We do not know when Covid will end. When it started in March 2020, we never imagined that we would still be locked down two years later. But having survived this long, it is time now to set up your business to take advantage of the post-covid rebound.
According to a new Goldman Sachs survey, almost 70% of small business owners believe COVID19 has harmed their bottom line. In addition, because of the increase in COVID cases, over 40% of those small company owners claim they’ve had to close or reduce hours recently.
Adaptation
It should come as no surprise, then, that many of the firms that have succeeded are those who operate in this space. Even if they hadn’t previously offered it, grocery businesses went to the innovative solution of curbside delivery. Rather than forcing someone to enter a crowded store and risk being exposed to COVID-19, an employee may gather all of your needed things and deliver them to your car. In several stores across the country, at-home delivery has also become an option.
Capitalize on Technology Shift
Businesses that capitalize on shifts in previous business practices will have less face time and more virtual time. People’s ability to adapt to market trends permits them to survive even the most trying times. Is your company capable of providing products or services remotely, no matter how difficult it may be? Do you need to rethink what your brand stands for in the first place? Are there any new cash streams that you may tap into that will last long after the pandemic has passed?
It seems like it is becoming no longer necessary for businesses to have a physical storefront, meaning now is the time to focus on your digital marketing. Powerapps development company offers services to businesses of all sizes to boost work efficiency and maximize success.
Re-Learn Your Competition
Reexamine the competition and find new niches – maybe App Development. Now is the time to focus on better ways to reach your customers. Listen to customer demand and customer feedback. Delivery services, work from home, new platforms for better user experience. Zoom meetings, work, doctor’s visits, therapy, etc. Takeout for food and alcoholic beverages, online events, webinars, and outdoor dining and telesales. Rebranding using some of these strategies is how you will survive in the new COVID19 landscape.
Endure to Thrive
Staying afloat during COVID-19 requires new approaches. According to one survey by the Society for Human Resource Management (SHRM), over half of the small enterprises said they were exploring strategies to stay in business. They are prospering in certain circumstances. Small firms have claimed that they are adapting by making the following changes:
- To make their services available, they use contactless delivery.
- Asking staff to adapt to remote working practices.
- Adopting new revenue streams to adapt to supply shortages.
- Taking advantage of safety precautions to prioritize customer interaction.
- Use technology to provide improved customer service.
Look on the Bright Side
Even though it may be easy to only focus on the negative impacts COVID19 has had on your business, take a minute to look at some positive aspects. With the growing demand for work-from-home employment, you now have the opportunity to choose from a much larger and more diverse candidate pool. You are no longer limited to people located near your business or those willing to relocate when you have the ability to offer remote work.
Use this as an opportunity to find your new niche. Whether that be a new form of remote services or offering new flexible hours to your employees. This can be your time to explore the world of socially distanced or completely remote events and see if they take off.
Summary
We do not know whether recovery will be in early 2022 or a future year. But businesses that take advantage of these points can continue to grow and maybe even come back stronger. Likewise, businesses can survive during the COVID-19 pandemic if they reimagine their financial, business, employee, and customer strategies.
But moving beyond the pandemic into a post-COVID world relies on the business’s ability to continue to adapt and consider its customers’ needs in new ways. Things like marketing, customer relationships, business operations, and employee roles may look different now. Still, your attention to them can make all the difference to your business when it’s time to step on the gas pedal once again.