The effect of the pandemic has left certain amount of uncertainty in our world. It is without a doubt that our lives have experienced a massive disruption – even the kids and the pets are not exempted.
Despite the challenge that this leaves us with, we should all remember that where there is life, there is hope. Don’t write off 2020 just yet.
Nothing runs perfect and many times pesky interruptions or dips like these, show us things we need to adjust, tweak and move on from. One of the worst habits people get into is not regularly reviewing and refining their process, procedures and (or) results especially when things don’t go their way. The question is “How willing are you to evaluate what’s really going on and make changes, to finish the year strong and set yourself up to launch into the new year with a better stance?”
If you’re ready and willing, there are things you can do to prepare yourself and your company for a post-coronavirus recession. While the unknowns surrounding the economic impact of the virus are immense, there are measures every company can take now to prepare to thrive in a post-coronavirus world.
Commit to Your Health and Well-being:
This is actually of utmost priority but is not considered so by many. Without our mental, emotional and physical well-being, we will never live up to our given potentials. The best personal commitment we can make to ourselves is to be the healthiest we can be each day, especially with health hazards plaguing the world. Success and well-being are great partners and creates a state of mind that helps us through the most challenging times, change and transition. Life is a marathon, not a sprint and like a marathoner, it’s best to keeping training. It keeps us stronger and more alert.
Imbibe an attitude of gratitude:
The last thing that most people want to do at this point is to be grateful. How can that be when the government has failed, jobs were lost, banks withheld loans, hospital systems failed… the list is endless. You see, life can never be perfect and nobody saw this coming. Living a grateful life is the best way forward. No need holding grudges. It harms the body. When we touch people with kindness, care and help, we are doing our best and fulfilling our greatest purpose. Gratitude is an action word. Every day, we have unlimited possibility to serve and do good.
Improve and Increase Your Digital Footprint:
On the Internet, a digital footprint is the word used to describe the trail, traces, that people leave online. Are you leaving your footprint – good or bad? Google yourself and you can see. Having your presence or that of your company online, will allow you entry into spheres of influence no matter what you do. Engage, show up, contribute, respond and be a part of where people gather and populate online and in person. You can share your experience and wisdom to educate and inspire.
Revisit your financials:
In order for your organization to act appropriately, it’s important to have performance monitoring systems to understand your current financial status and cash flow. Since running out of cash is still one of the biggest killers of companies, those that have effective ways to monitor and forecast cash flow, revenue, costs, and more are those that are in the best position to survive a post-coronavirus recession. Don’t be caught off guard.
Get a Grip on Data, it never lies:
As important as it is to have a firm understanding of your company’s financial position, you must also understand customer needs, market trends, operational challenges and more. This data will inform everything else you need to do. Every organization needs to develop a data strategy as it will be used to answer the most critical business questions you face.
Focus Relentlessly on What Really Matters:
While the answer needs to be “yes” to your customers all the time, it is particularly critical in a post-coronavirus time to focus on delivering to your customers and stop doing things that aren’t essential to this plan. Simplicity is key as we count down to the end of the year.
Build Multiple Revenue Streams:
This has become all the more important as the pandemic has shown us that putting all your eggs in one basket is not the best thing to do. The global pandemic forced many individuals and even organisations to operate in new channels like the adoption of virtual learning, restaurants offering take-out and delivery more than in-dining.
Add Value instead of Discount:
Discounting our products and services may seem like a good incentive but in the end, it usually ends up devaluing the product. Instead create sales incentives to move or close out goods and services from a prior year, or that are no longer being offered. What can you add to your sales process that adds a tangible value to what you have presently? Gift cards, movie tickets, attraction tickets, events and entertainment offers can go a long way.
Think More Creatively:
What are the things you can do to spice up, shake things up and get people to act, pay attention or increase their interest in you or your business? Being consistent in messaging, content and strategy is essential, but adding a creative twist can grab people’s attention. A partnership with other businesses, a, short term offer, a compelling video, a touching story? People are looking for what resonates with them.
No one is promising that the road will be smooth as there are always going to be bumps on the road to success. But taking the time to arm yourself with a strong map for your future and that of your business will increase your chances for success.
What are your hopes for the last quarter of the year? Please share with us in the comment section.