Step 5- Keep the pent-up demand in mind
The post coronavirus economic recovery might be rapid and with immense potential for businesses.
If organizations cut back too much, they might not be able to rise to the occasion. As observed by nations that have managed to flatten the curve, there is a huge demand for things that were deemed non-essential during lockdowns.
Implementing the correct strategy today to cater to a post-COVID 19 economy is the solution for struggling businesses.
The immediate dent with the coming of COVID 19 can be turned into a sudden hike with the exit of the pandemic.
Tips to stay afloat & be productive in a post COVID world
Some additional points to live by during the global pandemic:
Transparency with customers
Most people across the globe have been affected in some way or the other & it is alright to say this. Customers can empathize with struggling organizations & being transparent can help in retaining those customers.
A healthy relationship with clients & contracted parties
It can get difficult to pay vendors or receive client payments. It is important to remember that everybody is going through some problems & maintaining a healthy relationship is beneficial for all parties.
Team Engagement
A company’s success relies heavily on its employees. It is a time where people have been laid off, experienced pay cuts, and mourn the loss of a loved one.
To top it all, there is underlying job insecurity amongst people. Staying connected through regular video calls, being open and engaging can help people through this tough time and also ensure that the company’s ship survives the storm.
Communicate with stakeholders
Even if there has been a negative impact on business, communicating actual numbers with even harsher expectations is alright. Being transparent and proactive about the future will help in coming out of this slump.
Conclusion
COVID 19 had a major impact on businesses & the ripples will last even after we have defeated the virus but it is essential to draft a game plan for survival and commit to it wholeheartedly.
Economies of the world are starting to pick up, slowly but surely. The recovery time of a company might depend entirely on their post COVID strategy & its effective execution.
Coronavirus is a tragedy for humanity. It is also the worst economic crisis since the postwar period. The food for thought and perspectives proposed by the article for interpreting the present and addressing crucial choices that look to the future are certainly acceptable, and certainly useful for defending companies and, perhaps, workers as well.
Managers, entrepreneurs and business leaders are called to make important choices. In such a delicate and painful phase, it is necessary to take a rational, energetic approach, without losing an opportunity to leverage and reduce costs, to safeguard the relationship with customers, to extend the business into the new opportunities – which exist -, to support old and new partners. acting on the redefinition of business model, finance and supply chain through an even more decisive use of digital, with a new mindset and an increased ability to relate.
OK. There is only one real problem, judging by what is happening these days: it is not clear when it will end and we are fighting against an enemy that cannot be seen and that science cannot stop.