From the looks of it, the world is slowly coming out of the COVID-19-induced hibernation.
Governments are working on lockdown exit plans to make sure that life can somehow go back to normal without jeopardizing the health and safety of the public.
While this is all good news worthy of celebration, the damage this pandemic has caused to the global economy in a matter of months is undeniable. Millions of people lost their jobs and a staggering number of businesses were forced to shut down, even huge multinationals could not survive the blow and had to declare bankruptcy. It is a state of global economic mayhem to say the least.
That being said, there is still a silver lining that you need to focus on if you want to turn the odds in your favor. As a business owner, you are probably racking your brain right now contemplating how you can shake the dust off and get your business back on its feet.
To give you a helping hand, here are some ways that you should consider to get your business back on track after the pandemic:
Reinvent Your Business
As rules of nature imply, only the fittest get to survive. Do not dwell on what your business looked like pre the Coronavirus and quit trying to bring that back, instead, take this situation as an opportunity to reinvent different areas of your business.
Whether you can clearly see it or not, the world has changed and the pandemic’s impact is probably going to affect the business world in ways you cannot even imagine. So, do not waste your time and get to work, reach out to your customers and collect information about the shift in their purchasing habits and then find out ways to accommodate them. Look at your competitors and take note of how they are upgrading their marketing strategies to match this new phase. The faster you accept the change and embrace it wholeheartedly, the faster you will get your business back on track and leave behind the woes of the pandemic.
Drive Down Your Costs
The novelty of this pandemic and the unprecedented chaos it caused makes it hard for even the world’s best economists to make valid market predictions. As a small business, it will be even harder to project your sales and your potential income, that is why you have to cut down your costs to a minimum to make sure you increase your profit margin as much as possible.
However, such decisions will require you to make some tough calls like letting go of some of your employees. If you live in the UK, you should consider some professional service providers that can take over some of the functions that are not core to your business. Ask for referrals and search online for more info to hire a virtual assistant and save on the salary of an in-house one.
You can also outsource your call answering service for the overnight shift and only keep your morning shift telephone operators. These small changes can save you a lot of money that you cannot risk losing during this critical time. This should be your first order of business after you go back to your office.
Sit with your finance team and analyze your financial data to figure out where you can start. Whether you end up closing the year with profit or loss, you will at least find comfort in the fact that you took action to soften what could have been a worse blow.
Make Smart Investments
A good business person knows when to take risks and when to play it safe. You cannot ignore the repercussions of the pandemic and go to your old ways of jumping at every opportunity that comes your way. For the time being, you should only be focused on how you can make up for the business you lost during the lockdown months.
It is not the time for investing in new product development or spending on office renovations, it is recommended to keep a low profile until the market starts to show some clear signs of recovery. You can, however, invest in implementing health and safety measures around your office to enable your employees to come back to work without delay.
Also, consider investing in marketing research to help you collect data regarding the new norms so you can better meet the post-pandemic demands of your customers.
Right now, it might seem impossible to believe that you can manage to get your business back on track. However, if there is anything to learn from this experience, it is that we humans are resilient, we always find ways to keep pushing forward. So, focus on the light at the end of the tunnel and let it guide you through.