The world has changed.
We don’t really know how much yet, but we do know that some things will never be the same.
According to the National Federation of Independent Business, some 92% of small business aid they had suffered negative effects as a result of the pandemic.
Only 5% said they had experienced no effects at all.
Change: A Double-Edged Sword …
For business, change is a double-edged sword. On one hand, it creates risk and uncertainty. Old strategies often fall apart in the face of new challenges. But, on the other hand, change creates opportunities.
Companies that can adapt to a post-pandemic world, readjusting their models to meet new demands while leveraging unrealized opportunities, will find themselves in the best possible position to not just survive, but thrive.
To maximize the post Covid-19 environment, there are some things to focus on to make sure that your business is more than just a survivor.
Rethink Any Assumptions About Your Market …
The long-term ramifications of the pandemic, in terms of market mood and sentiment, remain to be seen. Some argue that things will return to pretty much normal.
Others believe that the world is altered in ways we have not yet begun to fully imagine.
As a business, you can’t wait for the changes to become apparent before formulating a plan.
It’s your job to discover shifts in your market before they’re obvious.
And this means conducting market research and learning changes in your clients wants, needs and expectations.
How might you expand your value proposition to address the ethical, environmental and safety concerns that may have developed in your market?
Leverage new Opportunities
While developing a strategy to bounce back after the pandemic will be of primary concern to your business, you should also think about how you can take advantage of short- and medium-term opportunities.
It’s likely that many businesses won’t be able to survive as things get back to normal and government funding dries up. This is not a cause for celebration, but it’s important to be aware of any gaps in the market that you’re positioned to fill.
And as a number of companies have focused resources on essential tasks, promotional spending has decreased.
This has resulted in lower promotional costs, creating potential marketing opportunities.
Make a Full Transition to Digital
The pandemic has highlighted the benefits of remote working. These include, but are not limited to:
- higher employee productivity
- reduced office costs and
- improved mental well-being.
It’s likely that at least some your competitors will chose to leverage both remote working and the improved leverage of new technologies and it’s important to not get left behind.
If you haven’t already put digital infrastructure in place to provide your business with the flexibility of new digital technology, make it a priority.
You need comprehensive digital systems in place such as encompassing project management software, video conferencing, time tracking, paperless workflows, cloud storage, etc.
Think About Your Safety Net
When the pandemic took hold and lockdown measures were introduced, a significant number of businesses found themselves unprepared for a major crisis. 
Even if you’ve managed to come through relatively unscathed, you should not assume that this event is a once-in-a-lifetime incident. Going forward, you need to ensure that you’re prepared for every eventuality.
You need to build a genuine safety net made up of cash reserves, contingency plans, and a post-crisis strategy. The world is an increasingly complex and unpredictable place. Threats resulting from climate change, political disruption and even further pandemics are very real possibilities.
Taking the time now to develop your crisis plan will ensure that your business will be able to weather any storm or heat wave, that you encounter.
As always, the experienced crisis management executives of Revitalization partners are here to help.
Revitalization Partners specializes in improving the operational and financial results of companies and providing hands-on expertise in virtually every circumstance, with a focus on small and mid-market organizations. Whether your requirement is Interim Management, a Business Assessment, Revitalization and Reengineering, a State Receivership or Bankruptcy Support, we focus on giving you the best resolution in the fastest time with the highest possible return.
