As we emerge to a new normal post-pandemic, how do we, as business owners navigate these novel waters and return our companies to a level of stability? Covid-19 has ushered in levels of uncertainty for businesses of all sizes that are hard to grasp. Whilst the effects on big business has been well-documented, it is SMEs who have borne the true brunt of the crisis.
With stark economic forecasts wherever you turn, it is difficult to see a clear path ahead.
Writing for Forbes.com, Sergei Klebnikov indicates that the financial forecasts from the top banks are ‘dire’. Predictions that ‘the economy will shrink to 10-12% by the second quarter GDP’ with a surge in unemployment to 9% hailing a recession for 2020, is far from the news we want to hear. However, we can look forward to some respite ahead with the recession expected to ‘rebound later in 2020, or by 2021 at the latest’. 1
Whilst these foreboding forecasts have value, the pressing question for any small or medium business is: what actions can I take to ensure my business will withstand the uncertainties that lie ahead? In particular, what measures can I put in place to shore up my business against the perils of a shrinking economy?
These are big and complex issues, with many external factors to take into consideration. Yet, there are always things we can do. Here are my top three tips for strong business recovery post-Covid.
- Utilise digital resources:
There was no greater lesson during the pandemic than the steep learning curve endured by any SME who had not heeded the many earlier calls to build their digital resources. The benefits of doing business online and managing your team through the cloud are one of the few winners of the pandemic.
A dynamic website from an experienced web design company such as web design London, will place a huge range of new, cost-effective and adaptable tools at your disposal, all perfectly suited to the current climate. It is a shift that must be made quickly, to not only ensure that you can reach your target market but to also make sure you retain valuable staff – two key factors in financial stability.
As the advantages of working through cloud software continue to evolve, competition with contemporaries who are efficiently resourced for remote working will carry on growing. The ability to be found by a global target audience online is only the tip of the iceberg. From the availability of extensive data to reduced overheads, an array of complementary technology solutions, greater marketing opportunities, remote working and so much more – the advantages of harnessing effective technology solutions are endless.
- Relaunch rather than restart:
Even if you wanted to, it is clear that no business is able to simply reboot and carry on as before. Instead, look at this as an opportunity to relaunch operations. The landscape has shifted in so many ways that the only businesses to survive will be the ones who are able to adapt to suit the constantly shifting external factors that loom so large.
After working hard to establish models that work, it is devastating to be forced to make changes. Yet we entrepreneurs are a hardy bunch.
Agile working has been at the top of the agenda for many years and its need is no more apparent than now. From the right software to the most effective team compositions and the most suitable ways of working, your operations need to be flexible and adaptable from here on.
Build a watertight recovery plan for all company operations detailing everything from logistics to the technology you have and the technology you need.
Learn the lessons from the past few months. Consider how to organise staff effectively and use the talents across your teams well. Identify key staff who can ensure that momentum is sustained across the organisation, regardless of whether you are virtual or gathered in person.
Communication is more important than ever. Ensure all staff members are involved in the creation of the plan, decision-making is transparent and solutions are shared openly throughout the team.
- Keep two feet firmly on the ground
The road ahead is undeniably rocky. As business leaders, now is the time to make sure you are firmly in step with your team.
From company-wide goals to target-setting and performance management, this is your moment to show your strongest leadership qualities and put your employees’ needs first. As important as your financial targets for 2020 were, pressing ahead despite the many difficulties is a recipe for disaster.
Not only will you place yourself and your staff under unnecessary pressure in an already exhausting environment, you will also leave lasting scars that are guaranteed to impact your business long into the future.
Set realistic, achievable goals accompanied by a supportive environment that promotes collaboration and entrepreneurism. With the right resources in place and staff genuinely motivated to contribute to the team effort, you’ll be surprised at how many creative employees manage to exceed your expectations.
Each of these three measures are powerful actions for any organisation to take whether there is a pandemic or not. Quality planning, leadership and resources are essential features of any contemporary business.
With your business reset for this new age, you can look forward to a future for which you are adequately prepared. Although this was a shift that we didn’t call for, it can only be good business sense to turn it to your advantage and build a refreshed organisation that is stronger and more adaptable than before.