Is your business ready to bounce back after COVID-19? We’ve put together a few tips for Employment Service providers to help with long term recovery.
How is your business doing, really? With JobKeeper in place, many businesses are reporting inflated revenues which don’t accurately reflect the current reality of their trading position. Once the full impact of COVID-19 hits the economy, long-term changes are likely and it’s important to be prepared so you can meet these challenges successfully.
Here at i-exchange, we encourage employment service providers to review their financial position, remove any advantageous results triggered by COVID-19 supports and assess the long-term impact on outcomes revenue. Only then will you be able to get a true picture of how your business is doing, and how it’s likely to fare in the future.
Now is the time for all businesses, including employment service providers, to reflect, review and adapt to ensure their business remains viable as we start to emerge from lockdown. For many, this will mean cutting costs and finding ways to work more flexibly.
Here are a few things you might want to consider
- Where you have closed fixed office locations and staff are working from home, what are you saving in electricity, cleaning and staffing costs? Is it viable to reduce your staff presence in offices over the longer term?
- Can you re-negotiate your commercial lease arrangements to preserve future cashflow and increase flexibility?
- Are your fixed phone lines now obsolete? Can you make long-term savings and enhance flexibility by providing your employees with mobile phones or signing up to an answering service?
- How does your existing IT provider stack up? IT costs can be significant. If you are using older or outdated services, you may find there is a much cheaper and more efficient option available. Many cloud platforms allow employees to work from any device, which mitigates the need to invest in a lot of infrastructure, so you can easily scale up or down as needed.
As well as looking at your costs, this is a good time to start thinking about strengthening your relationships with your employers, so you can maintain strong partnerships in the future. By taking the time to understand your employers’ needs in the COVID-19 recovery period, you are likely to have more success finding clients who are a good fit.
There is no room for complacency. If you’re going to survive and thrive post-COVID-19, you will need to ensure your services benefit employers, your clients and your financial bottom line.
The ability to model financial impact and commercial risk will be critical to maintaining competitive advantage and key to positioning your business for the New Employment Services model.
Contact i-exchange for a confidential discussion to help de-risk the future.
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