As the COVID-19 pandemic continues, businesses are being impacted in multiple ways. Some are losing customers due to stay-at-home restrictions, some are sending workers home due to safety concerns or laying them off because of reduced revenue, and some are unable to get the supplies they need to stay afloat. From large manufacturers to restaurants to custom software developers like BairesDev, all companies have reasons to be concerned.
Of course, we hope for the best for all these companies and the workers that sustain them. But, sadly, some companies that are struggling now won’t bounce back after the pandemic. Yet others will. If your business is going through hard times, consider the following suggestions for bouncing back as our culture establishes a new normal.
Be Realistic
Let’s put the hard truth out there: it’s possible your business won’t survive. You’ll need to think about what you really need to stay open and whether that scenario is possible. But, for the purposes of this discussion, let’s assume you’ve ruled out closing altogether. The next step is to determine what you need to move forward.
In a way, you’ll need to go into startup mode again. Remember when your business was just an idea? Go back to that time, revive your old entrepreneurial spirit, and think about what you need. Consider items like the following:
- How much cash do you need for “restartup” costs and operation for the next few months? If you don’t have it, can you get it from a lender, the government, or other sources? Once you’re up and running again, how much revenue do you need to continue?
- Have you had to lay off workers during the crisis? If so, can you get them back? If not, are there others who can take their place?
- Supplies and equipment. Has your supply chain been disrupted? When do you expect it to be fully functioning again? Are there ways to perform your work without access to certain things?
- Does your business rely on in-person service? If so, is there another way you can provide it? If not, what shifts might you have to make to operate with ongoing restrictions post-pandemic?
Time for a Facelift?
Don’t think in black and white terms, as in either your business stays open exactly as it has been in the past (perhaps with a few minor modifications) or it closes completely. Start to think about the gray area in between.
For example, say you’re a clothing retailer that depends on in-person service. What about offering your products in an online store with functionality that enables customers to virtually try on outfits? Or how about providing a styling component that lets you act as more of a consultant, something you can do via video chat? Restaurants can offer takeout and delivery. Healthcare professionals can provide consultations online. And so on.
Consider the possibility of partnering with another business that finds itself in the same boat, such as a winery and a restaurant offering takeout dinner and wine tasting combos, maybe with a video accompaniment. This method allows you to save money by pooling resources, such as marketing efforts, employees, and space.
Keep in mind that any change you make may be temporary – or you may like it well enough to keep it going. You’ll need to keep an eye on the business and market conditions to determine your next moves.
Create a Timeline
Now that you have a vision for your post-pandemic business, consider what you need to do to make it a reality. Create a timeline that gives you milestones starting with today and ending with the official reopening of your company.
Given that end dates for stay-at-home orders are constantly shifting, and that others involved in your plans will have their own agendas, this part of the process may prove challenging. Do your best and be prepared to reassign deadlines as needed.
No matter what the rest of your plan looks like, make communication a top priority. Stay in touch with employees, customers, and suppliers. Depending on what kind of business you have, marketing may be key, so don’t put it on hold. Come up with situation-specific messages to let the public know you sympathize with whatever they might be going through at this difficult time.
As you transition to reopening or being more fully open than you are now, take one step at a time. The pandemic is unpredictable, so be patient with the process, even if you must adjust your timeline daily.
In Summary
The pandemic is causing major shifts in every aspect of our lives, and we don’t yet know how things will shift. (Remember the changes in airport security after 9/11?) So, start thinking about what your company will look like in a post-pandemic world. Then, continue taking the pulse of your market and, even after your business is reopened, look for opportunities to reinvent.
