There is much uncertainty in the world—2020 has proven that to us beyond imagination with major disruptions in our lives and the economy due to the COVID-19 pandemic. We have come to witness events that have been previously unseen all together: lockdowns of entire cities, panic in the financial markets, empty shelves, lack of hospital beds and an ensuing economic crisis. Along with that, a drastic change in consumption patterns is happening; Consumers are rethinking the utility of every good or service they use. They are also forgoing anything that appears superfluous. Will it be possible to continue business as usual in a post-coronavirus world?
Many organizations have survived the crisis and have even grown in 2020. They have done so by adapting to the changing circumstances. Most educational institutions have gone completely online, restaurants have become take-out-only and major IT companies are providing work from home for almost all of their employees. Microsoft even announced that it would allow some employees to permanently work from home. Here’s how your company can also adapt and thrive moving into the post-coronavirus world.
Take Appropriate Measures
While there are many unknown things, there are still measures every company can take to thrive in a post-coronavirus world. First and foremost, you need to get a hold of data and artificial intelligence, you need to do a proper analysis of what your resources are, to what extent sales are impacted and the impact on your financial position. Without such an analysis, it could be considerably difficult for you to make the right decisions.
Focus on What Is Important
Let’s assume you’ve got all the data and analysis in front of you, now what? Your business needs to focus on what’s important and have a strategic plan to move ahead. While planning will be different in each case, invariably delivering the best value to consumers has to be part of the plan. Most consumers are facing at least some financial pain; if you cannot deliver value to them, they will simply not buy your product or service.
Explore New Markets
You should also look at exploring new markets. There are only so many consumers domestically, perhaps you could do well in foreign markets. Even if you have no idea how to go about it, you can enter into foreign markets by using a professional employer organization (PEO), such as Global PEO. These organizations can help you set up your business in foreign markets. They can help in renting offices, hiring employees and managing payrolls, among other things. They have expertise in various foreign markets and can save you the trouble of doing everything by yourself. Moreover, using PEOs can substantially reduce the cost of entering foreign markets.
Don’t Rely on a Single Revenue Stream
COVID-19 has taught many businesses that they cannot rely on a single revenue stream. Depending on the product or service, consumers may vanish overnight due to lockdown or personal safety. You need to have multiple revenue streams, so if revenue dries up from one source, you are not left in a lurch. There are many ways to build multiple revenue streams; you could venture into foreign markets, have multiple products or change the way you cater to customers. Needless to say, you also need to build strong customer relationships and experiences. Otherwise, you risk losing even the most loyal of your consumers.
Focus on Cost Reduction
Further, cost reduction is key. You need to make sure that you are saving every penny you can. This could be one of the ways of providing value to customers, as you can pass on some of the savings. Review your processes and supply chains and see what improvements you can make. You could also talk to your suppliers and ask for a reduction in costs due to changed circumstances. In line with the first suggestion, you should try to collect data and gather insights into where you are spending the most and cut costs there.
Even in these unprecedented times, there are always ways and means you can employ to survive and thrive in your business. The virus has changed the expectations of employees, customers and business partners around the world—you need to keep up with that. Apart from the great risks, the crisis has come with an opportunity to quickly transition into newly emerging business models. Your business should be ahead of the curve to adapt to these emerging circumstances.