As the nation’s economy begins to get up on its feet after the devastation that the pandemic has caused, it’s important to get your business ready so that it can recover and be successful once again. You can do this by strategically planning to position your business for success now. Everyone is starting to get back in the game and if you wait you’re going to be left behind in the dust.
1. Check Your Finances
You need to check your cash flow and plan for different circumstances. You should run different scenarios assuming that your revenue shortfall continues as well as if it gets worse, and of course, if it gets better. Although no one wants to think about things getting worse, if you’re not proactive and plan for the possibility, you’re not helping your situation.
Prioritizing payments and deferring payments that are not completely necessary is also a good idea as you work to get back on track. While you don’t want to ruin your credit, you also don’t want to spend money you don’t have to right now.
Also, check your inventory so that you are using what you have before you order more. You don’t want to get stuck with inventory you won’t be able to use if things get worse.
2. Make Your Workplace Safe
No one is going to want to patronize your business or work at it if they don’t feel safe. This means keeping track of all health guidelines as well as having cleaning protocols in place. Also, institute a contact tracing procedure so that everyone is aware of what is going on at all times.
When people feel in the loop, they will have more confidence in their workplace and will feel safer when they go to work. Providing sanitizing stations as well as cleaning products is also a good way to keep your workplace safe.
3. Plan for Different Scenarios
While you may not be able to plan for everything, you can map out different scenarios so you can have a general idea of how you’ll react. Think about what you would do if the revenue declines by 20%, 30%, or even more. Also, think about whether you’ll have to reduce staff, salaries, or both. These are all things that will help you manage funds and have a plan in place.
Although the supply chain has been increasing, think about what you would do if there was a shortage of the products you need. You have to be prepared so that you’ll be able to keep your doors open.
4. Retain Customers and Attract New Ones
If your customers are loyal, they should stick with you through the pandemic. But, you need to remain consistent and offer the same quality services and products. If you don’t, they’ll find someone else who will.
To keep your old customers and attract new ones, you’ll likely have to reexamine your marketing strategies. Look at your branding to see if it still jives with your company. Also, think about what your sales message is going to be and how you’re going to get that across.
During the pandemic, many customers’ feelings of uncertainty were elevated and they need to know they can count on you and your services or products. Offering guarantees is one way to get this done.
5. Rethink Packaging/Pricing
Take a step back and look at your packaging and/or pricing of your services. Are you competitive with your prices? Can you offer your customers more? These are all things you need to consider as you think of strategic steps to make your business successful.
While you want to offer customers good deals, you also want to make sure you are not giving so many discounts that you are not covering your costs. You still need to be able to make a profit while treating your customers well.
6. Attract/Retain Employees with Work from Home Options
Part of running a successful business is having employees who enjoy working for you. One way to do this is to offer flexible working schedules, as long as the work is still getting done and your employees are being productive.
Offering work from home options or options where employees only have to go into the office a day or two a week, is one way to retain them. If you are offering work from home options, be sure your employees have access to all the tools they need to get their tasks done.
7. Get Organized and Let People See That
For your business to be successful, you need to be organized and make sure your business plan is aligned. This will benefit your customers and employees. Your employees will see that you are being diligent and thinking about them and how certain situations may affect them. Your customers will see that you value them and are working to continue to serve them.
Having a wishy-washy plan, or no plan at all is going to make people question whether you’re serious about your business and whether you want it to succeed. If you don’t believe in your business, no one else will.
A mission statement or customer message can let everyone know where your company stands and what your goals are. For your workers, you can distribute a plan that will position your business for success. This way, everything is laid out about what is expected of everyone and where you see the company going.
The main idea is to act now. Sitting back is going to give the competition a leg up in what is going to be a long road to recovery for many businesses. You want to be the leader of the pack, not the one lagging.