How do you reinvent a business in the middle of the COVID-19 crisis?
The COVID-19 has had an impact on absolutely all aspects of the normal functioning of society, which is why it is time to reinvent ourselves and our business model to move forward as the crisis comes without any warning and without us being prepared to face it. However, we can take the opportunities that the crisis presents us to experience ourselves in other areas clearly without being opportunists.
In today’s article we will give you some important points to keep in mind to guide your business in new opportunities.
- Strong team
- The companionship and stability within the company is as important as the customers,
- Support for our team and strong ties to it are an essential part in times of crisis.
- Encourage your employees to reinvent themselves and include them in the opinions regarding decisions you want to make, recommend articles, documentaries or books that help them expand their knowledge, and make your work environment comfortable for your employees to work and do things with more love.
- Reinvent new products or services
Opening the mind and looking towards other places and channels is what we should do, seeing opportunities perhaps where we least think about it is the first step of reinvention. If we have a company with machinery and our products are not what moves the most in the market on a daily basis, let’s find a way to see what other products we can create with our machinery, or how we can optimize some product sales processes using communication channels that help us to be more highly recognized. If we provide a service and it is no longer so consumed by customers, let’s find a way to give it a bonus that makes it more appealing, or why not use our channels and our customers to offer something totally new that can give better results and satisfy other kinds of needs that the pandemic has been generating in this case.
- Keep your clients informed
Customers must be 100% aware of all the changes that you are going to make in your business, and be aware of the implementation or elimination of any product or service, as well as they must know everything in terms of operation hours, delivery times , response times, steps for processes, events, communication channels, new services and products, etc.
- Have a plan B
- The creation of something will always have room for tests and errors, we will not always have results in our first attempts, so it is important to have an option B to support some errors that we have planned, although it is true that before the creation or reinvention, we must first have a well-structured plan, and we should have possible solutions to negative responses that may come our way.
- Having other plans and other exits is a key to success, but above all, taking advantage of the capabilities, the clients we have obtained, the materials within our reach and the opportunities.
- Avoid the commuting of your clients
- Make sure that everything you are going to rethink about your business is in favor of the minimum mobility of your clients.
- Currently, one of the greatest needs of people is that everything arrives at their door without having to do long processes to make that happen.
- Solve how your product or service can be consumed without customers having to leave their home.
- Reinvent a new product or service that helps people stay home.
- Take care of clients.
That your customers feel empathy and appreciation for the brand they have chosen will make loyalty much more effective.
- Follow up on our clients with the aim of approach, company and concern, showing interest in their well-being and that of their family.
- Creating emotional ties with our clients will make it possible that when we want to bring out a totally different product or service from the one we have been handling and for which they knew us, they will be better received by our loyal clients and want to support us in our reinvention.
- Evaluate technology platforms.
- Today, almost 80% of the processes are digital, and this is a great opportunity for all companies.
- Implementing a high reach cyber contact is essential since it is in the internet network where a client is found for absolutely all niche markets.
- Important to know which of all the platforms is most suitable for our type of business
- Increase our online presence
- As mentioned in the previous point, digital is what is moving the world, also thanks to the changes that have been taking place by the COVID-19, companies are looking for ways to immerse themselves more and more in the digital network even though we are all separated from each other, we are more united than before digitally, spending more time than usual browsing the internet.
- Renewing our digital platforms, using our social networks more appropriately, creating a mail network, recording webinars, and making our products and services view digitally in an interesting way is the opportunity we have in order to reach a new audience.
- Brainstorm with colleagues
“Two heads are better than one”
- Having reliable people who give us their opinions on an idea that we put on the table can help us to reach concrete results much easier.
- Having intellectual allies who contribute and come up with constructive criticism, seeing things from other parameters can help us have clearer answers when reinventing ourselves partially or completely.
- Take care of the box
- Finally, taking care of the box and knowing how to correctly invest our financial support will help us know how far we can reinvent ourselves.
- Having clear priorities and knowing where we should stop spending money will be critical to having an accounting that can manage to withstand the crisis. For this we could ask for advice to experts in the accounting field, to create a strategic accounting plan that allows us to identify in which areas we can begin to reduce costs and how we could begin to invest our money to have a good return. JPG could be your ally in this case.