06 Apr COVID-19 Business Adaptation
COVID-19 – Business Adaptation
Hopefully by now you’ve got a clear understanding of your current financial position, made arrangements to minimise expenses, and have registered for all relevant Government support.
So, what next? Now it’s time to focus on the importance of adapting to survive.
Some, like construction, are continuing with minimal disruption. Whilst they may be having issues obtaining necessary materials, at this point they can still be on site and jobs are progressing. It is important that such businesses be aware of their responsibilities to their employees regarding health and safety as it relates to Covid-19 and that they are supplying them with necessary masks, sanitisers, and the ability to work at a safe distance from one another.
Others, like office-based businesses, are able to continue offering their services with staff working remotely from home. Some will have had the necessary systems in place to allow for this, whereas others will need to establish such systems on the run. Policies and procedures for remote working arrangements may need to be established, if they are not already in place. Staff may need to be provided with appropriate technology, such as lap-tops or ipads. Communication systems will need to be effectively implemented for meetings, and general day to day goings on of the business both internally and as it relates to client interaction. Options including Zoom, Microsoft Office Teams, Skype calls and the like are common means of communication.
Unfortunately, there have also been businesses, such as those in hospitality, retail and many health professions, who have had to close their doors entirely. However, there are still ways for these businesses to adapt, survive, and eventually thrive.
Restaurants and cafes will need to offer pick-up and delivery services. If you require assistance with establishing these options for your business or website, please let us know.
Retail stores, and any other business with a product, can develop online stores to sell their stock. These may need to be developed if not already in place, or more strongly promoted than usual if brick and mortar stores are no longer providing sales. If you need to develop an e-commerce component to your website, or promote your online store just give us a call.
Keep up to date with all guidelines relevant to your particular industry and ensure that you as an employer are doing the right thing by your employees and customers.
All businesses should consider their unique situation and what they can do to diversify, experiment with new products, or partner with complementary businesses. Be innovative and think outside the box. Consider social distancing limitations and the importance of a strong online presence in an increasingly competitive space.
Navigating your way through this economic downturn requires adaptation. It’s a basic Darwinian principle.
At some point, this crisis will have run its course. Things will get back to normal. Your clients will return, and the economy will recover. Whilst this is a very difficult and stressful time, many of us who run businesses will be much smarter and have stronger businesses because of this experience.
Remain positive and creative, and we’ll get through this together.
The team at practiceedge