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The workplace in 2021 requires employers to rethink priorities and development of necessary skill sets. Businesses should embrace a dynamic approach to reskilling talent as new skills become relevant and necessary.
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It’s too soon to see what the full economic impact of COVID-19 will be, which effects will be temporary, and which will be permanent. Businesses could bounce back almost immediately or struggle for years to come.
One thing is certain: Life will not be going back to normal, so it’s up to all of us to create a new normal. Businesses that embrace new ways of working, invest in the right tools, and find untapped markets are more likely to be part of that future. Starting today, businesses need to temporarily or permanently alter their offerings and the way they do business in response to changing consumer habits. Some business models may no longer be viable. Others could also launch new products or services in response to the pandemic. There is no one-size-fits-all guide for navigating the unknowns. Instead of waiting for others to draw the map, it’s time for leaders to chart their own course. Five companies most likely to thrive Based on what we’ve seen so far, here are the types of companies that are most likely to survive and even thrive in a post-coronavirus business climate. 1. Companies that offer flexible schedules Google and Facebook have canceled most company events and said most employees will work remotely for the rest of 2020. Jack Dorsey, CEO of Twitter and Square, announced that most employees would permanently have the option to work from home. If your employees need to be present on-site, review your physical space to adhere to safety measures. Rearrange your office layout as needed to maintain physical distancing. If that’s not possible, consider a new working arrangement. Offer flexible work hours and staggered or rotational shifts so fewer people are in the office at one time. Given the uncertainty surrounding the reopening of schools and universities, businesses that show flexibility are eliminating, or at least reducing, a major stressor for working parents. That’s good for business, too. Multiple studies have found that employers that offer scheduling flexibility have lower employee turnover and less absenteeism. It’s a win-win: Employees can work around their family needs, while employers get a dedicated workforce. 2. Companies that expand their online presence At the turn of the century, few businesses had websites. Now, many consumers don’t consider businesses legitimate unless they have an active online presence. Now is also the time to focus on your digital marketing strategy Post frequent communications on your company website and social media channels. Share relevant information and respond to customers’ posts or messages. If you’re not an expert, that’s OK, just be open and honest. 3. Companies that have access to cash Review spending habits to make sure you can continue to pay today’s expenses, but don’t stop investing in tomorrow. It’s important to keep cash on hand in times of great uncertainty. Businesses in a good financial position can continue to pay bills, suppliers, and, most importantly, their employees. Those saddled with debt or without cash reserve or line of credit could have trouble recovering. It’s important to remember that businesses have been hit hard by COVID-19. The struggle affects businesses of all sizes in all industries. As businesses adjust their budgets and projections for the remainder of the year, it’s worth asking yourself some questions: What spending can your business reduce or eliminate without disruption? What changes can you make to improve your business’ finances? What short-term changes can help the business’ long-term success? 4. Companies that seize new opportunities It can feel like your business is in free fall, but you can still maintain control. The most important thing you can do is revisit your business model and reassess your offerings to retain customers. Your customers might continue to need the core products you’ve always offered. They might also need slightly different services. Or there might be new needs that have arisen out of COVID-19. This is your opportunity to serve them. Look back at previous plans and brainstorming exercises. Is there a project that was put on hold? Did you previously create something that is now timely? Better yet, ask your customers. Consider conducting a survey, an interactive webinar, or a series of short interviews. 5. Companies that embrace digital transformation No one would have been able to continue working without embracing the technology that makes remote access possible. Businesses and schools transitioned to working from home almost overnight. For some, the transition went smoothly, while others really struggled. Regardless of what you have done during the past few months, look for ways to improve and invest in technology that enables you to serve customers more efficiently. Assume that remote work will be part of the future and that your business depends on it. Looking ahead to a post-coronavirus climate: These are difficult times, but they are also full of opportunities. Take time to learn from other businesses, review your plans, and seek advice from the experts. Rise to the occasion and you will inspire those around you to do the same. No one knows what lasting effect the coronavirus will have on our economy. We have no idea the timeframes or the long-term repercussions on our businesses.
This disruption is testing everyone’s emotional and social operating system and functioning, which is better known as emotional intelligence. As Darwin deduced, those who survive “are not the strongest or the most intelligent, but the most adaptable to change.” It’s the responsibility of leaders to show empathy, optimism, and flexibility that will lead businesses out of this crisis. It may all come down to our ability to be problem-solvers. This crisis will probably not end in the next few weeks, and with so many people experiencing high anxiety, this could be a good time to refresh our emotional Intelligence Skills. Be Empathetic Keep in mind that this event is impacting everyone, not just you and your business. Remind yourself that you have no idea what someone else may be going through. Sensing that everyone is in a similar situation is a remedy for elevated levels of stress and pessimism that may only compound your frustration and ability to Solve Problems.  These are tough times and most, if not all, industries are being impacted in some way. The world is frightened and wary. There are many things that businesses must consider when it comes to the Coronavirus COVID-19 and somewhere near the top should be your marketing and sales efforts. While it’s understandable that this is not your top priority, if you choose this time to lose sight of marketing when the virus is over, it will be that much more difficult to recover. It is important to remember in your marketing and sales process that everyone's first thought right now is about their health and their family. After that comes business. Always be sensitive and empathize with your prospects.
Let’s look at how your business can move forward and possibly grow during the virus. Move everything online The most obvious issue with COVID-19 is that we’re not out shaking hands and meeting people, and this may go on for a substantial amount of time. Because of that, local events are all canceled and conferences all around the world are being canceled. People are beginning to worry about business events all the way into the Fall. Companies that rely on in-person interactions to grow need to focus much more heavily on digital marketing and inbound marketing tactics. That means developing a strategy and executing immediately. There is no time to delay here. Inbound marketing can take some time to start showing big results so the sooner you can start, the better. Consider quick-win opportunities As I mentioned, inbound marketing takes time, but there are some quick wins. Start looking into utilizing pay-per-click advertising through Google as well as social media networks like Facebook, Instagram, and LinkedIn. Paid advertising can produce some quick results while the other inbound marketing tactics are ramping up. You may also want to consider targeted outreach on LinkedIn, especially if you're in the B2B sector. Do some research on your prospect businesses and then connect with the decision-makers or target persons at those companies. TIP: Don't approach your outreach strictly from a sales standpoint. Be helpful and share content that is important to them. If you educate, you can win. Stay consistent online Consistency is one of the hardest things to keep in times like this, but it's extremely important. Google has made it clear that consistency is a big factor in how they rank. That means that if you've been blogging every Tuesday, it's important to keep blogging every Tuesday. When tough times hit, usually marketing is one of the first things to be evaluated and sales often immediately cut. By cutting your marketing budget, you may save some dollars today, but you'll be sacrificing more dollars later. Consistency is key for ranking and if you give up consistency with inbound marketing, you're going to start losing all you’ve worked for. That can mean your website traffic, your authority, your search engine rankings, even your engagement within social media. This may be your chance to find new and creative ways to reach your target audience. Think outside the box. Take advantage of new opportunities While most people are looking at the Coronavirus as a hardship, for some businesses it can be an opportunity. And regardless of how the opportunity arises, it's your responsibility as a business to capitalize. If your business benefits from everyone being home, or keeps people healthy, or keeps kids entertained while they're out of school, or delivers products to people at home — USE THIS TIME! There is a huge opportunity here and people genuinely need your business. Now is the time to double your marketing and sales initiatives and reach more people. I know this may sound thoughtless or maybe even irrelevant to your business, but I beg you to not make any drastic decisions that will still be affecting you after this virus is over. Keep moving forward and set yourself up now for a great finish to 2020. |
Boost Your BusinessMaria NovakI have over 35 years' experience in Marketing Small Businesses. Categories
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