5 WAYS ON HOW TO PANDEMIC PROOF YOUR BUSINESS
The rapidly evolving threat around the coronavirus has accelerated the pace of change in business community around the world. Business leaders and investors are wondering what the economy will look like after the pandemic.
How it will change the future business platform? And What are the things we need to consider in our future plans?
In recent experience, the virus has taught us that even traditional resilience planning is not enough to prepare for a pandemic. The ability of a company to adopt and think creatively and out of the box are the keys to operating in what we call new normal.
Learn the 5 ways on how businesses can improve their response and protect their business from the disruption of a pandemic.
1. Business Adaptability and Flexibility
Many businesses have been severely affected by the pandemic, and those who pull through are the ones who knows how to adopt. Even the most prepared businesses may fail to survive if they overlook the ways on how to adapt on a new normal. Business owners must think and respond quickly, and take every opportunity present.
There are different ways to adjust with the new normal but the first thing every businesses owner need to do is to reevaluate how they do business. Lack of planning will only worsen the business position in an already overwhelming situation. Businesses must think creatively, create steps they want to take and move forward.
Consider the standing of their product and solution with the new norm, how clients will respond to the current situation, learn new ways to meet the customer needs, and adjust the business platform to fit with the trend.
Aside from the product standing, the crisis also shown the problem with the supply chains. These could greatly affect the manufacturing, inventory, and delivery of the materials. Therefore, being ready for alternative supply source is deemed important. Thus, monitor any additional cost and logistics delay.
In addition, adaptability and flexibility shouldn’t be limited with the business activities but also with the employees. The changes with the organizational structure can be also considered. Employees can learn new skills and work more effectively with the new needs of the company.
2. Expand to new market
Most likely, clients have started to cut losses and it will affect their buying power. This might be the right time to consider expanding the target market. Companies can tap new market geographically, add new industry to cater or if the company is tapping only the big enterprises, SME’s might worth to consider on the list.
In order to cater new industries or add SME’s, additional products should be included with the company’s plans and/or tailoring the existing products or services can be considered to meet the needs and fit the financial capabilities of the new market.
3. Always look for proactive sales strategy
No matter what industry your business fall in, the crisis has changed the way customer relationship has been. To make the right decision, one must understand what is necessary to provide the customer extreme value in the new normal.
A well-thought-out business strategy should consider on how to strengthen existing relationships and attract new prospects. In order to do so, the company must continuously monitor and learn what’s trending in the business industry.
4. Learn new ways to launch, run and coordinate business activities effectively
Business culture and identity will most likely change as a result of the pandemic. Companies should think thoroughly on how they will execute their business activities, plans and projects.
Many companies in manufacturing and distribution cannot simply work remotely. Likewise, it is difficult to build trust and close a sale with your products and solutions through a Zoom meeting. However, companies have no choice but to find another route as needed. Business owners must think creatively, exercise agility and to consider how to develop their business perspective.
For employees that can work remotely and if it turns out the working from home can actually improves their business productivity. This can actually save costs for utilities and rent.
5. Invest on digital solutions and technologies
Lastly and probably the key strategy on how to pandemic-proof your business is to invest on digital solutions and technologies.
The virus is obviously pushing everyone into more digital world. While some B2Bs were already maximizing the digital initiatives, others were caught off guard. Companies who are not accustomed to digital may find it hard to slowly adapt.
In recent experience, it has taught us that the ability to adapt and be flexible are keys to operate in the new normal. This is the right moment to consider establishing the company’s online presence and invest with technologies.
One way to start is to leverage the B2B ecommerce. Business leaders must carefully evaluate the entire systems and plan on how the company will be able to adopt in a digital world.
Also, this is a good time to invest with technologies that will make the business operation run smoothly and effectively. Invest with software, gadgets and other technologies that can help maximize the employee’s efficiency while working.
As companies are shifting with the work from home set-up, most of the critical equipment necessary for your business (ex. Server, UPS etc.) are being neglected. Such businesses should start to improve their facilities monitoring system. This is to monitor the equipment and have a real-time update with any problem that may arise and therefore will be taken care of immediately.
These 5 ways may or may not be applicable to every business, but one thing is for sure there will be changes with how business world works and businesses will have no choice but to adopt and learn from this pandemic.