No matter how much we ruminate about what has passed, the pandemic has already happened and its damage cannot be reversed. Looking back should not be the only option, though. Here is how your business can charge forward from the destructive effects of the pandemic:
Revisit the Vision Board
For the past two years, your team might have been too caught up with putting out day-by-day fires to the point of obscuring your vision of the bigger things you have laid out for the immediate and distant future. Still, with all the challenges you have never encountered before until the pandemic, it should be no surprise that those market analyses and strategies your team has consolidated in the past would barely even be relevant in today’s business climate.
The pandemic accelerated industrial change in speeds we not once imagined possible. The global supply chain being stifled in the earlier stages of the pandemic, for instance, pushed logistics companies to bridge the automation gap. And, businesses that for so long relied on the brick and mortar retail model were pushed to get over their e-commerce resistance.
That is why, if you’re set on mending the damage caused by the pandemic, it is best to go back to your business’s core. Perhaps, there are elements in your vision and mission statements that are already outdated and need some tweaking to better guide people down the lines about how your clients today prefer to be approached and what it takes for a company today to compete in the advanced playing field.
Then, you can proceed with drafting more concrete marketing, sales, product development, and training objectives and their corresponding measures of success based on current industry averages. Nevertheless, there’s no right time to revisit your vision board as the pandemic is not the only problem to be worried about.
After you’ve revised your company’s vision and subsequent strategies, it must be tempting to jump onto rebranding or launching new products. But, if your company has incurred major losses in the past months, appearing larger than life should be the least of your priorities. Rather, it is saving what is left when things have calmed down.
You may have stocked surplus after intermittent interruptions to your store operations. With the help of your quality assurance team, separate those items that are still good for sale and consumption and announce a clearance sale. You lost a significant amount of time, but before you can make up for it, at least realize that other resources can still be maximized.
Besides, a clearance sale is a perfect channel for you to reconnect with your patrons. Through this event, you can make it known that you’re coming up with greater and fresher things and that they should anticipate. You can drive the hype and, in turn, bank on this for your upcoming releases.
At this crucial point in your business, most of your efforts should be dedicated to your audience. Right now, you are not exactly in a position to expand or invest a lot of time on big-ticket purchases even if these would help your machinery to move more efficiently. Make sure that your team is on the same page, and so decisions like downsizing would be easy for them to process.
If so, moving to a smaller office or plant should not be an issue. The sooner you can hire a moving company, the more you could save on rent or amortization. Having done so, you could now redirect your precious funds into boosting production, marketing campaigns, or up-to-date training, whichever you think is of the highest priority.
Strategically speaking, the easiest to control when the business is at threat are operational expenses. Enjoining employees in saving office supplies, energy, and water would help a lot.
Printing could be limited to documents that require physical signatures and notarization by legal representatives. You could also require that all lights and electronics be turned off during lunch breaks. Limiting company vehicle use for travels categorized as important could also help you save a lot.
A Grand Comeback
A high budget allocation for new product launches does not necessarily produce an outstanding outcome. Likewise, just because you underspent for a new product does not mean it would not be met with massive support. The key is to thoroughly plan your comeback plan considering your limited resources at the moment.
Sometimes, promoting a product idea before it is produced in bulk could be the most practical idea because you get to gauge audience response before you even spend on raw materials and production expenses. Think of this particular product conception phase as your last to prove to your audience that you’re still very much up for the challenge of innovating and adapting to their changing needs.
The pandemic leaves businesses with many questions but also reveals a lot of new ideas. For your business, recovering may seem like a lost cause but, if you can look past the seemingly insurmountable problems you can get a hold of opportunities.