The coronavirus pandemic has dealt a serious blow to our economy that has left business leaders scrambling to do damage control. And what else can they do? The nature of this crisis, after all, being a health emergency of global proportions without a definite end date is something that most of us have never experienced before. It requires a swift course of action and an insurmountable amount of creativity, resilience, and wit.
What’s more is the fact that as they struggle to minimize the blow by planning how to transition their employees to work remotely and deal with the impact of the issue on their supply chains, this also means that they are spending their resources—their effort, time, and money—on coming up with the solutions to the problems that they are dealing with right now instead of using them on planning for their recovery.
While these steps are indeed, crucial to keep the business afloat, it is also important to plan for the recovery phase. So now, the question is this: how does one do that? As a business executive, how can you deal with the blows that you are getting right now while at the same time, you’re also developing your strategies upon recovery? That’s what we are going to talk about in this article today.
The Global Pandemic: What Does It Mean for Businesses?
The biggest impact of the global pandemic for businesses will still be the effects of the disease on the health and welfare of their employees. The rate of transmission of the novel coronavirus (aka COVID-19) is pretty high, so there is no surprise if you have heard of employees becoming infected. And even if they’re lucky enough to escape the actual grasp of the disease, the effects and the containment methods being used by the government and health organizations will undoubtedly take a toll on their mental health as well, at the very least. But beyond health, businesses can expect to suffer losses on their revenue. Depending on the industry that you belong in, there can be a fall in sales and delays in supply and shipment.
Fortunately, for smaller businesses, there are options to borrow funds from financial institutions such as getting personal loans for fair credit through LoanStart. On the other hand, bigger companies should have safety nets in place for these types of emergencies.
And because these financial struggles will affect investments, stock value, and every citizen’s personal financial situations, we can all expect an economic downturn.
Fortunately, there is light at the end of the tunnel. Recent surveys show that there are a lot of people (including business analysts and industry experts) who believe that the effect is short-term after the crisis. And the best thing that you can do now to mitigate your losses is to start planning for your company’s recovery.
Planning for Your Company’s Recovery Post-Crisis
Here are some tips on how you can do just that:
- Care for your employees. The first step that you should take in order to get your company back to its optimal state is to make sure that your people’s needs are taken cared of first.
- Create a system. This crisis is a good opportunity to discover your management’s response and hidden potential, especially when it comes to dealing with unique issues. Hence, it is also a good time to reestablish and create a better system of corporate governance within your company.
- Don’t stop running risk assessments. Since the crisis that we are dealing with is fluid by nature, it is crucial to constantly run risk assessments in order to determine potential hazards early and deal with them immediately.
- Develop further strategies on supply disruptions. One of the biggest impacts of the global pandemic and its containment measures is disruptions on supplies and deliverables. Try to develop countermeasures that you can enact immediately and develop it as a protocol for future use should this event happen again.
- Invest in marketing. As a consequence of the delayed supplies, you can expect that this will also result in negative customer implications. Hence, don’t be afraid to invest in marketing, especially in digital campaigns and marketing platforms like lead distribution platforms.
- Stay on top of the different aspects of your business. Review the results of your risk assessments. Determine your asset integrity. Use your time to catch up on the different aspects of your business.
- Make the most out of this downtime. Finally, here’s also another way to make use of your downtime. You can take this as an opportunity to finally formulate the next steps of your business, such as the development of a new product or service, or the efforts that you need to do in order to expand and strengthen your brand—those tasks and goals that you weren’t able to focus on before due to your hectic work schedules.
- Communicate more efficiently. Speaking of marketing, keep in mind that this is also a form of communication towards your clients. Focus your efforts on improving your internal (and external) communication systems.