The world of business is constantly fluctuating. It follows the tides of modern society, and once those change, so does the industry. Since the pandemic, the world has shifted into ‘the new norm.’ This means getting used to a pandemic-driven global economy for the corporate sector. Your business will no longer operate like it used to. Instead, you will need to integrate remote working and digitalization now more than ever. You will also need to look at strategies that will align your business to the shifting trends of consumer preferences and make your products marketable again. So, to help your business thrive in this new era, here’s what you need to know for Adapting Your Business:
1. Reconfigure your business model for Adapting Your Business
Your business can no longer work in a traditional sense. The pandemic brought an onslaught of online shopping and e-commerce ventures. So you need to assess your business and figure out what doesn’t work anymore.
For example, you may learn that foot traffic has drastically been reduced in your brick-and-mortar stores. Therefore, your business will need to get a better digital footprint and capitalize on the chance to incentivize customers to visit by offering discounts on pick-up orders.
Your organization’s workflow can’t remain the same, and it is in your best interest not to fight this paradigm. Channel your resources in making remote working the new norm for your organization. Gamify this opportunity to further capitalize on it, and build online visibility into your remote employees’ KPIs.
Encourage your employees to build a social presence from Facebook to Twitter at a minimal cost and hype your brand on their existing channels. You will also need to teach them about your digital sales funnel, including payment options and relevant links. This can help you cut down on your marketing budget and reallocate it into a new digital plan to keep your consumers happy.
Are you still wondering how does international business hold during COVID-19? You should know most businesses have re-cast their image in a new mold, adopting new strategies and building a more robust employee base. These companies are ready to live in a post-COVID world. Are you?
2. Transform the working environment into a safer one
Before the pandemic, you may have run your business differently. But now, you need to change and adapt to a newer system that protects your workplace from becoming a “super spreader” event. Encourage your employees to divide between working remotely and working from the office. This will keep productivity levels high and prevent close contact between employees by making the office less crowded.
Encourage consumers and suppliers to reach out online and limit in-person visits. For those who insist on meeting face to face, follow CDC guidelines, stay masked, and maintain social distancing.
Online meeting applications such as Google Meet and Zoom will help you conduct meetings without using the conference room. It is also an excellent way to keep your international partners on the same page, conduct meetings efficiently, and reduce unnecessary traveling.
The most important policy you will need to include is encouraging your staff to wear masks, sanitize, vaccinate and avoid large-scale networking events. Virtual web conferences and digital trade shows should be normalized.
3. Show employees compassion- Adapting Your Business
Employees have suffered at the hands of the pandemic, with most of the workforce from many sectors getting laid off, watching their families get sick, and struggling to keep up with work. Your employees are your business’ backbone, so it would not sit you right to mistreat them. According to Forbes, over 90% of employees want their company to show empathy. It is crucial in a COVID-19 world.
You should help your employees by reducing their workload and allowing them to prioritize their mental and physical health. Also, explore outsourcing work to remove significant pressure from your current workforce. When employees are healthy, they work better and love you for it. Therefore, make this a standard policy and institute paid-for monthly doctor visits as a goodwill gesture.
Keep an open-door policy to let your workforce express their concerns and accommodate them accordingly. The pandemic has been deeply traumatizing for every single one of us. Don’t sweep the misery under the rug. Instead, help your workers connect with resources, such as virtual therapy, so they can deal with grief, fear, and anger without letting it get to them.
4. Take advantage of digitization- Adapting Your Business
Use the new normal as a catalyst to expand your business horizons. Now more than ever, you have direct access to a vast consumer base. Therefore, don’t stick to your current demographics, but also look internationally. Study market trends and determine where your competitors have faltered in providing services. This will help you take over a niche and establish a firmer foundation for your business.
Most customers use online shopping and the internet to find services these days. If you continue to increase your visibility in the digital space, you will pull in customers. Try engaging influencers on social media platforms to supplement your digital marketing. You can also make appearances on popular podcasts to establish your brand as an expert and increase your online visibility.
5. Reallocate your investments- Adapting Your Business
According to BCG’s surveys of 2020 on leading firms, about 35% of American companies have modified their investments and capital. You need to be part of this statistic. The pandemic has been a sobering lesson on how unpreparedness will catch any business off guard and shake it to its core.
You should not keep your investments in one place. Instead, diversify and look into as many new avenues as possible. In this manner, when one funding channel gets clogged, you will have other options.
For instance, you could study cryptocurrency and NFTs and understand how investing in them can expand your capital and open your brand to new sources of funds. Technology is on the up and up, so use it to your advantage while you can.
Focus more heavily on acquiring technology and automating your business. Unless you take action now, you will have to face the disastrous effects of another calamity, perhaps even more significant than the pandemic. Therefore, invest more, start new projects and keep adding to your company’s shares.
The new normal requires coexistence with the virus. Businesses can successfully live with the virus if they adapt their operations. The more you resist change, the harder it becomes to thrive. Restructure your business model and follow new directions so your business can thrive. It would help if you focused on your employees by giving them space to heal from the after-effects of the virus. Ensure the workplace takes employee safety seriously. Online marketplaces have also opened a new world for you, so immerse yourself in it to connect with your consumers better. Don’t forget to reshuffle your resources and make more investments to save your business from ever getting stuck.