3 Important Lessons to Apply to your Business Post Pandemic
The present can be stressful enough for a business owner in these trying times. It certainly feels like one big stressful waiting game, where is the next directive going to point us? What timelines can you plan on for your customer base to return to some semblance of ‘normal’? While the brains of business owners fill their space with these anxious thoughts, it is important to also look to the future. Look past the anxiety and realize we are amid a massive opportunity.
In no way is COVID-19 something to be thankful for, but some of the side effects it brings with it are indicative of an opportunity to springboard your business into the future. There is a unique crossing of paths happening in the world-wide marketplace; a union history would advise you not to overlook. We are in what is often referred to as the winter season of business. The economic downturn is undeniable. And while it is prudent to be watching the bottom line, be aware, so is everyone else! 65% of the Fortune 1000 companies were founded in the winter season of business.
Today I wanted to dig into the seasons of business and how they are going to change the business in a post-pandemic world. It will come. You must be ready to hit the ground running.
Is your business designed for the post-pandemic world?
This season of business has taught us all if our practices were ready to adapt to unexpected needs in these modern times. Did you have the proper infrastructure to quickly pivot to a more remote model of business during the pandemic? Was your leadership style both accommodating and flexible enough to encourage productivity while respecting the need for employees to work from home? Regardless of how quickly or even willingly you have adjusted to these changes, there is some very good news on this horizon.
A more virtual oriented work environment as well as an even greater stress on individual accountability can combine to have a great compounding effect on your business. Less overhead (downsizing physical space) as well as a natural boon to the individual creative spirit (more reliance on creative solutions in an isolated environment) can have positive effects on both your bottom line as well as your top line potential!
So, what are the necessary ingredients here moving into this ‘winter’ and spring boarding your business into a successful ‘spring’? Conserve cash, as well as ensure you have the proper employees in place who are going to attack the challenge of working at their own pace with an entrepreneurial and creative attitude!
Build robust backup plans!
There is a quote that goes, “Never waste a good crisis.” Now, that doesn’t mean build your success off of the suffering of others. Rather, take it as an indication you need to shift your mindset! If you are trying to plan how to “weather the storm” and make it to the other side of this, you have already missed the boat! You must lead your business forward with the thought that you will rise out of these times better than before.
The consumer base, having spent the last 60 plus days in their homes, will have plenty of pent up demand. Finding ways to reach them now and make sure you are prepared to reach them as the country opens back up is going to be important. If the beginning of 2020 did not already make you aware, having several avenues of income and ability to satisfy consumer needs must be in place.
Plan, if you do not, the future is sure to be bleak. Identify your goals and reverse engineer from there. What are the two, three, or even 4 paths you can take to accomplish your goals? Work on laying these out. This line of though is a perfect segue into my final point.
Avoid a single point of failure.
Control what you can control. The backbone of your business should rest on Key Performance Indicators. What numbers must be hit, what tasks must be accomplished, on each individual team member’s plate to bring in the appropriate amount of productivity, client satisfaction, and revenue? If you have structured your business and its goals around measurable and actionable steps, you will never find “all of your eggs in one basket” if your basket breaks. You simply must, in the face of change, ensure that your KPI’s can be still be hit.
Does this mean a certain number of outbound dials made? A certain number of ads placed. Whatever your Key Performance Indicators are, they are always within your control. So, control and execute. You will avoid large collapses if you are able to keep a steady baseline.
This is not a reason to throw in the towel and give up on your hard work. We all must adjust and roll with the punches to better ensure our businesses will survive any season! After winter comes spring—a time of new growth, adjustments, and implementations. Then, summer—where we can begin to soak in the glory of our efforts. It will take some work and discipline, but our businesses will survive, and will we lean on each other for support. Want to learn more ways you can help your business survive the pandemic? Reach out today here!