Reinventing Your Business in the COVID Era

The world has permanently changed due to the COVID-19 pandemic, leaving many business owners wondering how they will survive. Those who adapt quickly and strategically to our new normal, and reinvent their business models, are more likely to be successful in this endeavor. The following steps will be essential:

Put your people first.

Flexibility and empathy will be key as businesses continue to reopen and plan for the future. Employers will need to listen to what is going on in their employees’ lives and act with their best interests in mind. This may mean offering additional sick leave and being more open to flexible workdays, and work-from-home options.

Create a strategic plan.

Office and storefront reopening plans will need to be carefully and strategically planned with prepared responses to unforeseen circumstances. All decisions should be evidence-based. Businesses should view this as an opportunity to rethink and improve operations, rather than as a plan to return to normal. 

Marketing, product packaging, and product offerings may also need to be strategically altered.

Revamp your office space.

Now that working from home is the new norm, the traditional office will need to be reinvented. Businesses have to evaluate whether or not they actually need to have an office. If an office is necessary, those businesses will need to redesign their space so that it may abide by local health guidelines, such as social distancing, temperature checks, mask mandates, and sanitizing standards.

Additionally, businesses will need to consider additional data, network and systems security protocols in response to any new collaboration tools and the widespread use of personal devices.

Focus on long-term financial health.

Once businesses have obtained short term liquidity, they will need to turn their attention to their long-term financial health. This mostly likely means transitioning from rapid cost reductions to constructing a strong cost management mindset, and from protecting the balance sheet to long-term investment.

Plan ahead.

The long-term success of businesses will depend upon innovation and adaptation of strategic technology. The COVID-19 public health crisis has proven that technology is king and online is not dead. In fact, it’s what will get businesses through these tough times. Therefore, it is imperative that businesses plan ahead by ensuring that they adopt the latest technology that will become necessary for their success in the future.

What creative changes have you made to reinvent your business during the pandemic? Let us know in the comments!