The COVID-19 pandemic has changed the way we live, and work. Almost no one could have imagined a global lockdown and the collapsing of the world’s economy due to a tiny virus. Yet, here we are – into the 8th month of lockdown.
Many leaders are still struggling to recover from the fallout, as several companies have been forced to close. A survey conducted by PwC in June 2020 suggests that 58% of CFOs are already worried about the possibility of the 2nd wave and its further implications.
If you are one such leader, we are here to tell you – keep your chin up. Yes, COVID-19 may have put your business in trouble, but that doesn’t mean it isn’t an opportunity. If your business has to survive the post-pandemic world, it is important to look forward and not backward. Here’s what you need to do-
Revaluation —> Redesign —> Realignment
Whether you are a start
–up, a small business or an MNC, these three R’s can be helpful to adapt to COVID-19. From talent management, to product and finance, the three R’s can be applied to all aspects of business.
Want to know how? That’s why we are here! We’ve got some great tips on realigning your business to take advantage of COVID-19.
The first thing is to fully understand how every aspect of your business works. There are a few fundamental things you need to keep in mind:
- Identify independent components, and see how you can merge them to better serve your process. The better integrated your process, the more efficient and cost-effective it will be.
- Remember to focus on the customer experience. At a time when most customers are engaging digitally, ensure that you are able to offer them a memorable experience. A happy customer is a loyal customer!
- Strategically adopt digital automation tools that are essential. The first step it to ensure you are cybersecure. Then identify other key areas of the business that can benefit from smart technologies coupled with human skills.
COVID-19 has no doubt hit your finances hard. Sit down with your financial team and take stock of the situation. We’ve already got eight great ideas for SME’s to save money. Here are a few more critical things to keep in mind:
- Understand expenses that aren’t currently required or in demand, such as office space. Try to negotiate to see if you can reduce that cost.
- Re-budget for critical tools like software. It will help you and your team work more efficiently.
- Include your employees in any financial decisions. If you plan to cut salaries, they will appreciate being involved in that decision.
- Before you finalise any cuts, ensure that they align with your business’s goals and plans for the upcoming quarter/year.
- Identify government support policies that you can take advantage of. If you find something you can use, don’t hesitate to apply!
Your team is the backbone of your business, without them no other aspect of the company would be able to function. Keep them in mind by:
- Designing a flexible and sustainable talent development model. It’s important to hire the right kind of talent, one that can contribute to your objectives especially.
- Follow the 4B Approach to address talent shortage: build, buy, borrow and bridge. It will help you create a talent development model that works for you.
- Identify areas where efficiency can be increased through automation. Using technology can save you and your team hours, and time.
- Make sure your compensation packages are as per industry standards. That way, you can ensure you hire and retain the best quality talent. Quality over quantity works best anyday.
- Upskill your employees to fit the current demand. With digital technology being essential to even the most basic functions, it is vital your team know how to use all the tools at their disposal.
Marketing and Sales
Remember, if you want to have happy customers, your marketing and sales team are going to be critical. Not only will they keep an open line of communication, but they can also help bring in new customers. Re-align the team by:
- Using the downtime to rethink your marketing campaigns and sales strategies. Spend time reading about what other people are doing, and what works. That will help optimize your future campaigns.
- Leveraging your social media to reach out to existing and potential customers. Thanks to COVID-19, everyone is on social media, so take full advantage of it.
- Investing in
To meet your and your customers’ changing need, it may be worth looking at your leadership strategy. Identify roles that are redundant, and see how they can be realigned for COVID-19 times.
- Empower your entire team through remote working, using these 5 strategies that will help boost productivity. Lead by example to show how COVID-19 doesn’t have to mean less efficiency.
- Work from home and long hours can contribute to burnout. It might be worth creating the role of a Chief Wellness Officer, as some companies are doing. This person will be responsible for creating and maintaining a healthy work culture.
- Ensure you have people with an eye on your stakeholders, and are able to identify pressure points and solutions.
Whether you are a start-up or an SME, we hope that the above tips will help you realign your business, and make the best of COVID-19. Here at Onsurity, we want to ensure that all SMEs are empowered during the COVID-19 pandemic. That’s why we have a healthcare plan that emphasises health and wellness. So, you and your team can focus on doing your best work.