I don’t think anyone could have been prepared for what has happened recently in Australia and around the world. The repercussions of COVID-19 have been far more significant than anyone could have anticipated - and we are yet to feel them all. Thousands of businesses have been impacted financially. Some will bounce back, but the sad truth is - many won’t.
With the dark cloud of a possible recession looming, now is the time to prepare your business for what is to come. Here are four key steps you can take now to ensure you are as prepared as possible to weather the storm.
- Update your processes and tech - prepare for change
A lot of businesses have made the move from office-based to work from home models. If your business falls into this category it’s really important your internal processes are up-to-date. And make sure your tech is suitable. Review your platforms and introduce new communication tools that will make it easier for your employees to work from home. This will ensure that your staff have all resources necessary to do their job and remain productive.
- Outline opportunities for new or additional revenue streams
Has COVID-19 battered your traditional revenue streams? Sales and supply are among the biggest concerns for businesses impacted by COVID-19. Your customers will be impacted as well - so what can you do to help? Now is the time for you to utilise suitable tech to interact and service your clients. Diversifying the way in which you service your customer base will be essential to surviving these tough times.In order to do this, ask yourself the following questions:
- What does my business do well and/or better than competitors?
- Are there any new products or services that people might need right now that I can offer?
- Can I re-package any existing offerings to meet the significant shift in market needs?
- How can I add value for current customers who may need extra support during this time?
- Do I have any ‘data’ available that could assist me in identifying new opportunities?
- How can I leverage technology to assist the way I service my customers? For example; virtual packages, zoom meetings and so on.
Diversifying your revenue streams will assist in minimising your risk in times of crisis.
- Look to smarter resourcing strategies
With margins shrinking, now is the time to seek smarter resourcing strategies. Outsourcing to experts is an option that can significantly reduce overall costs and allows you to focus on what’s important. We’re in the midst of a crisis so it’s crucial for you to be focusing on the core business. Get help, if you can, where you need it.
- Prepare for the ‘boom’
With every recession and financial crisis comes a ‘boom.’ This economic crisis will end. The economy will recover. We will recover. Your business has a chance of recovering - now is the time to prepare for that.
Use this time to really analyse the inner workings of your business by:
- Revisiting your marketing strategy
- Reassessing customer needs and your product/service proposition
- Improving your internal processes
- Reviewing your resourcing model.
Don’t forget to keep an eye on how your competitors are responding to the situation.
Now is the time to be decisive and agile - this storm will pass. Prepare yourself to come out the other side.