How do we do Business after Covid?
Businesses have been flipped upside down by all means since the Covid-19 pandemic hit the globe. Most companies have been forced to send a large portion of their workforce home, and non-essential service providers have shut down. They not only had to cope with stalled supply chains, declining revenue, and other organizational and financial problems but also were worried to keep their staff, clients, and suppliers safe.
Thus, it's quite clear now, including to the well-trained companies for crisis management, that this is more than just a crisis, and will likely accompany us for a long time. There is no doubt that as a result of the pandemic, the business will not remain in the same position as they were before Covid. But to survive and live with this new normal, and to get businesses back on track with a good pace you need to work smarter. You need to reconstruct your marketing strategies before getting back to normal. This will help you get better, stronger and will make you prepared to face the upcoming challenges that the new normal would bring.
Following are the strategies that you need to consider while reshaping your business:
1) Obtain Revenue as swiftly as possible:
The first thing you need to do is to determine the primary revenue streams and, then make your decisions accordingly. Keep in mind that those decisions must be made before the recovery can truly begin.
Revenue resources may entail launching strategic campaigns to reclaim existing customers, establishing customer interactions oriented on precautionary measures to avoid the spread of germs. Moreover, changing current products or services based on new data and redirecting investment to validated growth sources must be entailed. However, Retraining your workforce to function remotely is very essential, especially for sales representatives as they are linked to the revenue of the business. Establishing new means to process payments, digitizing sales platforms, all are equally valuable.
Once you have discovered the revenue opportunities, make sure to deliberately rank these metrics as per their priority. They must be placed orderly according to the effect they will have on the earrings and the company's capacity to execute them. Take action on this strategy as quickly as possible.
2) Operational Redevelopment:
Many businesses have adapted quickly, achieving revolutionary new levels of recognition, mobility, competitiveness, and customer engagement. Thus, to redevelop the operations of your business, the following are the factors that you need to take into consideration:
- Since emerging technologies and customer demand trends promote regional autonomy of supply chains, the once-dominant global-sourcing paradigm of brand value chains has gradually declined. It’s necessary to restructure your business processes and supply chains to defend against a broader and more severe spectrum of possible shocks. Moreover, actions to rebalance the global revenue base and supplier should also be taken rapidly.
- Companies should develop their next-normal operations around with a revised approach to investment to survive and prosper in an economic crisis. Cost accountability is being accelerated due to a complete suite of technology-enabled methodologies that reduce months of effort to weeks or days. Supply chain monitoring and clean-sheeting, end-to-end inventory rebalancing, and capital-spend diagnostics and portfolio rationalization are examples of automated approaches.
- Post-Covid changes in operations would be more rapid, with a decrease in the manual as well as routine activities and an increase in the demand for analytical and technological support. This transition would necessitate a significant investment in employee participation and new capability training, most of which will be implemented using digital resources.
- To build competitive advantage and new consumer value propositions, drastic changes in market structure, customer demands, and demand trends necessitate equally dramatic shifts in operations strategies. Successful businesses will reimagine the position of operations in their organizations, generating new value by being much more attentive to their end customers.
Companies have operated their dealings more quickly to keep up with COVID-19. Sales and operations preparation that used to be done weekly or even months before the pandemic, now it's more normal to be done regularly. Speeding up is currently essential to revive your company’s stability. Companies that are adaptive and can set new expectations while challenging old paradigms are likely to gain a competitive advantage in the long run.
3) Rethink about your Organization:
Your business model might have performed perfectly well before the pandemic, but heading out of it might necessitate some tweaking. You may need to think about how the company will pivot to accommodate a new normal in particular. For example, if you were previously dependent on foot traffic to a physical location to generate revenue, you will need to consider a digital expansion to satisfy the increasing population who purchase from home.
It's also a good idea to look at how the pandemic has influenced your business as a whole. Pay close attention to the patterns and potential development opportunities when gazing at your rivals and the market overall. Finding a lack or need which your company can satisfy that has been overlooked in the past may be vital to reclaiming and improving your customer base in the future.
Get a better understanding of your company's strengths and limitations as you review your business strategy and model. Then consider what worked in the past but might not succeed now due to the change in circumstances. Try looking for ideas on how you can make changes effectively to stay competitive in the market.
4) Accelerate the Adoption of Digital Technology:
Customer’s experiences must be rethought rapidly, and the advancement of digital technologies must be accelerated. However, each sector will have a different focus. For instance for many retailers, this means having a smooth e-commerce experience for consumers, allowing them to access anything online, from doing initial research to purchase to service and returns, they are free to do anything. Or, if we take an automaker, this could imply developing new digital delivery systems to manage trade-ins, financing, servicing, and vehicle delivery to customers' homes. Likewise in Airlines, ensuring health and safety by revolutionizing the travel experience with interaction-free check-in, boarding, and in-flight experiences, etc.
Moreover, to reduce their cost base and finance rapid, flexible digital-solution development is now a necessity for any business. The first thing you need to do while beginning with it is to cut IT costs as quickly as possible and make them adjustable wherever possible to meet demand. Secondly, this includes understanding a potential IT-product platform, determining the skills and tasks required to maintain it. Also mapping these skills to the current organizational model, and creating leaders capable of training people to replace modified roles. Third, the introduction of cloud and automation technology, including taking cloud operations on-premise and decommissioning legacy infrastructure, would need to be accelerated.
However, companies must not only implement digital solutions rapidly to cope with the crisis and its aftermath, but they must also adapt their businesses to new operating models and deliver these solutions to consumers and employees at scale.