As this pandemic persists, many businesses are facing numerous challenges day by day. This whole pandemic situation is one big challenge to stay afloat and many businesses have to either cut down on the number of employees and business hours or risk going into bankruptcy. As business owners, we are not only dealing with how to adjust ourselves to the new normal, but we are also tasked to find new ways to make our businesses and organization adapt to the “New Normal” and be able to face what lies ahead of us.
Worry not! Because in this article we will teach you some of the ways you can keep your business and organization afloat despite the turbulent situation brought upon by this pandemic. We may not be able to stop this virus by ourselves, but we shouldn’t let it stop us from doing things that will let our businesses thrive. Here are the necessary steps that you will need to take:
Plan ahead
Surely, nobody could have predicted the massive scale of damage this virus has brought to our society. Countless business owners were left scratching their heads looking for ways to keep making sales despite customers not being allowed to walk as freely as before. For instance, restaurants that were once able to fill up all of their seats, are now left with no choice but to go half their venue’s capacity or even less. However, no matter how much this pandemic has put us down, what we can do now is stand up once again and look ahead for what’s to come.
What this means is that we should look into the various steps we can take to mitigate the situation’s effect on us. This may mean cutting back on unnecessary expenses and keeping only what is truly necessary. Next, when you are back on your feet once more, think about the various possibilities that might happen in the future. Tune in to the news everyday to keep yourself updated with current events! This will help you get a better grip on what will happen in the near future. For instance, we can ask ourselves, “Will there be a vaccine released soon?”, “Will my business still be thriving before and after the vaccine is released?”, and many other questions relevant to your situation.
Learn from the past
When we hear this phrase, we often think that it means we should look back on our actions and mistakes, right? However, in this context, what we must look back on and reflect upon are the actions and mistakes of other businesses that suffered from financial crises. Analyze what are the common actions that they took and what consequences it brought upon them. An example of this would be the 2007-2008 Financial crisis wherein a lot of financial companies and major businesses either collapsed, merged, or went under different management.
It’s important to take note of which strategies were effective and which were not. We will be able to see which businesses were able to thrive despite all the financial setbacks. This will also give us a better idea of what steps we should take for the future.
Take calculated risks
A recent study by Harvard scholars discovered that businesses who took a balanced stand on being “offensive” and “defensive” during a recession were more likely to outperform their competitors. What this essentially means is that whenever an excellent opportunity arises, you shouldn’t shy away from taking it. Many business owners end up regretting the choices they didn’t make rather than the ones they did.
On the other hand, also try not to be too reckless especially when making big financial decisions. As mentioned before, always do your research and see what other companies did to become successful in the past and try to adapt their strategy to your own.
Manage your resources
This means being wise about all of the resources that you have and we are not just referring to your material or financial resources, rather we must also consider your human resources. These times are tough indeed and many companies have been laying off their employees as they think that this will save their company funds. However, if you do have to go this way, remember to do it wisely. Find the right people who are worth keeping and do not let go of them easily. Gather the people that you are sure will help you grow your business in the long run and keep them by your side as they will be worth it.
Strategy and execution
As we have mentioned various strategies in this article so far, all you have to do is employ and adapt them accordingly to your situation. Remember that we are all facing different circumstances. Some are handling it better than the rest, while some might have to take a little bit more time and this is absolutely okay! Remember to set up the strategy that will work for you, make a timeline, and do not compare yourself with others unless you are looking for new strategies to employ to make yourself better.
In conclusion, Covid-19 pandemic has affected all of us in varying ways. It is okay if you feel lost and bothered right now because of “resilience fatigue” as you have been constantly trying to keep everything together. However, as the world moves on, then so do we. Whether we will be able to go back to the “Old Normal” or forever adjust to this “New Normal”, these strategies will certainly help you to make your business thrive into the future by helping you lay the groundwork now.
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