We have seen a lot of changes in our everyday lives due to COVID-19 lockdown. And our businesses are also a part of it. As compared to previous pandemics, this time we have the internet to our rescue. We can protect our businesses from being destroyed due to lockdown with the proper use of the internet. Even in such a critical situation, we couldn’t imagine our business life without the internet. Many businesses would have collapsed if it were not for the internet. With all these critical situations, we need to plan to-do things after the lockdown. By doing such, businesses can again start with the new transformation growth.
5 Secret Tips For Your Business In Post Lockdown-
1. Invest In Digital-
From this lockdown, we have learned the social distancing and positive effect of digitalization to protect human lives for eg., digital payment instead of manual payment to avoid currency contact. When you start your business again, make your budget, and invest in digital transformation. Avoid the traditional ways of doing and equip your business with all the necessary equipment and mindset that would drive a digital transformation. As referenced, it is not only about the payment system but also the services you offered. The world has entered the digital transformation and when your customers step out again, they will have new digital expectations. You must support and encourage your finance team to prepare a perfect financial plan that will support digital changes in your company and also your product or service.
You can hire developers of Solace team for digital transformation of your business.
2. Prioritize People Safety And Continuous Engagement-
The safety and wellbeing of the employees at the workplace is important. People are looking for an employer, community, and government leaders for guidance. Transparently addressing employee’s concerns will engage them and assure business continuity. Businesses should expand flexible work solutions and other policies so that people can work remotely and safely. According to the industry sector, companies will need to organize teams and reallocate resources and start employee wellbeing programs and policies that support a safe and healthy working environment. Also, companies will need to maintain regular communications that line up with current government and health authorities’ policies to employees’ wellbeing as they and the company both navigate through the crisis. For eg., To provide a safe environment for companies, some municipal governments are working with big data collected by technology companies and mobile operators to develop a health QR code system.
This system will track their movements over the previous 14 days to ensure that they haven’t traveled at any high-risk areas. Some businesses will experience workforce disruptions. To overcome this, you must ensure them a well being and job security so that they can happily work with your organization. Some companies can experience unique challenges that are not covered by specific policies, should seek advice from their local governments.
3. Reshape strategy for business continuity-
Many organizations are probably going to encounter critical disruption to their business-as-usual operations and will confront business underperformance all through the term of the COVID-19 crisis. At the beginning of this pandemic situation, supply chain challenges are critical for some companies but now are all through the world. To overcome these challenges,
- Companies should evaluate short-term liquidity. Companies will need to ingrain short term cash flow monitoring discipline that allows them to predict cash flow pressures and intercede periodically. They need to maintain rigid discipline in working capital, especially around collecting receivables and managing inventory build-up. Also, it is necessary to be creative and actively intervene to lighten the working capital cycle. Companies should maintain contact with suppliers to analyze any potential risks.
- Companies should evaluate budgetary and operational risks and react rapidly. They need to monitor direct cost escalations and their impact on overall product margins where necessary.
Also, be aware of the breaches with banking facilities that may impact the balance sheet.
Analyze how the COVID-19 crisis affects budgets and business plans. Companies need to stress-test financial plans for different situations to understand the effect on financial performance and assess how long the impact may continue. If the business is severely affected, companies need to consider less operating requirements, including key dependencies of the workforce, vendors, location, and technology.
According to the outcome of the assessment, companies should look at near-term capital raising, debt refinancing or extra credit support from banks or investors, or policy support from the government. Companies need to review overall operating costs and consider slowing down or curtailing all non-essential expenses.
4. Re-imagination And Focus On New One-
There might be small or a large difference between the normal business condition before Covid-19 and normal after Covid-19. Some of the businesses can change for a long time due to coronavirus. A business that is normal before Corona’s impact might not be the same as before. One should imagine the new normal and work on it accordingly to achieve the ideal one. For eg., Suppose a normal sale of a business per day is 20 thousand before lockdown but after lockdown of 2 to 3 months this sale can’t be imagined in starting due to diversification of Customers, at that time sale of 10 to 15 thousand can be treated as normal for an initial period. So imagine the new normal and start to work on it so that the crisis wouldn’t affect your business.
Analyze the competitive environment in advance to avoid the negative impacts on business. You must be clear about the regulatory and competitive environment. The laws, regulations, and economy may highly change after the corona. The new laws and regulations might be supportive of the business but at the same time it may encourage more people to start their own businesses and this will raise the competition.
Followings may be the changes in the external environment:
- Supportive Business Policies and Regulations
- The entry of new Competitors
- The exit of Existing Competitors
Hence before ending the lockdown, you must think about the competition that you might face in the near future and start to work on it so that the goal could be achieved and new surprises could be avoided.
The reality and need of today’s world are staying updated to survive. You can’t run a business on the same scale that you are working over the past few years. You must analyze what is changing and twist your business so maintain your customers and achieve goals.
These are some important points that you might consider in your business plan post lockdown. We at solace believe in these plans and are trying to implement them. We have delivered a lot of projects within the timeline by working remotely. Connect with solace and get a free quote for software development. We will be happy to help you.