Here’s how clients can reinvent struggling businesses during the COVID-19
As several countries are ending the lockdown, yet a new phase of the COVID-19 vaccine is on us. It is a crucial time for caution. Marking the end of the lockdown phase might not allow us to return to our ordinary lives, nor will it be universal. The re-opening will take multiple set-in different counties, states as well as cities. Additionally, businesses will run as per their needs and wants and hence at their ways or speeding.
By SUMIT RANA
A question that hits our mind is, how can companies navigate their complex environmental structure as restrictions are taken back? The businesses are much excited to restart their journey but yet are skeptical about being successful. Many such questions keep on repeating like frequency of returning demand, customer and suppliers’ financial health, and employees’ motivation at the workplace.
Therefore, companies need to adopt the thoughtful approach of restarting. Here, we will be discussing a few key actions about the same.
1. Curating a detailed relaunch Map
The pandemic has destroyed several tools which businesses use for their decision-making process. However, to relaunch, the leaders need to elaborate a solid framework for a highly volatile environment.
One of the best approaches to follow is developing an elaborative relaunch map – site by site, country by country, customer by customer, segment by segment, and product. It is done to discover the recovery opportunities and prioritize them.
Such a map will help in guiding the supply chain, sales efforts, production, and marketing. Also, they help in analyzing the exact timeline for recovery for each of their sites.
2. Offering customers safety guarantees to restore trust
Post lockdown clients are more focused on their safety and health. Companies should initiate offering services and products that are most prone to client’s health and safety and should start showing this intention to clients to restore their trust. They can do these two things from achieving this goal:
Set conditions for customers’ safe experience – Companies can introduce several new practices, including checking the body temperature at the store’s entrance, using hydroalcoholic gel in the public transport and retail outlets, and contactless method for delivery and payment. They can also introduce remote help or maintenance services, implement a click collect approach, use drive-through facilities outside their mass retail stores. Airline companies can do a thermal screening of all passengers boarding the flight.
Proactively talk about the measures that are already implemented by you but are not visible to your customers. It will enable them to know how much you are concerned about their safety and health and help them build trust in you, and lead to your business’s productivity.
3. Safeguarding the employees’ health
Several employees are eager to work from their office, but they are worried about their health and safety. Companies need to take care of the employees’ health and inform them how much you are dedicated to your employees’ health and encourage them to work hard in the post-lockdown world. They can implement the below actions:
Ensure the employees’ safety in the workplace – Strictly control access to the workplace as per the government’s instructions. Implement several strategies, including checking employee temperature at the entrance gate and imposing quarantine for the employees who get ill. Encourage remote work to minimize travel.
In a survey, several employees said they could do all the work remotely and wish to do so without impacting their activities. Lockdown has shown that several processes can easily be shifted online without affecting productivity.
Managers should also reduce the office’s density by redesigning the office space. It can easily be achieved by delineating several safe areas to prevent contagion, reconfiguration teams to avoid the shortage of skill sets, or change the working hours and implement the concept of shifts.
Ensure protection measures for employees at the office exit – Companies can start offering their employees personal safety kits like masks, hydroalcoholic gel, and masks for personal use. The HR department can also implement tracking technology for their staff to avoid resurgences of the virus.
Do remobilization of employees – Strengthen the company’s ability to track the well-being at work and detect signs of any fragility if it persists. Companies should move in the spirit of empathy and transparency, which was created during the lockdown.
4. Revive the customer base
Companies need to revive their customer base. They need to stimulate demand by controlling any distortions in the price models. Companies should try winning on the following fronts:
Adapt tactical pricing policy – The main aim of the companies should be to ensure that psychological conditions and materials which enable customers to make their purchase and craft favorable business scenario for the rebound in the consumption while preventing the dangerous situation which puts simultaneous pressure on the pressure from customers and suppliers and put them in intricate across the value chain. Companies should find the discount or promotional models which they should use.
Assist core clients with solvability – Companies should start offering pragmatic assistance to the suppliers and customers in difficult financial conditions by giving them deadline extensions or payment facilities in a better way. Implement strategies so that the economic balance and customer expectations can be maintained in equilibrium.
Final words
Clients can reinvent struggling businesses during the COVID-19 by implementing the above-shared strategies wisely. They can also do so by taking assistance from the company offering professional bookkeeping services. Businesses looking to reinvent their business can get in touch with FinAcc Global for professional bookkeeping services.
