Make use of every challenge, learn, grow and expand into new business opportunities.
Photo credit: August
Most countries are trying to strategize on how they can ease restrictions gradually to try and save their economy. Others that were the first to be hit are starting to reopen. With half the year already gone, many businesses both formal and informal are struggling to cope with the effects of the pandemic. The R&D Blueprint was put in place to accelerate vaccines and diagnostics on this virus. No one knows when or how the post Covid-19 world will look like. So, as the leader what can you do today to prepare your company for a post covid-19 world?
Those in the tourism, hospitality and events industry have been hit the most and are questioning how they can bounce back while some, such as home delivery services, telecommunication and the tech companies have grown and are on high demand. You need to take steps now to map out the probable position of your company when the restrictions ease. At the moment, many people are at home and are consuming content on different media platforms. You can use time to better position your company by boosting the company’s credibility and response during the pandemic. This can attract potential customers.
This means you need to figure out what needs to be done to stabilize your business and accelerate. One way to figure out your next move is using data. Carefully analyze the data gathered from countries that are slowly reopening to inform your operational and financial decisions. Take note also of how the public is responding and consumer trends. If used correctly, the data will help determine how much you need to meet the customer demands for commercial growth.
Good decision making is needed to understand the resources you have and what to project to prioritize. This will determine how prepared your company is to execute the necessary plans. For instance, overpricing your products could have a negative effect on your customer relations moving forward. The best thing is to price your products based on real data and market conditions.
What did you learn? How strong was your company culture? It’s understandable that employers have a lot to deal with. However, they need to have a positive outlook and find the upside of the situation. Make use of every challenge, learn, grow and expand into new business opportunities.