3 Tips in Juggling Business During the Pandemic
14 Aug 2022 • 3 min Read
It’s been a struggle trying to remain optimistic throughout the COVID-19 pandemic. Between adjusting to new routines and facing so much uncertainty, the crisis has definitely taken a toll on us emotionally, mentally and physically. And it’s probably going to be this way until the foreseeable future.
But, as a resilient entrepreneur, that’s not exactly a bad thing. Times of crisis, after all, drive creativity and innovation.
1. Follow The Three Rs
No. It is not reduce, reuse, and recycle; this is something different: It’s actually a rapid-recover-revenue. And, according to McKinsey, the three Rs is one of the strategies you should use if you want your business to come back stronger. Speed matters: it will not be enough for companies to recover revenues gradually as the crisis abates. Businesses need to fundamentally rethink their revenue profile, position themselves for the long term and to get ahead of the competition. How can this be achieved? Well, your company is going to have to SHAPE up:
Start-up mindset. Instead of extensive research, take action.
Human at the core. “Companies will need to rethink their operating model based on how their people work best.
Acceleration of digital, tech, and analytics. It’s to just make the shift to digital. You need to go further by enhancing and expanding your digital channels.
Purpose-driven customer playbook. Companies need to understand what customers will value, post-COVID-19, and develop new use cases and tailored experiences based on those insights.
Ecosystems and adaptability. There’s a good chance that your supply chain has been disrupted. As such, you will probably have to change your ecosystem and think outside the box.
Rapid revenue response isn’t just a way to survive the crisis. It’s the next normal for how companies will have to operate. And, when you’re in good SHAPE, you’ll be able to rebuild operations and rethink your organization, accelerating digital adaptation.
2. Update How People And Processes Work
Considering that things have probably slowed down at least somewhat, it’s an opportune time to re-evaluate how your team works. Are they more productive working remotely? Or, do you think that they still need face-to-face interaction - even if it’s just a couple of days a week?
Moreover, take the time to see where there are any bottlenecks, financial waste or inefficiencies within your organization. For example, maybe you were using ineffective tools, a flawed product strategy or not managing your time effectively. Knowing this, you can improve these areas so that you can come back even better than before.
3. Be Proactive, Not Reactive
There’s a good chance that you have had, and will continue, to have some spare time on your hands. Some people haven’t had a problem spending their valuable time wisely. For some, they have learned to play a musical instrument, get back in touch with nature, and started exercising more than ever. But you should also dedicate some of this extra time to reflect on your company’s future and what it will take to get you there.
Will that require you to update your business plan? Do you need to expand your online presence, interaction, and capacity? Should you take some classes to develop or strengthen your skills? To put it another way, don’t ease up on the gas pedal. Use this time to get your business in a prime position to jump on opportunities and stay ahead of your competitors. Just be mindful that you don’t burn yourself out. You don’t want to be exhausted when the business world awakens.
The article was contributed by ScoreXcess
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