Preparing Your Online Business for The Post-Pandemic World

Preparing Your Online Business for The Post-Pandemic World

The upheavals caused by the Covid 19 have had an enormous impact on business, and, to date, the future remains uncertain.  If you’re running an online business it’s time to get prepared, so that you’ll be ready to rebound successfully in the post-pandemic marketplace.  This is the right time to carry out some serious analysis and to consider the insights which your team and customers can offer, in addition to wider market data.

Here are four key points to consider as you prepare your revised strategic plan.

Step 1. What is your current position?

This is a moment for some hard questions. The first thing to take a look at is:  how has yyour business been affected by the pandemic, frequent and sometimes unpredictable shifts in government policy, and changing consumer behavior? Is the company still viable, have you adapted and thrived, or are you facing bankruptcy sooner or later?

Which aspects of the business have proved profitable, and which are neutral or even loss-making?  Which of your operations could you suspend temporarily without having a negative impact on your customers?   How does the structure and culture of your company support, or hinder your efficient operation? Where can you make further efficiencies? How are you reaching out to your clients and how engaged are they?

If you’ve lost business, will it be possible to win it back? What is your position in the market, and what are your competitors doing?

It’s also critical to be realistic about how your employees are doing. If they’ve been furloughed, how are they coping, and are they still committed to returning? If they’re now working remotely, how are they adapting to their new environment, and how are you supporting them through the changes?

Step 2: Make a plan

Taking the learning from Step 1 as a starting point, the next step is to define the actions you need to take today, to prepare for that return to the so-called ‘new normal’?  This could involve investing in new equipment for a shift to remote working, a major IT upgrade or overhauling your marketing approach.

‘But we’ve always done it like this’ just doesn’t cut it in the current climate.  We can all see that it’s a case of adapt or die.

 In the early 90’s the corporate buzz word was ‘re-engineering’.  That has since been replaced by many others, but the concept has never been more relevant than it is in these times.  Organizations were asked the question – if today you had to re-start your business, from zero, how would you build it? What would you put in place that you don’t have now, what would you keep, what would you ditch?  How would you prioritize your resources? What would you outsource?  If you did this exercise, how would your re-engineered business change and what would it look like?

This is a great exercise to carry out as you make your short/medium-term plan of action. It forces you to examine every process in your business and consider how it can be improved in the context of the transformed climate.

 One key to getting the most out of it is to ensure that a wide range of stakeholders is involved. This will ensure a balance of priorities. For example, it shouldn’t turn into a pure cost-cutting exercise (although that may be a side –effect).  A diversity of viewpoints and interests are more likely to create a solid platform for success.  This exercise isn’t about long-term strategic planning or reworked visions.  While some changes may require months to accomplish, the target is clear:  what can you start today so that you’re fully ready for tomorrow? 

Step 3: Define key projects

Chances are you’ll come up with a whole list of possible changes. Instead of trying to fix everything, focus your resources on the two or three that will fundamentally transform the way you do business. For example, shifting to a partnership with a fulfillment company to optimize your supply chain will result in reduced warehousing and shipping costs, in addition to improving the speed at which customer orders are processed.  Or, if you need to finance new equipment, the initial research and search to obtain funds with the most advantageous conditions may be key.  If a revamp of your marketing strategy will make the difference, defining how you’re going to achieve this – by outsourcing and partnering with a specialist agency, or using your existing in-house resources.   

Once you’ve defined your key projects, work can start on bringing them to fruition.

Step 4: Prepare for success

After the first 3 steps, you will have defined your post-pandemic approach and put the essentials in place.

But one essential element may still need to be addressed. The culture and values of your business. Will these still be sufficient in the post-pandemic business climate? For example, while many organizations claim that ‘people are our greatest asset’ or some such cliché – how have you demonstrated this during the past 12 months?  If customer service’ has been on your list of values for years – how will you enhance the customer’s experience to keep you ahead of competitors?