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The world as we know it will be changed forever as a result of COVID-19. Although we can’t predict the outcome of this financial crisis, it’s a good time to reflect back on the global financial crisis in 2007-08 to remind ourselves that our economy will bounce back.
Being surrounded by uncertainty can make it difficult for you to prepare your business for the future. To help, here are four tips on how you can maintain a feasible business now and into the future.
- Forecast with precaution
What worked for your business in the past, might not work for your business in the future. Your customer’s needs and wants will change, so adjust your objectives accordingly. Some businesses will be starting from scratch, if this is your case, pay attention to the current demands of your customers and incorporate different strategies that meet those demands. Innovation is crucial to survival.
- Keep your tech in check
A lot of businesses who made the move to work from home models quickly realised they weren’t ready from a tech perspective. This is why it is so important to keep your tech updated. Technology plays such a large role in our lives so it makes good business sense to review your systems and software regularly to ensure you’re up-to-date - it should form a key component of all your future business continuity planning.
- Sustain your marketing
Budgets will be extremely restricted however, it’s crucial for you to continue investing in marketing. Now is the time to refine your strategies to leverage opportunities that could increase your market share. Use this downtime to think outside the box by exploring different in-house resourcing strategies. Ask yourself, ‘what marketing strategies can I implement with the resources I still have access to?’
- Look to smarter resourcing strategies
Recovering from this crisis will be difficult. When times are tough and budgets are tight, look to smarter resourcing strategies that can help you get up and running at reduced costs. Outsourcing is a strategy that can reduce overall costs and frees up the time of your local team to focus on rebuilding the business.
- Reflect and take stock
What have you learnt from this crisis? Reflect on the impact this financial crisis has had on your business - is there anything you could have done that would’ve made it easier for your business to cope? Use this situation as a learning curve to outline functions of your business that need improving and include these in your business continuity planning.
How can you improve profitability in your business during this uncertain time?
If your business has taken a hit from COVID-19, it’s time for you to evaluate your current position in the market and conduct a business health check. To find out how you could possibly increase profitability during this challenging time, check out this blog.
