COVID-19 has spread chaos across borders affecting national and international economies alike. Businesses of all sizes have suffered undue losses caused by plummeting markets. As a small business, it is very likely that you are experiencing dilemma about the future of your business.
But this chaos offers a chance to reorient and reimagine your business for successfulness of new levels. This is the time when you can outrun your competitors and place a considerable gap in the race between you and your competitors.
- Strengthen your digital footprint
The world is uncertain about how long the effects of COVID-19 could last. Even when you reopen physical stores, you will not be able to go back to old practices any longer. Businesses must reimagine the way they conduct business inside stores.
Will social distancing be enough? How effectively would masks and gloves protect your workforce and consumers?
Take your business online and assure your customers that your services or products are available online.
- Embrace virtual workplaces
Employees are now trying to cope with new problems like looking after small children and elderly or disabled members in the family. Earlier, the welfare of these members who are at higher risk of infection was entrusted with healthcare professionals or baby-sitters.
Now, this may not be possible for some time. As a result, your employees may not be able to come to office regularly. Especially if they are a single parent or the only earning member in the family.
Virtual workplaces can help solve these problems and your business can continue to leverage the knowledge and capabilities of your employees.
- Every consumer interaction is valued
Take the time to connect with your customers. Deepen your customer relationships even when your business may not be providing products or services right now. It will encourage customer loyalty when your business reopens.
- Make your actions easily reversible and scalable
If you are opening your stores and returning to business, then take reversible actions to reduce financial losses. The uncertainties around COVID-19 may last a long time. If you take a decision, make sure it can be easily reversed or scaled without extensive financial impact.
- Provide a healthy workplace
If you offer services that require employees to report to the workplace, then take more measures to keep your workplace safe. This will support business continuity and increase customer trust in your business.
- Exercise continual cost assessment
Take the time to go through your books regularly to create a culture of cost ownership. This will reduce undue expenses. Lower costs will improve liquidity and help you take informed financial decisions.
- Use a mixture of service models
Build a flexible business which brings together highly skilled, distributed teams. As a result, your business will be able to work from different time zones and deliver better on your customer’s commitments.
- Build a better future
Lastly, businesses can no longer go back to the same way of doing business as it was before the lockdown and the pandemic. The only way to be successful today is to build a better future for your business by reinventing existing work philosophies and business processes.
Disclaimer: This content including advice provides generic information only. It is in no way a substitute for qualified medical opinion. Always consult a specialist or your own doctor for more information. Anti Vibration Technologies does not claim responsibility for this information.