Three of the focuses of my blog are Current Events, Business/Entrepreneurship and Organizational and Management Discussions. Many businesses were levelled by the Coronavirus/Covid-19 Crisis/Pandemic while others were able to hang on, albeit by a thread. For this who have survived and in position to rebound, it’s important to have a plan of attack. The following contributed post is entitled, Resurrect Your Business Post-Pandemic Using These 4 Ways.
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Nobody knows when the COVID-19 pandemic will end. As a result, researchers and medical experts have suggested that we exist together with the virus for the time being since it could take several months or possibly years to develop an effective vaccine. This means adherence to social distancing protocol is expected to remain a part of the new normal. But what does this mean for businesses?
A recent report has proposed that close to 7.5 million small enterprises in the United States risk closing down in the next few months as COVID-19 continues to impose enormous business challenges. However, this could be considered as one of the many setbacks faced by businesses, and you may need to gear up for a comeback. Are you wondering how? These four tips should help your business to work its way back from the crisis.
1. Create a plan for the comeback
Lack of proper planning can only compound your challenges further, therefore, you must develop a clear strategy that will guide you towards your targeted business goals. The list must be explicit on what must be done today to achieve the results you want tomorrow. Per the current situation, businesses are more focused on survival than growth. To develop a good plan, find answers to questions such as the following; what parts of the business are collapsing rapidly due to the crisis? What part of the company can I change to adapt to the times? In answering them, think deeply and broadly, and into the future.
2. Understand the impact of Covid-19 on business culture and identity
Just as the pandemic has affected different aspects of our lifestyle, it is very likely to impact business cultures and identity. Challenges can bring people together or likewise set them apart depending on their level of trust. This moment presents an excellent opportunity to view your business perspective and how it might evolve. How prepared is your business to handle this crisis? Will the pandemic unite people or set them apart? How different will they see your business post-pandemic? Your answers to these questions will inform what you can achieve after the pandemic.
3. Do you need to launch new products?
Like “Black Swan” events, the current pandemic has increased innovation and more resilient start-up businesses than before. What opportunities does the COVID-19 pandemic present? Growing challenges present businesses with ideas worth exploring, but in doing so, you need to set priorities to avoid starting multiple projects which will depend on the same limited resources. For example, COVID-19 has led to the increasing demand for protective equipment like face masks, hand sanitizers, and HDPE gloves. Several manufacturers have therefore shifted to PPE production for health workers and the general population, to combat the virus and keep their company afloat.
4. Are you ready to execute your plans and projects?
Finally, it would be best if you considered the readiness of your business to start projects. Is your business prepared to take on and finish up new projects? You would have to consider the significant contrasts in preparedness at the individual, group, company, and public levels. Current available resources, coupled with the speed and dynamic processes required differ significantly, and these variations play a considerable role in determining whether or not you will succeed. Training is one thing that would prove helpful as a way of upgrading your business’ human resources.