If you look beyond immediate crisis management to identify emerging opportunities, the pandemic can be a catalyst to improve your business in the long term.
The current COVID-19 pandemic poses enormous business challenges, including supply chain disruptions, changes in consumer demand and new regulations. But if we look beyond immediate crisis management to identify emerging opportunities, the pandemic can also be a catalyst to improve your business in the long term.
With strategic adjustments to your company's culture, services and products, complemented by software outsourcing services , your “new normal” business will be smarter, more efficient and stronger than ever. Below are some recommendations to guide you through and beyond the current crisis.
1. Think like a startup
The pandemic has produced a new set of consumer behaviors and needs across a wide range of industries. To respond with the most creative solutions, now is the time to think more like a startup, even if you have a long-established business. With a startup mentality, you cultivate key characteristics like:
- Adaptability
- Flexibility
- Willingness to experiment
- Thinking outside the box
The world has fundamentally changed and your company needs to change with it. Playing it safe is no longer wise, even if you feel more comfortable with how you've done things in the past. If you cultivate a startup's creative perspective, new ideas and innovations that you never imagined could work will begin to seem possible. The following video describes some of the beneficial features of the startup:
2. Consider your culture
Your company's culture – its set of shared values, goals, attitudes and practices – guides your decision-making and directly influences your ability to innovate, create and adapt. Now, more than ever, a culture designed to overcome disruption and recognize opportunities in crisis situations is needed. If your existing culture has not prepared you to handle this pandemic well, take steps to identify and correct weaknesses now.
To respond to rapid change, prioritize resilience, adaptability, creativity and flexibility in current and future employees. Encourage open questioning about the way things are done, rather than reinforcing the status quo. Allow people to share ideas and celebrate those that become new products or services. Encourage younger team members to share ideas about what can help your company adapt to a new world.
To further support your employees, offer training sessions focused on the new skills they need now, along with professional development opportunities.
In addition to supporting your employees, your culture must prioritize the health and safety of your customers with new offerings like online ordering and curbside pickup. Consider providing new products to keep people safer or financial disruptions, such as extended payment periods or additional discounts, to help long-term customers who are struggling financially.
Make sure customers know you care about their well-being. They will remember how you reacted during this crisis and will reward you with loyalty later.
3. Streamline your services
Amid pandemic disruptions, consumers are trying to create a sense of normalcy and still want to access their favorite services when they can. To meet this demand, adapt your service model to offer a digital or remote option where feasible. Once you can provide in-person services again, you may find that customers prefer the convenience or speed of a remote format, so be prepared to continue offering this option for the foreseeable future.
Additionally, consider pivoting and expanding into new areas where there is a greater level of need. Some examples include:
- Home delivery of a wider range of products.
- Cleaning service.
- Remote fitness classes and virtual personal trainers.
- Ecommerce ordering platforms.
- Online education delivery systems.
In many places, local governments have changed rules to allow businesses to serve customers in new, more flexible ways, such as home delivery of alcoholic beverages or expanding outdoor dining options. Whenever you can, take advantage of these opportunities. If customers appreciate the new services, they may end up demanding that the rules remain adjusted in the long term.
4. Improve Processes and Products
Take advantage of temporary slowdowns in sales to work on improving your processes. For example, you can:
- Update your production systems and processes to increase quality and efficiency.
- Review your website track mobile app maintenance and expand your business management software options.
- Create a more flexible supply chain so you're ready to switch to new suppliers as needed and avoid delays.
Additionally, think about features you could add to your existing products to improve your customers' experience now and after the pandemic ends. Develop new products to take your company into expanded or emerging markets, like branded fashion masks, portable sanitizing devices for schools, or more effective collaboration tools for remote workers.
5. Look for Partnerships
The pandemic has placed additional pressure on state and local agencies and other service providers as demand for social services increases dramatically while public funding remains stable. Look for opportunities to offer your company as a partner to help these agencies maintain the quality and volume of services.
Through partnerships, your company can help meet a wide range of community needs, such as meals for children while schools remain closed, training teachers to help them shift to online learning formats, or job searches for laid-off workers . These efforts will increase loyalty by showing customers that you value the community you serve.
6. Mess with technology
You've probably already taken advantage of various technology trends, like e-commerce and video conferencing, to continue your business activities during shutdowns and public health restrictions. These tools can also benefit your business as you move into the post-pandemic future.
These technological changes can result in businesses that are more efficient and cost-effective than before. Continue to expand your use of technology to offer better products and services to your customers, increase productivity, improve the lives of your employees, and drive future business growth.
Even after restrictions are lifted, you may decide to maintain some elements of remote work and virtual meetings, which can provide a range of benefits:
- Ability to draw on a larger pool of skilled workers.
- Reduce overhead and travel expenses.
- Expanded geographic reach.
- Work flexibility for your employees.
Don't overlook the additional need for cybersecurity that comes with the expanded use of technology. Remote work, collaboration tools, and virtual meetings increase your company's exposure to cyberattacks. Update to the most secure versions of all your apps and browsers, and ensure your employees' home devices are up to date with firewalls, anti-malware, and antivirus programs.
Look beyond crisis management for long-term improvement
The COVID-19 pandemic has brought many changes to the world. Some may present difficult challenges, but others may offer opportunities for you to change your business for the better. If you adopt a startup mentality, strengthen your company culture, and expand your use of technology tools, you'll be in a better position to respond to whatever comes next.
