Earlier this year, the Coronavirus pandemic saw many businesses suffer catastrophically as a result of lockdown, with many having to close their doors completely. Now that things have eased and are slowly getting back to normal, how can businesses recover some of their losses?
Capitalise on the opportunities
Coronavirus might have had a damaging effect on many businesses, particularly in the hospitality sector. However, the ‘new normal’ has also opened up several new ways of working that could be capitalized on. Look for new ways to bolster business, whether that’s investing more heavily in online resources or looking for new avenues that have opened up as a direct result of the virus. Embrace new sales channels and new ideas as the world has changed and you should change accordingly.
Think long term
Work on long-term investments and ensure you have a strong sales team who can scout out new business and help build on existing deals and relationships. During a short-term slowdown in business, you might be presented with an opportunity to pivot to long-term planning. Nurture your connections and start building your future today. This might involve reevaluating your business plan and setting out new goals but sometimes it can be the most healthy thing in the word to tear everything down and start from scratch.
Adapt to survive
Think about how COVID has changed your customers and their needs. Ensure you stay up to date on the latest trends and can be flexible in an ever-changing environment. It’s also important to realize that this pandemic is not going anywhere anytime soon so all business and marketing strategies should be made with COVID in mind.
Moving on
If your business is based in a physical office or retail store in an expensive city centre, perhaps consider shifting to a remote working strategy or upping sticks from the more expensive areas and moving to somewhere a little more affordable. Catching the train from St Albans to St Pancras is not that big a deal if you’re worried about a commute but an office in St Albans will be significantly more affordable than an office in the centre of London.
Prepare for post-lock down demand
You may have thought about cutting back many aspects of the business, but be aware that once the dust has settled that you may need those elements back. Cutting too much away now means that when there is an economic recovery, you won’t be properly positioned to take advantage of it. So, don’t go crazy with cuts. Instead, look to make minor business reductions where necessary or find a new purpose with your current resources.
