The world as we know it today is a mess if we are being honest. January 2020 was way different than June 2020. It seems we are living in two different worlds.
What’s constant is that we keep hoping that the wrath of COVID-19 comes to an end soon, and it will – sooner or later.
Currently, however, the global economy suffers due to the pandemic.
Not only do we see the loss of lives and an increase in the death toll, but we are also seeing how the economy is suffering due to the virus.
Businesses all around the world continue facing losses, while the employees are either experiencing unemployment or an immense load of work.
With respect to businesses, be it small businesses or large enterprises, the pandemic has hit them hard.
Regardless, businesses are in the survival phase and are doing everything they can to make things work for them and the employees.
While many organizations have shifted to work-from-home, there are some that have fired their employees.
All of this will change however, once the pandemic is over. When?
We don’t know that. But once it will, what will you do to revive the business you are running at the moment?
At the moment, the worst thing is that the experts believe that the pandemic is here to stay for a while. Due to this reason and various more, businesses need to re-strategize.
Whether COVID-19 ends after a few months or longer, business owners need to reevaluate and reassess to weather this particular storm.
What happens when the virus pandemic is over?
Another concern for businesses is how to resume their activities and maximize the profits once this virus is put to bed for good – which we all hope happens soon.
It is important for businesses to already keep key pointers in mind and take necessary actions to ensure they meet the set targets once the pandemic is over.
For starters, here are some points businesses all over the world need to keep in mind once Coronavirus is no longer a life threat:
1. Cut costs wisely
When it is the cash crunch phase for the business, they cut the costs and continue to do this on a long run basis as well.
Before businesses do that, they need to see their financial projections as well.
The cut that they implement will also cut their ability to generate revenue and the ability to keep the business afloat.
This is something businesses should not gamble with.
2. Bringing back the employees
It is not unknown news that organizations all over the world have laid off their employees.
These employees are currently living off their unemployment benefits and as per some governments, they may even be getting stimulus packages.
While employees might be concerned about their health and safety, there is a way to ensure that they feel safe when coming back to work.
Offering them health insurance is a quick seller.
Ensuring that the current employees who are not willing to join because they are afraid can be convinced if proposed with a reliable health insurance package.
Of course, at one point you may have to remind them as well that there is a possibility they will be asked to leave if they are not joining back.
At the same time, employers need to ensure that they incorporate initiatives such as Families First Coronavirus Response Act and be able to provide expanded family leaves or sick leaves for COVID19 reasons.
3. Edit your business model
The model that you made and were following was probably for different circumstances. It would then be the time to shake things.
It might be the last thing on your mind when things open once again, but it could be extremely beneficial for your business.
When revisiting the business model, ask yourself the following questions:
- Is your business currently viable? If yes, for long can it remain viable?
- Once all of this is over, what can your business model be like?
- What are the ways that can pivot the expertise of your businesses towards better revenue generations streams?
Of course, keep in mind the basic three aspects when it comes to expanding revenue streams for your businesses:
- How to deliver it
- Who to sell to
- What to sell
4. Keep an open mind for new vendors
Whenever you open your business, keep in mind that the supply chain vendors may not be willing to take the risk of reopening just yet.
You may require new vendors for that.
Also, it has been suggested that every kind of business needs a cash-on-delivery vendor now.
So, are you ready for that challenge?
While the customers may still not be able to come to your organization or go to purchase your product, you need to keep an open mind towards delivering the items.
The incurred future costs may include warehouse fulfillment and shipping.
So, get ready for this new stream for your business.
5. Learn from your competitors
At this point, there are businesses that continue suffering more intensely than others.
It would be wise for you to study those who are making through the virus and understand how different they are dealing with things.
Make sure to ponder at both, direct and indirect competition and be able to understand in a better manner what they are they doing and which strategies are most effective for them.
While you may not be able to apply the strategies cross-industry, you can get an idea of how you need to fit them for your own.
For every business, there are numerous opportunities that can allow them to adjust the position and macro strategy to beat the competition.
If you are able to under the positioning of your competition during and once the crisis is over, you can have an edge over them and return with a bang when normal working and operation resume.
Keep a close eye on the competition and keep understanding the shifts they are making.
For example, a lot of businesses have shifted towards online shopping following the required SOPs.
If your business can be converted in the same strategy, work out the details, and take the actions already. Continue taking advantage of the situation in every way you can.
And going online will not be a bad deal given that we are moving towards an online global space. So, this is really a win-win situation for you if you take the steps.
While everything seems pretty farfetched at the moment, this too shall pass. And it will. But for now, make sure that you work out the details and follow the tips shared above.
While all of these tips may not be applicable, you can get a better idea for yourself and your business on the needed changes.
We do hope that all of this ends soon and once it does, we can go back to our normal lives without any fear.
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This article is written by Vasy Kafidoff who is the CEO of the Writing Metier. Just like everyone else, as an owner of a business, Vasy is aware of the troubling times and believes businesses can pounce back if strategies are implemented properly.