There’s no ifs or buts about it. Your business, no matter how big or small, has likely been affected by the COVID-19 pandemic. The pandemic has crippled businesses around the world as they fight to retain customers and find new ways to stay relevant in a rapidly evolving market.
It’s going to take a lot for businesses to survive the COVID-19 pandemic, but it’s possible. We’ll explore how your business can succeed as we enter a new normal. It’s important to note that speed is at the heart of these strategies, it’s not enough to rely on revenue rising gradually as the pandemic eases. You will need to rethink the way you do business. From improving your agility, to of course embracing digital, we’ll step you through ways to equip your business to thrive.
Have a startup mindset
Encourage agility by favouring action over research and analysis. Speed can be your friend but make sure things don’t fall by the wayside on your way to the top by establishing accountability. Jump into action, then use check-ins and reviews to hold your team accountable to projects as your business begins to thrive. You may want to implement regular team catch ups. For example, schedule daily team check ins, a weekly 30 minute review, and a monthly 60 minute review.
Embrace digital
The wide adoption of digital technology has been accelerated during the pandemic. To ensure your business thrives, go further than just adopting digital: embrace it. By enhancing and expanding your digital channels, from SEO to video, you’ll be able to accomplish things you wouldn’t have dreamt of a few years ago. Combining new sources of analytical data with your own insights will allow you to make better decisions faster, and improve your customer experience.
Support your team
To stay competitive you will need to rethink your company model and adapt to how your team members work best. With the wealth of technology available to you, remote working is more seamless than ever. It’s possible your business could be even more effective. A survey by McKinsey showed that a majority of businesses who had remote working arrangements had sales that were 31% higher than those operating with only traditional channels.
Be customer-centric
Understanding the needs of your customers has always been critical to a successful business and is now more important than ever. Having a purpose-driven approach to the customer journey will allow you to better understand what your customers value now, and tailor experiences based on those insights to yield greater results.
It’s possible for businesses to survive the COVID-19 pandemic, but to really thrive in this new market it’s paramount to adapt and adopt new ways of business. Bring a startup mindset, embrace digital, support your team, and above all focus on putting the customer’s evolving needs first, to help your business thrive.
Get in touch with QC Accountants today if you’d like to brainstorm ideas or get your business set up for the next phase of its evolution.
