Since the Covid-19 pandemic has befallen over us, the world has completely shut-down in more than one way. It isn’t a particular region or country that has taken the fall, it’s the whole world.
And with such a situation at hand to deal with, it has become quite a challenge for businesses to burn their financial fuel to keep running.
And while every sector of our daily lives seems to have an impact because of the current situation, businesses on a very large scale have suffered the most.
Unfortunately, startups and the other businesses that had just started to gain some traction are finding themselves in tatters.
The world around us might seem like it’s falling apart, but that’s not the end. This is not going to last forever.
As per the research from McKinsey & Company,
The bright side…
To look on the bright side this pandemic has opened up many opportunities to reshape how businesses operated traditionally.
HOWEVER, this situation isn’t all bad. We have seen some thought leaders successfully reshape their organizational functions. They did this by adopting new techniques to be able to deal with the pandemic and manage to keep their businesses afloat. Sure, even they did take the time to adapt and have left a lot for us to learn.
Even when the world starts falling back in its place and everything would seem normal, we still would be able to realize the after-effects of this pandemic.
So, what are the tried and strategies that we need to adapt to survive this pandemic and thrive later?
5 recuperative strategies business can adapt amidst COVID 19
Here are some of the most effective solutions that businesses could adopt in order to deal with uncertainties we are all forced to deal with.
1. Address your crisis and disaster management plans
Every business has a crisis management plan. Shutting down a business altogether never works out, especially in a crisis. And since the COVID-19 was no less than a natural disaster, it’s only fair to say that a crisis management plan could always work well.
These testing times are like a litmus paper test for all your risk management strategies. Now is the time to repurpose them if your previous plans didn't work.
Having an efficient crisis management alternative is great. Here are the questions you need to ask while repurposing a new crisis management plan or while giving the efficiency of the current one:
- How to keep the business afloat without the revenue streams being as efficient performance?
- Which of your existing business operations need to change?
- Are your employees aware of the things they need to do during uncertainties?
- Can you retain your employees and ensure job security even when they can’t show up? If yes, for how long?
Asking these, you will be able to deal with a crisis better. Having a crisis management plan will safeguard your business against the difficulties now and later.
2. Reviewing your current business practices to keep the revenue inflow
Businesses are heavily dependent on the performance of the markets. If the market isn’t performing well, a business is likely to face a financial decline which could be adverse because of uncertainties (in this case, being the COVID-19).
Considering the situation, it’s the best bet for businesses to reconsider its practices and reiterate where it stands as per the current revenue and cost assumptions.
At such times, it’s crucial for a business to consider its revenue streams and cash flow. And since the entire business model could be changed because of uncertainties, it’s important to evaluate the impact on new collections, sales, and even debts.
Some thought leaders have made it possible to create new ways of generating revenue. How? Let’s try and find out:
They did this by:
- Creating new plans and strategies to sell.
- Forming new marketing tactics.
- Modifying products and services.
- Becoming more sensitive to new customer needs.
- Catering to a different group of customers to generate new forms of revenue
3. Use effective internal communication among your team
When a team is working remotely, having effective communication is a key element to their performance. If there’s a lack of communication or disruptions, it’s likely that it is going to have an effect on the overall commitment of the team.
Your team relies on the top management to keep them updated about the development and the tasks they are supposed to do. As the employer/manager of your firm, you are responsible to keep your team in check and stay connected with them throughout the whole period of uncertainties that you are facing.
In such cases, a video conferencing tool like Viewup is one of the most ideal options to have a secure and stable connection with your team. With its video conferencing and screen sharing capacities, you can make sure everyone is collaborating just fine, even when remotely placed.
4. COVID-19 isn’t going to stay forever. Don't forget to look beyond
While the pandemic and the current situation are undoubtedly a very serious concern, it shouldn’t be everything that your business needs to think about.
Businesses often end up involving themselves so much in the situation at hand that they forget to look at the bigger picture and value other important factors.
The situation isn’t getting any better as of now and there’s no definite time that we could look forward to when things could get better. But this also doesn't change the fact that things will indeed get better. Do not make any changes right now that would have a derogatory affect on your business in the long run. For instance, completely changing your brand value, and ignoring your current customers since if your product cannot be consumed right now.
5. Stay connected with your customers, now more than ever
Your existing customers are more like your superfans that rely on your brand and expect it to be available even when the others can’t. Sure, new customers mean more profits, but your existing customers are more like your certain payment threshold that are going to be potential sales or conversions towards any time in the future.
And, we are serious when we say you need to stay connected with your customers. Offering opportunities to connect during forced social distancing makes them confide in your brand. do not fall short on excuses to start a video call with all your customers and have a good time.
When you offer this along with enhanced customer support, discounts, or services during such times, you are enhancing your brand value and positioning yourself as a socially responsible, and an empathetic business
Live social media chats, and video conferencing tools like ViewUp can come in handy in creating deep bonds with your customers whilst being socially apart.
ViewUp offers a host of features such as online meetings, screen sharing, and live chat to ensure that you never lose touch with your customers or even your team. This cross-device online communication tool promises your business a lot of goodness, even during such testing times.