Business Adaptation Strategies For Companies Sick Of COVID-19
If you’re a business leader, you’re probably sick and tired of COVID-19 by now. You have important work to do, but this pesky disease just keeps lingering on.
Fortunately, there are a bunch of strategies that you can deploy to ride out the storm and ensure the continued success of your enterprise. Check them out below.
Put Down Some Stickers
It might sound basic, but putting down some stickers on the floor can help you get your physical premises moving again. It reminds people to move in the right patterns and remain a sensible distance from each other as they do so.
Reassess Your Growth Opportunities
The post-pandemic world is going to look very different from the one that came before. And, as per usual, that means you’re going to have to rethink your growth strategies.
Researchers believe that the pandemic may have adjusted consumer’s behavior. According to popular science, it takes people around 66 days to form a new habit, with a minimum change time of just 21 days. The pandemic has lasted a lot longer than this, so it means that, in the future, people are likely to stay at home much more than they did in, say, 2019.
These changes in habits are going to reshape how you do business in the physical world. For instance, you may have to adopt a hybrid event strategy instead of assuming that regular in-person events are going to resume in the future.
Assess Demand Shifts
The next part of your plan should be assessing likely demand shifts. You can do this by drawing a two-by-two grid with long and short term on one axis and temporary and permanent trend departures on the other.
Some trends, such as the move towards online shopping, for instance, were already underway before the pandemic. COVID-19 simply accelerated that process.
New long-term and lasting trends, for instance, could be consumer preferences to consume services online or avoid stores because of the risk of infection.
Be More Aware Of Your Data
The next thing you need to do is take a deep dive into your data. If the pandemic proved anything, it’s that businesses still aren’t equipped to deal with crises when they hit, creating a lot of stress for everyone.
Companies in the supply chain, therefore, should invest in better data management tools that connect to both consumer demand and suppliers higher up the chain. By feeding more information into these systems, companies should be able to react to COVID-like shocks better in the future, without losing so much money.
Be More Aware Of Perspectives
Lastly, don’t assume that your business model is the correct one. Instead, pay close attention to what the mavericks in your industry are doing and find ways to measure their success. Usually, the companies that are the most free-thinking tend to be the ones who thrive under the most challenging circumstances. Look for instance, what workplace innovations the leading firms are using, or where the top brands in your industry are selling. And, as always, pay close attention to China.
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