5 strategies businesses need to adapt to survive this 2020 storm

The times are strange; we as a generation have never faced such a problem on a global level. There has been a massive shift from the way countries work.

In this article, we will discuss how the fore-bearers of the economy can recuperate and reinvent to keep their business afloat and thrive amidst and after Coronavirus.

Re-define organization’s who, what and why

It is only during the times of fall and disruption new space opens up for reflection and growth. In the grasp of this virus, the walls of years of conditioning, habit, traditions, and bureaucracy have crumbled down for many organizations. From the way they strategized business operations to the way they communicated has been changed, forcefully.

For businesses, this is a lifetime opportunity to re-imagine their 3 Ws — Who, What, and Why as they rebuild themselves. By the time this storm has calmed, organizations must have clearly defined the following questions to leverage themselves against competitors for years to come.

Who are they? And what do they stand for?

What are they aiming for when it comes to growth and success?

Why are they doing what they are doing? Can they serve a better purpose?

Adapt to an agile model of operations

Businesses are starting to realize that in this time of uncertainty, urgency, and dissolution, it is agile thinking, clear goals, and specialized teams that have been the deciding factors. CXOs are now more willing to embrace agile methods to sustain and run business operations. Video conferences have become vernacular, and remote working is not frowned upon.

This catastrophe has brought about a breakthrough in the thought process of business leaders. In-house employees, fixed working hours, process-oriented tasks, micro-management, and physical boardroom meetings are all thrown out of the window, and we all are still doing just fine.

On the contrary, this leeway has helped businesses create specialized, cross-functional teams, remotely placed at a significantly lower cost, and employees working from home strikes an excellent work-life balance.

Show thoughtful impulsivity

What had worked for businesses pre-COVID might not work anymore. From growth opportunities to marketing campaigns to customer interaction, leaders have to repurpose everything — instantly and instinctively to save the organization from a downfall and ensure the brand also stays contextually relevant.

Be creative to strike a balance between meeting people’s needs safely and sustaining a business. For instance, car rental companies losing customers, even now when the lockdowns are partially lifted, can run a campaign on the elaborate safety measures they are taking for drivers and riders safety.

Publish live temperature readings of the drivers before every trip on the rider’s app. Notify them about when the car was sanitized. Partition the driver and passenger area with a plastic sheet. Offer riders sanitizers or hand gloves as they sit, better yet give them a fragrant portable sanitizer with your brand label as they get off the vehicle.

Re-imagine with a digital-centric approach

Individuals and organizations at large were slow at embracing the significant shift towards digital transformation since the beginning. They only adapted to it when they had run out of other options. This global pandemic has shifted this attitude, for better. Now, and post-COVID, we will see massive deployment of remote working tools and technologies, there will be a shift from the way businesses operate to the way their teams interact. This shift will be seen across all verticals.

It is a wake-up call now. Leaders need to adapt. Organizations need to rethink customer journeys and accordingly design digital solutions. The strategies will be different for each sector. Let’s see some examples here:

For many retailers, creating an online e-commerce store will be the prime focus or at least getting listed with the industry giants’ marketplaces like Amazon, Target, Walmart, and others.

For the food and restaurant industry, focus on pick-up, and home deliveries would be more. Having an app or integration with a food delivery app will be imperative. The restaurants and cafes will be sparse in design; they will not be a warm place for people to huddle up anymore, not for a year or two at the minimum.

For industries such as airlines, health, and safety will be paramount. For this, they will have to rely on “contactless” customer touchpoints like check-in, boarding, and in-flight experiences through mobile or web apps. Constantly highlighting the efficacy of the HEPA filters they use in flight will be necessary to fill up the vacant seats.

Jot down your priorities

Before we start to thrive, we need to survive first, and for businesses that are striving to stay afloat, the distinction between needs and wants is very imperative. Businesses should identify the primary sources of revenue at their disposal and make “now or never” moves until recovery fully starts. This could include:

  • Launching targeted campaigns to win back loyal patrons
  • Creating customer experiences emphasizing on their health and safety
  • Restructuring your pricing and promotions based on new data trends
  • Reallocating spending to growth sources working at the moment
  • Creating flexible payment terms
  • Digitizing and automating processes to free up the workforce to sell more

Once identified and recalibrated, these measures should focus on building business processes to enhance the ability of a company to generate revenue quickly.


 

Be future-ready with TransForm Solutions – for18 years, we have helped industry leaders in providing remote teams and helped them create lean and mean, cross-functional teams, something that is imperative now even more than ever.

We will help you transform your business processes through effective strategies and also help you implement them by providing expert talent.

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