All around the world, business owners are racking their brains to come up with effective business continuity plans and crisis-response efforts to combat the shock caused by COVID19 whilst simultaneously planning their return to a declining economy. Changes will need to be made in order to survive through and after the coronavirus situation, and those who reinvent themselves will be far more ready to confront the challenges and opportunities that may have arisen during the entire period, than those who are unprepared.
If you’re not quite sure how to do so, here’s a brief rundown of the 4 strategies that will help you in a post-COVID19 reality.
1. Recover The Revenue You’ve Lost
When every second equates to money lost, time is of the essence. The first objective of a business once the economy slowly reopens is to recover the revenue that you’ve might have lost. To do that, you’ll need to review your revenue profile and tweak it so that you can get ahead of the competition and survive in the long term. This may include relooking into the products that customers are valuing post-COVID19 and develop new case studies and tailored experiences based on the results. Jump at any opportunity to win back your loyal customers and reinvent yourself to gain new ones.
Another crucial aspect you’ll need to keep in mind is the need for adaptability. The disruption in your supply chains will push you to consider non-traditional and unconventional collaborations in your ecosystem.
Post-COVID19, you may need to relinquish your current model to adopt a new ecosystem and establish it as your new normal. Agility and urgency are critical to building a competitive advantage, and doing so, your business is on its first step to recovery.
2. Reviewing And Rebuilding Operations
If there’s one thing about the economy that the coronavirus has radically changed, it’s the demand patterns from across all sectors. It has also simultaneously expose how fragile globalisation actually is. This has pushed numerous companies to adopt new approaches in order to improve visibility, productivity and end-customer connectivity.
Companies that are successful often start by building a resilient business operation. They redesign their models to protect against the possibility of a wider range of shocks. The disrupted supply chain will need rebalancing and businesses may even consider regionalising their supply chains. Companies have also started to include cost transparency using digital means. The way of work has also radically changed, where many are temporarily let go of their office space for lease to work remotely, using collaboration technology and digital communication. Thus, look for ways you can rebuild your operations to better adapt to the new changes.
3. Reinventing Your Business
Amidst COVID19, businesses are forced to adopt new methods to adapt to their new reality. This progress can only happen due to the shift in working operation models within the company. This may include establishing new and clear goals for the various teams and making rapid decisions so as to not lose any form of competitive advantage. Start by building a strong sense of identity – if you haven’t already – whereby employees share common purpose and goals. Decentralise your company by creating smaller and niche yet experienced teams that know how to make important decisions fast. Hire and keep top talent by creating unique and pleasant working experiences and commit to future plans of talent development.
4. Adopting Digital Solutions
The crisis has successfully transformed the way we interact, work and conduct our daily transactions of life. These areas of our lives have seen an increasing role of digital technology in rapid succession. Businesses will need to quickly rethink customer journeys and their changing preferences and demands, and develop a digital solution for each sector. Depending on your industry, your approach to a digital shift may vary. For instance, retail businesses will naturally head to an e-commerce route whilst auto-companies may want to consider establishing new distribution models for the financing and servicing of cars. To create these new models, you’ll first need to incorporate new data and analytics to reflect the new post-COVID19 reality. By doing so, you’ll be able to better navigate asset management, demand forecasting, and coping with the increased volumes.
Businesses should also look into improving their IT productivity to lower their cost and expenses. This may mean making IT cost a variable wherever possible and defining any IT-product platform whilst engaging with skilled individuals to sustain it. Following this trend, we may see an increase in the adoption of cloud and automation technologies, successfully transforming on-premise operations.
Now that Phase 3 of the circuit breaker has been implemented, we’ve seen how the business landscape has drastically changed. Business features such as leadership, foresight and execution will dictate how well they navigate through the COVID19 economy, thus it’s paramount that you get them right. Doing so, you’ll set the very foundations that will secure business success in the long term.
To better assist you in your business ventures during such a difficult time, we at Greenhub Singapore are offering virtual office services so that you can still maintain your operations to reach your business goals. With these services, you’d be able to cut down on your business office rental expenses to focus on efforts to recover your lost revenue. We strive to always provide you with avenues to up your productivity and efficiency. Get right back on track with Greenhub Singapore today!