Change is the only constant, yes, but the sheer magnitude and latitude of change sparked by the novel coronavirus seems to have outfoxed even the most agile businesses. Over the past five months, most of us have learned that our worst-case scenario projections didn’t remotely resemble the true extent of our current reality. However, it has also taught us that we are more resilient than we had assumed. The following business strategies can transform the disruption of the coronavirus aftermath into a foundation for future success.
Connect with your employees.
How well a company’s employees communicate with each other is a reliable indicator of that company’s success. The heavy pall of uncertainty from layoffs and reduced hours aside, the inherent isolation of a detached workplace can weigh on employees’ minds. Use regular, high-quality interaction beyond regular project meetings to allay their fears.
Acknowledge the challenges that you yourself face in remotely managing them. Solicit feedback and suggestions to bridge the physical divide. Tech tools are invaluable but make sure to choose apps and programs that respect your data and privacy.
Keep up with your clients’ needs.
If COVID-19 has upended your company routine and operations, it has done the same for your suppliers and clients, too. This shifting landscape is fraught with peril – a client’s reassessment may convince them that they no longer require your services, or to cut back on the business relationship. You have to convince them otherwise.
Sweet talk is not the answer; you will need to restructure your offerings to appeal to your clients. Engage with them to discover how you can mold your operations to be in sync with their needs. This is the time to push the boundaries of your company’s traditional scope and portfolio. Open your mind to the field of new possibilities because many of the changes are likely here to stay.
Plan for the future.
The odds are that we won’t experience as extreme a disruption as this anytime soon, but it is never too early to plan nor too late to re-plan. If nothing else, you have the time now.
One of the best antidotes for a monumental business jolt is a secondary revenue stream. By diversifying your range of goods and/or services, you insulate yourself against the tremors of a crisis. If you have been considering a side business or an offshoot, let this experience be your motivation to take the plunge.
Information is crucial to planning. It is also indispensable to giving you an edge over the competition. Invest the time you save on your daily commute and similar activities to read, research and learn about your industry intimately. Hone your company’s direction on that whetstone of information. When things inevitably return to normal, be the first out of the blocks to pounce on the new opportunities.
At DeSantis Trusted Advisors, we provide consulting, advisory, and coaching services to businesses and their stakeholders with the goal of creating pathways to success. Please contact me today if I can be of any assistance.
