It’s not easy for a business to bounce back from perhaps the greatest economic downturn of our lifetime.
In all likelihood, things will not go back to the way they used to be. Our world, and the way we do business, has already seen some fundamental changes. As the impact of COVID-19 continues to spread far and wide, business owners everywhere have pivoted in an attempt to save their companies. Some have been successful, and others less so.
Today, we’re finally starting to see the light at the end of the tunnel. Many of us are asking ourselves: how do we move forward from this? We can’t dwell in the past anymore. Business is all about looking ahead and planning for the future.
Creating A Solid Reopening Plan
So what can we do? We’re not out of the woods yet, but as of now, we must start planning our next moves. Businesses will have to hit the ground running to build up a head of steam as the world begins to reopen.
Here are a few steps to getting your business back on its feet as restrictions begin to ease.
1. Marching Orders
Bear down and prepare to make binding executive decisions. Gather your team around you and brief them on the changes to be made. You’ll have to make some tough choices about who is permitted to reenter the physical office while others stay at home. Formulate a plan regarding physical safety measures; establish new policies and procedures before you start to accept customers again.
2. Assess the Damage
Take a long, hard look at your business plan. Going forward, it’s going to look a lot different than it used to. Your assets, supply chains, and likely your entire business model has taken a hit. Formulate a realistic business valuation and approach the situation with an open mind and through a pragmatic lens.
3. Ask the Hard Questions
Now is the time to be realistic with yourself and your employees. While we all want to hope for the best, it’s important to plan for the worst. Have a contingency plan in case the virus deals your business another blow.
Ask yourself: how long will this go on, and how long can we afford to ride it out? What do customers want and need right now? If they want or need your products or services, how much are they willing to pay for them? How can you convert consumer interest into actual sales? How can you meet their needs?
4. Move Forward, Not Back
Don’t cling to past successes. Adapting your ways of thinking and using innovative strategies will make all the difference right now. Embrace new channels of sales, new methodologies, and modes of communication. One of the worst things your business can do right now is stay mired in the past, unable to move forward.
5. Play the Long Game
Ultimately, you’re going to need long-term solutions to sustain your business. Even though the worst has passed, the market will continue to be rocked by shockwaves for weeks, months, and even years to come.
In conclusion, don’t take shortcuts, as they will only lead to short-term success. Invest your time, energy, and money into sustainable strategies that will serve your needs well into the future.
Above all, be kind and patient with yourself, your staff, and your business. You’ll all need each other’s support to face the future.