Where Does Your Business Stand as the Economy Reopens? What will your plan be?
When the government starts to roll out plans to reopen the economy, what will that mean for your business operations?
In these uncertain times, there is at least one certainty: all business owners will be faced with many choices to contemplate. As you think about your own business, here are a few key questions to consider:
- Will the experiences during COVID-19 usher in a ‘new normal’ for your business?
- Or will you strive to return to ‘business as usual’ as soon as possible?
- Do you plan to make any changes or strides to prepare your business for a possible 2nd shutdown, in the short- or long-term future?
Some of the changes we made to accommodate for a global shutdown and worldwide pandemic aren’t all bad…
Creativity – businesses and governments of all sizes have had to think outside the box and get creative about accessibility, delivery, and communications.
Service – so many companies and individuals have been going out of their way to be of service to others, giving away goods, services, advice, information, and more to help.
Flexibility – we have all had to be flexible with our schedules, expectations, plans and goals. Parents have had to restructure as they accommodate homeschooling for their kids. Many employees are juggling personal and family responsibilities as they try to navigate working from home. Still others have been furloughed and are facing an uncertain future.
Adaptability – we have had to adapt to change at a record pace (some more than others) given the rapidly evolving situation. For first responders and educators, this has meant changes to an entire way of working. Many small businesses have seen massive shifts to online ordering that has left them struggling to keep pace. And no matter what field, business have had to adjust their messaging to stay current with the times.
Preparation – with resources being less available, most individuals and businesses have been cautious to conserve and to be more prepared for the unexpected, increasing reserves of necessities and savings (if possible).
So, what will you do with this experience? How will COVID-19 change your business operations, marketing, and life going forward?
How will you respond, what’s your plan? – ‘New Normal’ or ‘Business as Usual’?
Creativity – will you continue to spend time and resources to think outside the box – to identify ways to improve, to innovate, to develop new ways of doing business and reaching your clients/customers?
Technology – will you continue any online meetings when you no longer have to? Will you seek to improve any shortcomings that came up in operations during the shutdown? Would you consider homeschooling permanently?
Service – will you continue to focus on service in new ways? Will you change your messaging or focus going forward? What has this experience taught you about incorporating service alternatives into your business model?
Flexibility – will you allow people to work from home (at least part-time), and maybe downsize your office? Will you make alternative schedules more acceptable? Would you say this experience has deepened your sense of trust in your team/employees – or not?
Adaptability – will you maintain a focus on online ordering and sales? Will you seek out alternative vendors, supply chains, and strategic partners? Have you thought of new ways to bring your business, your brand, online?
Preparedness – when business is booming again, will you be thinking about preparedness and ensuring your ‘rainy day fund’ is adequate? Will you keep that garden growing when the grocery stores are no longer a hassle to navigate?
As you contemplate your own unique set of circumstances, what would you do (next week, next month, next year) to position your business to make it through something like this better & stronger the next time around? And beyond that, what are some practical steps you can take to recession-proof your business?
One of the things we’re seeing a lot of right now is small businesses wanting to reach their audience in new ways. Depending on the type of business, that could mean providing virtual access to free or paid resources such as virtual conferences, webinars, or whole training programs and online courses.
COVID-19 has given us unprecedented opportunities to flex our muscles and stretch in new directions. For instance, once known largely in business circles, Zoom has quickly become a household name.
When you start to plan for the weeks and months ahead, think strategically how you might leverage this new era to reach your own clients and customers more effectively.
You might ask:
- What trends have you noticed in your industry since this all began?
- What are some things that have surprised you (besides the obvious)?
- What are your clients and customers saying? How are their needs different now?
- How has the way you communicate changed?
- When you think about a marketing plan for the short-term, what innovative ways might you incorporate to better reach your audience?
- What about you & your business specifically has already changed – and how have you grown as a result of this?
The global pandemic has changed (and may continue to change) the way we all live, work and play. It’s also made some question their path, values, and how what we do fits into a swift-moving (mostly online) business climate.
If you want to strategize a path forward, a plan for your ‘new normal’, we’re here to chat! As experts in blending technology and marketing, we bring years of technical know-how to help small businesses and entrepreneurs seamlessly architect online courses, virtual conferences, automated scheduling, and figure out all the little nuts and bolts along the way.
Contact us to see how our expertise can help you adapt to a “new normal” or re-define you’re your business as a virtual contender!