Investing in your business now
It is an understatement to say that we are currently living in unprecedented times, with most of us never experiencing an event like the COVID-19 pandemic.
The global ripple effects caused by this pandemic are unescapable. Loss of life, loss of livelihood, non-existent socialising and a completely obliterated global economy. The outcome of this pandemic is impossible to predict, and rebuilding will undoubtedly take years.
While we navigate the road ahead, what we do have is opportunity. More specifically, the opportunity to come out of this on top.
By now, you will likely have a strong indication of your business’ sustainability and know exactly just how lean your business model operates.
While so many businesses are in damage control with a focus simply on ‘survival’, others are also taking the opportunity to analyse operational sufficiencies and shortfalls. Understanding these areas will undoubtedly aid a faster recovery, build future sustainability, and potentially increase existing market share.
If you are one of the lucky businesses/traders still operational, you might be wondering if now is the right time to invest in additional equipment? You might very well feel like the last thing you want to do is further expose yourself to financial risk.
Here are some of the reasons why now might be the right time to increase your assets and support your business’ growth:
- Record low interest rates and funding restrictions easing.
- Stimulus support for asset write-off and depreciation.
- Finance loans that include a 50% loan guarantee from the Government.
- Equipment manufacturers are overstocked and offering record-low deals that will save thousands of dollars.
- Bonus manufacturer offers such as extended warranties, additional accessories and free training.
We strongly suggest exploring whether some of these options are available to your business.
History has shown us that when businesses make strategic decisions and capitalise on crisis opportunities, making a play at growth during critical times will often prove quite rewarding once the dust has settled.
The work is still there, it is just on hold. In the Arbor industry, trees are still growing. The work might have slowed, but it is temporary. Arborists must be ready to react. Arborists must know what sets them apart from their competition.
Earlier, we mentioned the importance of understanding sufficiencies and shortfalls. This is critical to enable your business’ recovery. Creating a simple ‘recovery plan’ would certainly go a long way in ensuring your business can do just that.
Your plan might include these essentials:
- Identifying your business’ sufficiencies and shortfalls.
- Current business position (where you are at).
- Ideal business position (where you want it to be, post pandemic).
- Preparing for Recovery (what steps you will take to be ready for the recovery).
- Validity (ensuring the plan is achievable and realistic).
The Recovery Plan should align to your overall business roadmap (business/strategic plan), which right now must be dynamic in this ever-changing situation. It is critical that you remain up to date on your market, your industry, your customers and your competitors. These factors will all impact YOUR business and the actions you need to take.
You don’t need to spend countless hours on creating a plan. The process can be as simple as writing down the answers to the above points on a notepad. Any planning is better than no planning. Asking yourself a few key questions should trigger an influx of more questions, highlight ideas, possibilities, strengths, weakness and opportunities. Successful businesses seek to gain a competitive advantage in the market. What’s yours?
The adage of ‘plan to succeed or prepare to fail’, has never held more significance than now. As part of our plan, Platform Sales Australia has committed to investing in more stock and is increasing its levels of the world leading CTE Traccess Spider Lifts.
If you already operate these superior machines in your business, now could be the best time to upgrade to the latest model or add to your fleet. The latest features and functionality of the T135, T170 and T230’s is unsurpassed. Like us, you can now take advantage of the lowest pricing possible, as well as Government incentives.
If your business has not previously used a Spider Lift, then we recommend reaching out to us today. We’ll take the time to discuss your specific requirements and understand your business.
The fundamental difference that these machines can make to your business shouldn’t be ignored. There is an opportunity to boost productivity and performance, improve safety and return higher profits at a lower cost than you will ever likely see again. It makes sense to find out more.
Platform Sales Australia has also continued to invest in aftermarket support by increasing parts holdings, widening our service network and extending warranties. We did this to give you extra peace of mind when investing in your business.
So, while we all navigate the road ahead, the time is right to look at all the ways you can improve your current position, and/or be best prepared for the future recovery.
Platform Sales Australia is not a financial adviser. You should consider seeking independent legal, financial, taxation or other advice to check how this article relates to your unique circumstances.