with customers
4. If you haven’t already, consider adopting cashless solutions.
Going cashless enables faster, more convenient, and easier reconciliation compared to cash transactions. Cashless solutions allow your customers to purchase from you, from anywhere. Customers now feel more at ease knowing they can engage with their favourite stores and products or services without having to leave the security of their homes. It may also be safer because there’s less handling, storing, and exchanging of cash. And if security is breached, funds may be easier to recover than with cash.
Learn more > Benefits to your business going cashless
5. Increase efficiencies in your business with technology.
Introducing technology into your business can have a strong impact on productivity and profitability. Technology can help make it easier to reach your target audience, market your products and services and offer a better customer experience. The more digitized your business, the better prepared it may also be for adapting to future changes.
Learn more > Ways to get started digitizing your business
By applying lessons learned from the past year and adopting fresh approaches to running your business, you can help build back your Caribbean business while positioning yourself for future success.
This article offers general information only and is not intended as legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. While information presented is believed to be factual and current, its accuracy is not guaranteed and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or its affiliates.
This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.