For more than a year now, ever since the Covid-19 pandemic broke out locally, business and finance experts have warned not to rely on a much desired ‘return to normality’. Why? Because no one really knows what ‘normal’ will look like, but attempts can be made to predict it.
Here are some tips to bear in mind when devising a post-Covid business plan that will help your business survive – and thrive.
Understanding what has changed in your business – such as consumer demand for your products or disruptions to your supply chain – will make space for leaders to identify opportunities either for new business or for growth in existing areas that were previously sidelined. Assessing new opportunities and their relative permanence within your business structure will better position you to make the necessary investments to keep your business going.
The success of your business relies on the success of other businesses, and vice versa. How are other leaders in your industry assessing the rate of recovery for the coming year? Are they as cautious or as optimistic as you? Reach out to trustworthy peers to get a feel of their assumptions and predictions – they may ignite an idea for a new investment opportunity.
Hard as it may be to part ways with areas of your business that define your brand, refusing to accept shifting consumer trends and changes in the demand for your product or service could only lead to disaster. Understand what’s really driving changes among consumers and devise a strategy to implement them into your structural changes within the context of your business.
A clear yet harsh lesson to be learned from 2020 is that flexibility can be the tool that helps you survive. Being able to switch up your operations to cater for the needs of the moment is a valuable asset, which will likely be reflected positively in employee attitudes. This also applies to another champion of Covid times – remote working. Global studies show that many workers who have worked from home during the pandemic don’t necessarily prefer it over working from the office, but they do like to have the choice, i.e. flexibility.
With such a sharp increase in remote working over the past year – and a likelihood that this trend will not be reversed for good – you’d do well to invest in a robust IT infrastructure that could shield your business from cybercrime. Some security breaches may very well be avoidable, so increase your security awareness and instil this in the rest of your team.
In a post-Covid world, sustainability will become more than just a buzzword that businesses use to position themselves favourably among consumers. Observe the good that has emerged from this crisis and find a way to build into your new business model – not just for the sake of it, but because it aligns with your values as a business and as a leader.
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