The Covid-19 pandemic decimated millions of businesses across the globe. Normal day-to-day functions have been upended and businesses must adapt to a ‘new normal‘ going forward.
The pandemic’s impact is without modern parallel. Right now, whether your area is facing the second wave or is recovering, you need to make decisions centered upon softening the shocks now and those yet to come.
There are three phases that businesses (providing they survive) will process through: Response, Recovery, and Growth.
Most companies are still grappling with this phase. Coping, as best they can, with managing the significant adjustments and pivots to their operations. Moreover, businesses are aware of what needs to be accomplished upon reopening, so let’s move on to the next phase: Recovery.
Putting the numerous ‘expert opinions and forecasts’ aside, it is impossible to project when full recovery will occur. Nevertheless, here are the ‘recovery realities’ that you should be considering:
- There will be an acceleration in tech development with more and more business models and functions shifting to online.
- Whether your business is small. medium or large, you will be impacted in one way or another.
- Government loans and stimulus checks will limit business failures, however, they will not boost growth.
Given the above, businesses need to be proactive in the Recovery Phase by:
- Reestablish and/or reevaluate your supply chains
- Move swiftly to hoard financial resources. Furthermore, streamline costs, amass cash, ensure that resources are available to capitalize on opportunities that will surface in the Growth phase.
- Push an e-commerce structure by accelerating digital capabilities.
- Use social media and email marketing for gaining new customers and engaging old ones.
- Plug gaps in your operations and develop new ways to exploit competitors’ shortcomings.
Assuming you have taken the necessary steps in Recovery, Growth should be attainable, given:
- There is probably less competition, making pricing a low factor in your marketing efforts.
- Building brand equity is key. Remember, your brand and your company are one-in-the-same — and your brand cannot be copied.
- Both the Customer Experience (CX) and the Employee Experience (EX) are vital for growth.
- Ensure that customer ‘touch points’ are realized by redesigning your buying journey/process to be as seamless as possible.
- Good business and good citizenship go hand-in-hand. For instance, offer resources and expertise to local community groups and causes. Support employees in their community and charitable endeavors as well.
In the months ahead, nothing will be as predictable as unpredictability. As businesses experience sudden changes in customer needs they will benefit from their ability to quickly implement the lessons learned from the pandemic and react to meet market needs and drive business results.
Remember, the very important Recovery phase sets the stage for the Growth phase that will come.
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