We’ve all heard of black swan events, but not too many of us could have predicted one of this magnitude. But this is not a dream, and we’re living in a brave new world with a whole new set of rules. Some of them could change the way we do business forever. Unfortunately, some companies will not be able to bounce back because of the nature of their business model. For those who have a chance, here are a few ways businesses can survive and bounce back during a pandemic.
Seek Outside Help
This is something only a few executives are truly prepared for, and you may not have the expertise in-house to deal with all the logistical or compliance issues that come with the pandemic. This is why we would suggest you work with a company like Brown Smith Wallace, who provide Covid 19 financial services specifically for companies that might have gaps in their c-suite they might need to fill. They will help you with everything from improving the efficiency of your processes, to tax strategies, government schemes, and marketing among other things.
Beware of False Starts
One of the biggest challenges posed by the pandemic is knowing when it’s the right time to reopen your doors. While each state will have its guidelines, you are not in the obligation of reopening when you get the green light. Going too fast could lead to disease spreading among your staff. This could then force you to close the doors again, but in this case, everyone will know why and this could leave a bad impression.
Instead, take your time, or consider offering partial service. You could impose your client limit for instance, or switch to appointments if your business allows for it.
Have a Clear Roadmap
You also need to have a clear roadmap for success. And for this, you need to look at your pre-COVID data and your current data. You will then be able to have a clear idea of what success actually means in numbers.
Timelines and Milestones
You should be as specific as you can when describing what being back to normal means for your organization. You then have to have milestones you need to achieve and a clear timeline for you to reach them. This is the only way you can stay focused on your goals and see if you’re making progress or not.
You also have to know that things can remain uncertain for a long period and that you might experience more disruptions. So, you will need to have clear contingency plans and make it a priority from now on. Having multiple plans to address different emergencies will allow you to quickly adapt your strategy to different scenarios.
These are all things you can do in your business to increase your chances of, not only surviving, but striving after the crisis. Make sure that you look for help if needed, and use the power of data to set clear goals for your organization.