The coronavirus pandemic has disrupted our day-to-day lives. It has spread to almost every country in the world. The effect has left businesses counting the costs, leaving business owners especially new business consultants with a sense of shortsightedness. It can be hard to see a post-covid future with movement restrictions and strict protocols still in place.
Though business consultation services are already digitized, one has to look beyond other matters affected by the pandemic like liquidity issues or business continuity. Since it’s still difficult for things to return to normal, we should start evaluating current business processes and think about the future business landscape. What can we learn from this ongoing crisis that we can take in order for us to adjust to the “new normal”? What should businesses do in order to succeed post-COVID?
These questions, along with a few others below, can help you reassess certain aspects of your operation, do strategic business planning, and prepare for long-term business changes.
- Will your client’s needs change because of the pandemic? If so, what are their needs from your business that they haven’t acquired before?
- Are you currently adjusting your products or services to suit the needs of your customers? Check if your products or services relate to the needs of your customers especially with the ongoing situation. If you think your business can satisfy the demands of the crisis, then start elevating your business plan. If you believe your business offerings aren’t keeping up with the times, figure out how to refine your processes.
- What will business be like after the pandemic? Organizations in certain industries may not survive the economic slowdown. Find out how the pandemic will impact your industry and if your competitors are affected. Could you possibly acquire a competitor? How will you grow your customer base?
The questions above may be difficult to answer at the moment as the future looks uncertain. However, pondering upon them can aid you in revamping certain aspects of your organization. Anticipating the future with 100% positivity might not be in everyone’s mind at this point, but it’s essential to refine your company’s processes in order to adapt to different scenarios years from now.
As such, it’s best to take the steps below so you can begin reframing the future of your business.
A Responsible Lockdown Exit Strategy.
With the ongoing drop in GDP, governments across the globe are devising how to end the lockdown that will permit them to revive the economy while decreasing the spread of the virus. As for your business, you should come up with ways on how to get your company up and running while dealing with the repercussions of the lockdown and taking care of the employees even if they’re working from home.
Think about implementing strict protocols like social distancing and decreasing the number of employees allowed in the office. Consider applying the hybrid approach — employees splitting their time between working in the office and working at home. Additionally, be flexible in terms of supply chain — be ready to change to new suppliers if deemed crucial.
Use Technology to Elevate the Workplace.
Technology advancement has definitely helped us in a lot of ways. The current situation may be bad, but with the help of new apps and online tools, companies are performing better than before.
Even though a lot of us have been learning to use Zoom or Microsoft Teams, the list of new apps will continue to encourage us to improve. Keep in mind to always use technology as a way to elevate the way your employees work. This is a time for your organization to get to know technology a bit better so you can use it to transform people’s productivity, polish the way employees work, come up with much better products and services, and achieve economic growth in the long run.
Check in on Customers.
In the event of adversities, customers more often than not are concerned with the discontinuation of products & services and disruptions. Hence, they need to be updated with the ongoing status of their preferred vendors.
Regardless if you own a start-up in Thailand or have been in the business for years, you need to be transparent with your customers. Continue to give them updates about the status of your business via multiple channels. Give them information to lessen their concerns and prioritize their interests. Repeat customers will always have questions especially when it comes to the business’ supply chain and whether or not those resources may impact them in the foreseeable future.
Be ready with your frequently asked questions and disseminate them via multiple channels like your website and social media. In this way, you are proactively updating your customers and answering their common questions and concerns.
Gather Customer Data Through Surveys.
Do you know what your customers are currently thinking? Get to the bottom of the matter by running surveys to be updated with the current needs of your customers. This is a good way to know what they’re up to and know what they really want. Don’t make assumptions about their needs and gather customer data through surveys.
Polish Your Business Strategies.
A document containing your business strategy is a game changer. Let this be your guide as you go through this year but make the necessary adjustments along the way. Provide a copy of this document to your members and hold a meeting frequently to talk about the changes that will be implemented every once in a while. In your document, highlight your revenue goals, vision, objectives, strategies, and actions. This will push the team to work together and do better in achieving the company’s long-term goals.
Go Over Your SWOT Analysis.
A SWOT analysis guides you in reviewing your organization’s strengths, weaknesses, and opportunities. Since the pandemic has disrupted businesses, it is advisable to do another SWOT reevaluation. People have different needs now and they will continue to have different needs in a month or even in a year. By going over your SWOT analysis, you are adapting to the current landscape and ready to hit revenue goals.
Even if some businesses are still trying to get back on track with lockdowns and restrictions, others are already trying to get back up and gearing up for growth. If your business is stuck, now is the time to start revising strategies and reviewing long-term goals. With the change in employee & customer behavior and technological advances, your business has to be more resilient than ever.
In Thailand, the government’s difficult decision to impose strict lockdowns have proven beneficial. The health and well-being of the citizens continue to remain a top priority. Cases have dropped and even though the country suffered a temporary economic loss, economic activity bounced back after lockdowns were lifted. This is the result of the collective efforts of government officials, healthcare workers, and the Thai people.
Everything is still in a state of confusion as of the moment. There’s no telling when we will go back to our old ways of living. School is still done at home, movement is limited, and jobs are scarce. But the good news is technological development is happening and there’s hope for a better future. And with business start-up specialists in Thailand, you won’t have to worry about starting your own business in the country even in the midst of the pandemic. Choose from a variety of business and consulting services in the country and get valuable insights on how to reframe, move, and prepare your business for a post-covid world.
- Tips to boost your business when it is hit by the pandemic,
- Stuck Up Startup: 6 Things to Reinvent for Bottom Line Boost,
- Post-COVID Thailand economy
- Global Economic Growth of Thailand
- How Coronavirus’ Impacted The World Economy And Thailand Business?
- 6 Best Practices For Working From Home
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