- August 11, 2020
- Posted by: REBL
- Category: Accounting, Business Strategy, COVID-19 Q&A
The COVID-19 Pandemic has brought unprecedented hardships to many businesses across the country. The lockdowns and mandates have forced businesses to reduce or even freeze operations and in many other cases have made the business cycle so disruptive many owners are left fearing the very survival of their livelihood.
The challenge presented is how can entrepreneurs outlast this crisis and ensure they can retain their employees and customers? PIVOT- You must think strategically. What can you do that disrupts your normal process of business but makes significant change towards sustaining future revenues and thus survival of your company.
Here are our recommendations as business advisors and what we have seen work in the field:
1. Look for new opportunities to sell your product or service. With the lockdowns, many of our clients had to change the way they sold their products and services. Adopting technology such as online ordering, curbside pickup, utilizing virtual meetings to engage with clients are just a few examples of how businesses were able quickly to adopt to continue to keep revenue coming in. Continued sources of revenue are key keeping any business alive so it is imperative corporations explore all avenues possible.
2. Commit to customers and your team. As the company leaders, it is your responsibility to communicate clearly and go above and beyond to service your team and customers. Build loyalty and trust so that your team can help you move the business forward and your customers remain dedicated to you. The expression of working together with you is never more crucial than ever. Be sure your team and customers know your message, what is the best way to engage them?
3. Explore the potential for new business partnerships and/or collaborations. The goal can be new ideas, possible synergies, and creating new partnerships that yield long term benefits for all parties. These can help give access to new customers, new products, or new markets all of which ensure a future for your business. For example, can you partner with a company that you can bundle your services or products together to offer customers a value-added option?
The very challenging times of any pandemic or economic crisis can be a turning point for many businesses. However, if the companies can truly pivot the survival of their business has a much better chance and in some cases can even be changed into potential opportunities not seen before.
If you need help strategizing business solutions for your company please call us today at (619) 588-2411.
This content is designed to assist with your strategy, but it should not be relied on or substituted for company-specific advice from your employment counsel. As you are aware, things are changing quickly and there is no clear-cut authority or bright-line rules. This is not an unequivocal statement of the law, but instead represents our best interpretation of where things currently stand.