Tips to Help Your Business Succeed Post COVID-19
Apr 19, 2020
Success Lay in the Future, Not the Past
With the current global pandemic halting economies and creating pandemonium, it is no longer business as usual. Companies have resulted in downsizing measures, as most struggle to stay financially afloat. Even with the current setbacks, you still need to look forward to a post COVID-19 era. The pandemic may have caused massive chaos, but it will not last forever. Rather than let fear dictate your every move, now is the time to look ahead to a transformative post-pandemic world. Businesses will most certainly change and customers will act differently. But to keep thriving post-pandemic, below are some tips that will come in handy for your company.
Plan
If COVID-19 has taught companies anything, it is the need to plan. Thriving post-pandemic will require you to restructure your team and identify where your purpose and goals lie. To determine your new mission, ask questions like what your business hopes to achieve in both the short term and the long term. How will you reach new customers and how will you retain your loyal ones? Come up with realistic and measurable strategies for each question. Simplify things further by separating your essentials from your non-essentials activities to ensure you focus on what is essential. Whether it is cutting costs or providing financial relief to your customers through discounts, get a plan.
Be Adaptable
Planning goes hand in hand with being adaptable. In simple terms, be resourceful if you want to keep thriving post-pandemic. Your customers may be the focal point of your company, but they are not the only people you need to impress post COVID-19. Businesses often rely on numerous factors to survive, such as partnerships from supply chains
as well as loyal employees who push your company forward. A new world will require you to strengthen your relationships by restructuring your previous deals to ease the financial burden for your partners. To add to this, you may also have to determine if you will need new partners post-pandemic, and who will add more value to your company. Additionally, remember to make your employees feel like they are a part of your team. They will be instrumental in reaching out to your customers, so consider them as well.
Think Local
With most companies having experienced massive breakdowns due to reliance on international supply chains, global trading may not be the norm for some time. It is especially true for small businesses, so what will it mean if you want to keep thriving post-pandemic? The answer lies in localizing operations. Companies dealing with tangible products will have to use domestic services, especially in their distribution chains. Use your resourcefulness and look within your immediate environment for local solutions to keep thriving.
Determine Your Customers' Needs
Customers are the drivers of any business operations. They will especially form a crucial part of your company in the post-pandemic. Reaching out to get their opinions will be one way to succeed post COVID-19. Companies will have to define what separates them from their competitors. You will have to think outside the box and find out how your customers' needs will have changed post-pandemic. To do this, look at their purchasing habits. Which products are they inclined towards? Are most buying online or are they still using their former buying channels? In a post COVID-19, how will your customers still find value in your company? Provide comfort and assurance and you are likely to keep thriving post-pandemic.
After determining what your customers need, prioritize their experience and providing quality service and engagement. Under this, maximize your customers' experience first then pay attention to the products or services that you produce. To improve their involvement in an uncertain world, connect with them in your ads and use new ways of communicating. Besides this, use more empathy in your campaigns and create value by reminding them why they choose your company. By staying relevant to your customer's needs, you will be able to succeed and increase your market share.
Conduct Market Research
The post-pandemic world will push you to come up with new ideas, but some will still retain their relevance. Tracking customers' trends will continue, and market research will thrive. By talking directly to your customers, you will be able to get an insight into their needs. Collecting data will, for instance, enable you to identify aspects such as your customers' engagement for your marketing strategies.
To increase the effectiveness in your research, group your customers based on elements such as age and income. It will allow you to get better analysis and understanding of their preferences. Additionally, you will gain insights on who your most valued customers are, and who brings the most value to your company. To ensure you keep thriving post-pandemic, determine whether to let go of a specific group or get ways of reaching a bigger audience. This is where personalization will come into play. With such variables, you will be able to create ways to customize your customers' needs and adapt to their preferences.
Be Innovative
During a crisis, the only businesses that survive are those who continuously look for new ways to reach their customers. In a post-pandemic era, this tip will also come in handy. Businesses will face harsh realities, but this will be a once in a lifetime opportunity to allow your company to innovate
and be better. Use your previously conducted market research to identify your weaknesses, and strengths. By listening to what your customers need, you will be able to come up with effective ways to produce and deliver your goods and services to them.
Given the current pandemic, more businesses will have to adopt remote working and digital technologies. Create an eCommerce site if you are yet to do and ensure that you have the appropriate technology to brace yourself for any unseen changes. But even as you do so, thriving post-pandemic will necessitate you to increase your visibility by optimizing your company. Create a smooth online experience for your customers to avoid pushing them to your competitors.
Get Involved with the Alberta LGBTQ+ Chamber of Commerce
At the Alberta LGBTQ+ Chamber of Commerce we believe we are stronger together. That is why we work hard day-in and day-out to provide opportunities for our members.
During these unprecedented times we are offering free webinars for our members and the larger business community to provide help and expert advice.
Spread the Word:
Member Spotlight: Rob Browatzke from Evolution Wonderlounge
Warm Holiday Greetings from the Alberta LGBTQ+ Chamber Team!
Celebrating Diversity - Alberta LGBTQ+ Chamber of Commerce & Edmonton Chamber of Commerce Partnership
2023 Annual General Meeting - Message from the Chair
Happy pride, everyone!
Author: Tara Brennan Entrepreneurship continues to feel like the next best step, but is it worth the risk if you're not a grad? Maybe you didn’t have the opportunity to go to college, or maybe you did but you just couldn’t afford it. Whatever the reason, not having a college degree shouldn’t stop you from becoming a great entrepreneur. The Alberta LGBTQ+ Chamber of Commerce some tips on how to make it happen. The Right Business Type If you don't have an idea already, this should be your first step in plotting your entrepreneurial course. There are countless types of businesses out there, and you want to choose one that you’re passionate about and where you have the skill set to succeed. Do some research and figure out what kind of business is the best fit for you. Prepare Your Business Plan To help get your idea off the ground, Growthink notes that you need a business plan , which functions as a road map that outlines your goals, strategies, and limitations. It should answer basic questions about your business, such as what you do, who your target market is, and how you plan to make money. A business plan can also help you secure funding from investors or lenders. When writing a business plan, it's important to be realistic about your objectives and limitations. Once it's complete, keep making updates as your business grows and changes. Financing Your Venture If you don’t have the personal funds available to start your business, don’t worry. There are plenty of other options out there. You can look into small business loans, angel investors, and even crowdfunding platforms like Kickstarter or GoFundMe. Just make sure you do your research and find the option that’s best for you and your new business. Should a loan be the best option, avoid taking out a bigger loan than you need. Commit to Organizing All Your Files This may not seem like an important task, but it's crucial When starting a business, there will be a lot of paperwork involved (permits, licenses, contracts, etc.). If everything isn’t organized from the very beginning, things can quickly get overwhelming – and that’s when mistakes happen. Avoid stressful situations by taking some time upfront to get your paperwork in order. Digitizing documents is the best way to organize your files , and converting files to PDFs allows you to condense files and more easily share them when necessary. The Tech Side With so many options out there, it can be tough to know which technologies are essential for your business and which ones are simply nice to have. Again, this comes down to doing your research and figuring out which technologies will help your business succeed and which ones are just gimmicks that will waste your time and money. Once you have a good understanding of which technologies you need, it’s time to implement them into your business plan. Connect with a Mentor FreshGigs.ca points out that a mentor can offer advice on everything from writing a business plan to finding funding sources to choosing the right technology for your business. If possible, try to find a mentor who has already been successful in starting their own businesses as they can offer invaluable insights that will help put you on the path to success. Becoming an entrepreneur doesn’t require years of education or even tens of thousands of dollars in startup capital, although both of those things can certainly help! All it really takes is passion, determination, and focus. If you‘re ready to take the leap into entrepreneurship, follow these steps to get started on the path to success.
Happy Pride, everyone!
Contact Us
