Businesses have been greatly impacted by COVID-19. Bouncing back from its effects can prove difficult, but there is a silver lining in the end, as the pandemic has become a learning experience for businesses that want to sustain and scale operations in the long run.
HERE’S WHAT BUSINESSES HAVE LEARNED DURING THE COURSE OF THE PANDEMIC.
PLANNING FOR THE UNEXPECTED
Smart planning can help you keep your business running if disaster or economic crashes strike, according to the Small Business Administration (SBA). You’ll want to take the right steps to prepare for disaster, and know where to get aid if disaster strikes. Consider what steps will need to be made if another pandemic ensues.
HAVING A CRISIS COMMUNICATION TEAM
The recent novel coronavirus has forced a major percentage of the global economy to come to a halt.
As the threat of the virus led to quarantine orders and travel restrictions, businesses were left without customers and employees were left without jobs.
While some businesses had crisis response plans for disasters or recessions, the COVID-19 pandemic will surely push more businesses to plan for the next pandemic event. Planning operations, along with financial needs will help you survive the next crisis.
THE IMPORTANCE OF CUSTOMER EXPERIENCE IN SURVIVING A RECESSION
When surviving a recession, businesses have learned that there is a lot of emphasis on customer experience. Forbes magazine suggests the quality of Customer Experience (CX) influences its ability to successfully navigate a downturn. It certainly suggests that the quality of a company’s customer experience does influence its ability to successfully navigate a downturn. CX Leaders tend to be cushioned from the most severe impacts of a recession
DIVERSIFYING CLIENTS AND PRODUCTS
The saying “don’t put all of your eggs in one basket” is something that businesses should think about as they scale and grow. Strategies in business development should include finding different services to offer and different populations to serve. This gives a better chance of survival during times of recession, as you can capitalize on sectors of your business that are thriving as other parts are suffering.
By now, businesses have learned that aspects such as operations, marketing, and even selling itself should have a digital presence, be they in the form of websites, social media pages, or eCommerce platforms. Well-established online project management tools, customer relationship management systems, and others can greatly benefit businesses even without doing in-store operations. Develop a work-from-home protocol for your employees to prepare for situations like the COVID-19 pandemic.
According to Forbes, a well-rounded team made up of remote workers and local workers allows any business to:
- Remote Workers Are More Productive
- You Can Draw From A Larger Talent Pool
- You’ll Be Able To Reduce Costs
- Remote Workers Are Healthier
Businesses should consider the benefits of outsourcing, especially when it comes to aspects of operations, customer service, and others. If you’re recovering from the effects of COVID-19 and want to scale your business with cost effectiveness, then opt for outsourcing.