How to Prepare Your Business for Post-pandemic World
By: Eric Nelson
We, humans, as a community can strive together in a much better way with collaborative efforts as seen during pandemic conditions. Health crises cannot stop you from planning and we need to be ready more than ever.
At some point, you will open your business and resume your daily activities, and for that day to come you need to be prepared. You will operate on regular hours, with your staff and everything needs to be on schedule as it did before the pandemic crisis.
To be able to do any of the things mentioned above, you need a creative strategy that must be cost-effective (due to loss you may have suffered during a pandemic) and able to work efficiently. You can't risk losing your loyal customers any longer.
Remodel your business strategy that covers the necessary questions like;
- Do you have adequate staff to handle shifts?
- Is your reputation still intact in the eyes of customers?
- What will be the new version of your business post-pandemic crisis? And so on.
Is it about profiting?
The business purpose, for now, is more about a stable ground than just maximizing profits. To make it work there are two ways a business can go about either hire freelancers or do part-time hiring as a carful investment in staff.
Of course, if you can retain your old staff, it will be more valued, because at this time providing training can prove to be costly.
As a futurist what do we need to do?
Future planning is vital for every industry. Fast-moving consumer goods highly rely on consumer demands that will have a huge impact on future sales. The pandemic came as a wild card which overthrew the balance of supply and demand with low profitability.
But as the healthcare industry was struggling to keep up, using professional translation service became the key for survival for communication, exchange of information, and so on. You can make contingency plans for starters to avoid any loss of sales and plan the precautionary action plan that can be used in such dire conditions if needed.
How to preserve your most important assets?
The easiest solution is to downsize if you haven't already, but it will not solve the problem in the long run.
For instance, for a language service provider, downsizing can have a counter effect because translators are the biggest assets to them. If they walk out from the door then you can kiss goodbye to a professional translation service. It’s the expert translator’s knowledge and familiarity with the subject and language that gives them an upper hand.
So are you willing to risk it? No, so you need to be selective of who will join the team and who can work remotely. Plan wisely.
How to rebuild and renovate?
You need to review your technological processes. For instance, the software that was least useful and lacked flexibility before the pandemic can be revised and replaced with an updated version.
This way you can devote time for the necessary training and build your team from where you last left off. This will also help you plan for remote interactions for the future. You can plan and train your staff with this opportunity to build a stronger team network.
You can also execute new strategies and work on the projects that you were hesitant about before. It will give a purpose, challenge, and sense of direction for the team.
How to handle finances and legalities?
From here your human resource manager will take over. HR is responsible to make sure employees get their wages or salaries for the term while taking care of other benefits that are being provided by the company. HR will take the right actions in favor of the company while retaining the employee's trust such as right after the pandemic, the company may not be in good shape so health insurance can be reduced to some calculated percentage and once things get better, you can accumulate the rest.
Besides, you need to be able to remove any extra costs. Work smartly with your fiancé team, compare your cash flows before and after the pandemic, and prepare a long term plan. With run-best and worst-case scenarios, this will be your chance to determine how long your business will be able to survive.
Is it the right time to experiment and innovate?
A business must be always open to change. But after the COVID-19, such a decision needs to be taken more carefully. You can plan and execute new ideas, strategies, and revolve it around the current cash flow.
Take advantage of your new team, brainstorming will bring the necessary initiatives that will attract the customer and help boost the sales too. For the marketing team, they have to come up with the new strategies, target the audience, do product segmentation accordingly, and then initiate the new advertisement or ways to promote the product or service.
Make sure you have clients!
All of the efforts will go to waste if you do not have a client to sell in the first place. Some customers are more loyal to the product or brand than others. To make sure you both are on the same page you need to be able to maintain a strong relationship during the crisis.
Keep your social media platforms active, if you are working on a new product, give hints about it, and create engaging activities for them. The purpose of this approach is to make sure the customer doesn't forget you. It will also reduce the risk of losing customers.
Are you ready to take the step?
Address the right questions; this is the possible way you can plan for the future. If you can manage your team remotely during the pandemic crisis, then you can surely move forward once this is over. With the right energy, strategies, and new tactics you can come back more efficiently and use your expertise and skills to earn back your market position.