For the better part of 2020 and even into 2021, the covid-19 pandemic has made businesses keep navigating a rocky road that has slowed operations. It disrupted supply chains and forced them to make financial cuts.
While most businesses have pivoted with success stories that include new transformations, one thing is certain, many businesses are still struggling to survive, even with government bailouts and loan deferments.
With the first and the second wave of the virus spread, businesses are beginning to realise things may not return to normal very soon and are starting to change focus daily. They have realised that to stay afloat, they have to adapt on the fly and find creative ways to change their operating models.
Here are some key actions that companies can do to emerge from the pandemic intact and be much stronger than ever.
Pivot To Maximise Your Strengths
When the pandemic began, it might have been so sudden to completely change the way your business works. All of that’s understandable, but if you are now at the point where surviving is in the balance, now is the time to take action. Shift your focus from your traditional business model to what your business excels most at.
Is there any other different way your skills or assets can be applied?
When governments called for the manufacture of PPE equipment and nose masks, car manufacturers, aerospace companies, clothing providers, and other large scale manufacturing businesses heeded the call. So what is at the core of your business and what market still exists for either those services, products, or skillsets?
Reassess Every Aspect Of Your Operation
The pandemic has provided a great opportunity for businesses to really access their day-to-day operations. An aspect that is critical to their survival in these times. This is a great time to sit down with your accountant or financial controller and go deep into the numbers. What costs are you incurring and where can you make some savings? Do you want to downsize your staff to save cost?
One great way to do this is to outsource business operations. Because of the pandemic, many companies have been effectively forced to switch to remote work setups and offshore staffing in the Philippines is on the rise as more companies realise they can access a pool of talent, helping them scale their workforce rapidly without having to hire more full-time employees while avoiding overheads and investments in office space and equipment in the process. This lets them create a pool of additional funds since expenses from activities like recruitment have been eliminated.
Host Virtual Events That Interest And Educate Your Audience
Another way you can continue to do business in a pandemic is by planning and hosting virtual events that are relevant to the needs of your target customers. This offers a great way to reach them in the comfort of their homes. Of course, this is becoming commonplace today, so you need to ensure your webinar is exceptional and captivating.
Create an interactive, immersive experience and if you can stretch your budget further, provide incentives like giveaways and invite expert speakers to get people to join. At the end of your event, give your audience a clear call to action so they can continue building a relationship with your brand.
Communicate Better With Customers And Employees
Everyone’s scared and uncertain in a pandemic, but one thing customers will not forget in a hurry is a company that reached out and supported in such critical times. Take a different approach in communicating with your customers by informing them of the changes made and what to expect from your business.
Related article: The Link Between Happy Employees and Happy Customers
Keep checking in on your employees, as well. This is the time when they need leadership and they’ll want to know how the pandemic is affecting the company. This is also a great time for building a stronger sense of community among your team members. This will give your employees a better sense of value and make them feel more motivated and productive, which eventually leads to business growth.
