How to Plan for Recovery and Growth during COVID-19

By RSM

As social distancing restrictions are easing, there is an opportunity for optometry practices to look ahead and focus on recovery and growth.

The Australian Government has recognised the challenges businesses are facing in a COVID-19 environment and have implemented a range of relevant stimulus measures and tax benefits to support Australian business operations.

Preparing for growth opportunities may seem premature, even audacious, but it is never too early to plan. As a business, it is essential to move with the times and capitalise on changing consumer behaviours.

Optometry practices and locum practitioners can take advantage of new opportunities in the current market, by keeping a finger on the pulse of this ever-changing environment. A quick look through the microscope at your practice, including an examination of income and cashflow, can identify areas for recovery and growth.

 

The Path to Recovery

Your practice should consider these strategies to help with recovery:

1. Access ATO relief to help boost cashflow
2. Access JobKeeper payments
3. Review and negotiate fixed costs
4. Look at cashflow forecasting
5. Make decisions fast and be agile

 

Inspiring Business Growth

Consider these growth opportunities:

1) Assess practice capabilities to discover new opportunities

2) Expand your offerings to service patients

Understandably, some optometry practices will face a breaking point and fight for survival through this tough time. Survivability is one key to success, however, looking for those growth opportunities in this harsh environment can make your practice more resilient in future years. It is essential to continue navigating the current period of uncertainty, while gaining an edge on the competition.

Working on short-term goals and addressing the high priorities is important but remember to keep working with your team to monitor your progress and identify potential operational efficiencies at all levels of your business.

Monitoring your business cashflow is critical to understanding how to reduce any unnecessary spending leaks, which will assist you in achieving your strategy, vision and goals.

RSM’s team of specialist advisors and consultants, located across the country, are ready to work with you. At RSM we understand the importance of providing a support function that lets you focus on your business.

For an initial conversation, please contact:

Murray Calder
Director, Business Advisory
RSM Australia Pty Ltd
E: murray.calder@rsm.com.au
P: 03 9286 8176