Business has changed, perhaps forever, due to the coronavirus pandemic. The actions business leaders are taking today are going to affect their organization and employees during these unprecedented times and beyond. Now, more than ever is a time to become an innovative problem-solver to address these new unexpected challenges.
Here are some steps you can take to survive and thrive in this new economic climate:
Shift Your Mindset
The businesses that were able to quickly pivot from their core business products or services and fulfill a current need in the marketplace or community have been finding success. As an example, several manufacturers are retooling their production facilities to keep up with the demand for critical healthcare face masks, ventilators, and COVID-19 test kits. Many restaurateurs are offering takeout or delivery meal services to stay open and viable during the stay-at-home quarantines.
Think about how you can transform current offerings and innovate new ones to meet your clients’ needs during this period. Now is the time to think outside the box. Leverage the collective brainpower of your current business relationships to explore if there are ways to share processes and resources.
Utilize Financial Resources
Having the ability to compete as a business when we come out of this health and economic crisis is the ultimate goal. There are several new financial safety nets available now like the federal CARES ACT that can help keep the lights on and ensure payroll is met for the immediate future. Before you accept any help, however, consult with your financial advisor to determine the short- and long-term implications.
Review Lessons Learned
Business leaders and their key organization team members should also take this time of slow down to reflect on what lessons you’ve learned. Encourage your leaders and employees to brainstorm on new ideas or processes that could be adopted now and in the future. Write down a log or diary of issues and opportunities encountered by your company during this business disruption.
Document answers to these questions for future reference:
- What immediate business decisions had to be made?
- What business process had to be redesigned on the fly to accommodate the changes in the business?
- What areas of the business performed well during this shutdown?
- Which ones didn’t?
Restructuring Going Forward
Reinvention can be subtle. Many businesses will look and operate differently during the post-coronavirus economy. You may be able to keep core operations but need to tweak a few elements of your business to stay current, relevant, and meet the needs of your clients.
Now that the unexpected happened, today is the time to create new business process models and business continuity plans to address future disruptions. Look to become nimbler with the ability to turn on a dime to respond and triumph in a crisis now and in the unforeseeable future.
netlogx is a highly awarded, two-decade-old consulting services company that helps clients nationwide navigate change and make it work for them. Our Lean Six Sigma practitioners have the expertise to develop holistic business process improvement and continuity plans. Let us guide you from uncertainty to clarity. Contact netlogx today for a free consultation at [email protected].
netlogx has created a Restart Your Business Worksheet to help you get started. Click below to download now!