The Coronavirus has all but turned the world upside down. From the health and humanitarian crisis, it has spurred to the business challenges facing every industry and economy, COVID-19 has taken a wrecking ball to 2020. As things shift from living in confinement to socially-distanced interactions, businesses who managed to survive are now looking ahead to the future and finding ways to make it to a post-pandemic market. To help you thrive, here are a few ways to ensure your business makes it through the pandemic.
Understand your market position.
Now is the time to evaluate who you are as a brand, what role your business plays in the marketplace, and who your main competitors are today. Understanding your market position will help you understand the direction your business is headed, whether you can temporarily shut down operations and resume where you left off to regain lost ground, and whether you can avoid bankruptcy to emerge as a market leader post-pandemic. Take advantage of this time to map out your potential position post-pandemic and evaluate how your value proposition will hold up.
Develop a bounce-back plan.
Develop a bounce-back plan that points your business in the direction you hope to steer it. Bouncing-back from the pandemic means figuring out all that you need to do today to get through the crisis, reach tomorrow’s objectives, and get your business on track again. Develop this plan with an open mind, broad thoughts, and a big picture view.
Your business culture and brand identity will inevitably change because of the pandemic. Oddly enough, times of crisis have a uniting effect on people that brings them together in a sense of solidarity and spirit. Assessing your perspective will give you clarity about your business’s cultural preparedness when facing an ongoing crisis situation.
One of the top priorities for any business owner at this time is the physical and mental health of team members. Without them, you have no workforce, no company culture, and no hope of reaching ambitious goals. The crisis hasn’t been kind on mental health and many people need help finding the strength to get through it. Psychotherapists practice several specialty areas including cognitive behavioral therapy, phobias, and OCD therapies, couples therapy, and behavior therapy that help people to cope with stress.
Finding the right therapist in your area (or remote) can be done with a simple Google search of “therapist NYC” that will provide a list of professionals that are a good fit for your mental health journey. Therapy Group of NYC, for example, is a New York-based psychotherapy practice that provides patients with a safe space from the first session in order to evaluate their therapy needs using data-driven, personalized treatments. Once you find a psychologist who’s a good fit, you can avail of teletherapy allowing you to work with your therapist from the comforts and safety of your home.
When looking ahead to the future of your business culture and identity, make sure that empathy is part of your evolution.
Establish a work from home culture.
Working from home used to be a luxury for certain team members, but now it’s one of many new ways businesses are operating. Depending on your business, remote-based team members are the way of the future which means you need a new management methodology. The best way to keep track of business goals and communicate company strategies across an entire organization is to use an effective management tool such as an OKR.
“What are OKRs” you ask? Objectives and Key Results software help you define company goals in alignment with company objectives while helping team members move toward results. Workboard has the perfect OKR framework that measures key results and quarterly goals, shows achievement at both the team level and individual level, and offers coaching and enablement to help your business hit the right goals every quarter.
Take advantage of federal relief.
Many small businesses and individuals are facing financial hardship and struggling to stay financially afloat. Take advantage of any and all federal relief legislation that passes. Low-interest federal disaster loans, employer tax credit, and federal income tax deferment are some small business relief efforts you can take advantage of.
Understanding your market position, developing a bounce-back plan, embracing a remote work culture, and taking advantage of federal relief are the best practices your business can adopt to make it through the pandemic.