How Companies Can Hit The Ground Running After COVID 19
5 minute read time
The Coronavirus pandemic has likely been one of the most frightening and difficult crises you have faced, both personally and professionally. You know your company must make the right moves- and fast- to overcome the challenges it has imposed. While no one can predict the future, there are several steps you can take to ensure your company hits the ground running when the time is right.
Re-evaluate Your Finances
This is a volatile time for the stock market, and any company with investments must re-evaluate how they are dispersed. Every company is different, and there is no right or wrong answer when it comes to managing your money.
However, with no definitive end to the pandemic in sight, companies should be assessing how much cash they need to have on hand. While some people are seeing the economic downturn as an opportunity to invest, your company needs some level of immediate funds to survive. The stock market may take longer than anticipated to recover from the economic impact of the virus which might mean temporarily losing invested funds. Knowing if your company can handle temporary losses is essential to your financial planning.
Consulting a financial planner and discussing your company's finances with an accountant is advisable. They will be able to help you determine the best course of action to keep your company stable during economic turbulence, allowing you to thrive when it is over.
Adapt to Emerging Trends
The virus has changed the world in countless ways, and the best indicator of your future success is how well you are currently adapting.
This is not a time to continue operating as you have in the past. Don't assume that if you do nothing, things will go back to normal. As we keep hearing, "the new normal" is here to stay, possibly for longer than most of us would like.
Again, every business is different, but there is always a way to adapt to unexpected changes. For starters, take a look at your infrastructure. Now is a good time to shift every possible business operation to a digital format, if you haven't already. While most businesses are at least partially online, the ones who can transition into more online operations will find themselves successful. This could be as simple as changing your hiring process from in-person interviews to using software such as Hirevue to conduct interviews virtually. Creating a work from home policy is another way to ensure your company can weather the uncertain future.
Streamlining processes by implementing technology and new policies cuts down on your costs, keeping you more profitable, and it will put you at an advantage. Hoping the virus will fade quickly is not the smartest move for your company, and you can't predict when it will finally subside. You can, however, prepare your company for a future where threats such as this will not dramatically thwart your operations.
Other trends to look out for include new market opportunities as a result of the virus. Some of these may be relevant to your business, and it would be a waste to not capitalize on new products or services that are seeing a rise in demand. With a little creativity and innovation, you may find that your company can fill an emerging niche market. What looked like devastation for your company may just be the temporary adaptation or, in some cases, permanent evolution of the market you serve.
Keep Your Brand Alive
Your business might not be booming like it was a few months ago, and you are probably wondering how to bring it back to life. With unemployment soaring, consumers are not as willing to hand over their money for non-essential purchases. Though there is no quick-fix to this problem, there are ways to keep your brand on your customers' minds.
To ensure your company isn't forgotten, put extra effort into continuing your content creation strategy. By seeing your content and remembering your great product or service, consumers will be happy to resume doing business with you when they are financially ready.
Running ads and investing money into digital marketing may not be feasible or smart for your company at this time, but there are plenty of ways to reach your audience for free or relatively cheap. Focusing your energy on creating blog posts and video content, optimizing SEO, posting to social media, and delivering value to your customers on platforms they frequently visit is important for brand awareness.
Consumers are turning to video content more than ever, and if your company hasn't jumped on the bandwagon, now is the perfect time to start. Educating your audience with videos reinforces that you are an expert in your industry and builds trust between you and potential customers. More companies are turning to IGTV or the classic option, YouTube, to deliver their messages.
If you are taking the time to create great content, you’ll want to inform fans about it via email campaigns. Through services like MailChimp, you can deliver links to your content right to customers' inboxes, keeping them engaged and interested in your company.
Boost Employee Morale
Through these difficult times, employees are experiencing turbulent shifts in their lives. While every individual may have a different experience, no one is free from the stress this pandemic has caused. Between layoffs, lost hours and wages, and uncertainty about the present and near future, employees need guidance and support.
During times such as these, true leadership shines. Don’t forget that a part of your recovery plan includes recovering employee morale, as they are the backbone of your company. Now more than ever, focus on building trust and providing them with a sense of security. Letting them know that they are valued team members will boost their enthusiasm and help put your company back in the game post-pandemic.
Delivering this message to employees can be as simple as an email or as memorable as a gift. If your company has been able to prosper, consider reinvesting a portion of your profits into boosting employee morale by gifting them with high-quality items they will use, such as company logo polo shirts or backpack with company logo . Making generous gestures towards the talented individuals you’ve brought onto your team can build respect and trust that will last for years to come.
There is no magic solution to the upset this pandemic has caused. However, the steps we've outlined for your company to take are far from difficult to implement. The most important things you can focus on are staying calm, managing your money for long-term stability, optimizing your operations for the "new world," continuing to keep your brand alive, and showing your employees appreciation. Companies who are able to take advantage of these simple strategies will find themselves in a better position to bounce back into business when the time is right.