1). Start your planning right away
It’s impossible to predict how well your business will fare as lockdown starts to ease – when will your customers be ready to interact with you? How much money will they be willing to spend?
The Government have launched their plans to rebuild in the aftermath of Coronavirus, but it’s important to start devising your own individual strategy as soon as you can.
Prepare for multiple outcomes and devise a creative strategy to separate you from the herd.
2). Make up for lost time with your revenue
One important aspect of business recovery is to begin recouping revenue as soon as possible.
Identify your main sources of revenue and get ahead of the competition – start tempting back loyal customers with targeted campaigns, reskill your sales force to support remote selling, and digitise your sales channels.
3). Assess the impact COVID-19 has had on your business
It’s also important to look back before moving forward – take time to investigate any possible damage the lockdown has done to your business and the market in which you operate.
Pay close attention to what needs to change in order to begin your recovery – do you now need workers with a different set of attributes? Has your original business model been affected? Are your main clients still in business?
Consider using a business diagnostic tool to get a comprehensive overview of where your business can improve.
4). Start planning for current and future risks
The Coronavirus outbreak has had an unpredicted but devastating effect on global businesses.
Along with the risk of a potential second wave, there are other risks your company may be facing in the short and long-term future, including limited access to your supply chains, the need to change/update business models and acknowledging/adapting to disruptors within the industry
Conduct a thorough audit and keep a record of your efforts, along with your plans on how to combat any high-risk scenarios.
5). Identify the new skills your business needs
Once you have a better idea of how COVID-19 has affected your business, you can then start to look forward.A key part of your business recovery strategy should be to pinpoint the critical skills your business now needs, whether they can be found internally and, if they can’t, how quickly you can get the talent you require.
6). Adopt and embrace modern technology
Arguably, digital technology has never been as vital as during these past few months – it’s enabled us to connect with loved ones, purchase essential items and, where possible, remain in work or maintain our business.
The role of digital is now set to play a major part when it comes to competitive advantages for businesses.
Those that are more ahead on the digital curve may already utilise remote working tools, have established new digital distribution models and create robust e-commerce experiences to reflect the changing demands of customers.
If you need further help, the Greater Birmingham Chamber of Commerce have some invaluable guidance for doing business digitally.
7). Prioritise people
Ensuring your business’ stability is important, but don’t lose sight of the people that make your business run – both your employees and your customers.
There are a number of ways to prepare for your staff returning to work, including enhanced cleaning procedures, more desk space and social distancing guidance.
8). Expand your horizons when it comes to recruitment
Lockdown has meant a huge proportion of non-furloughed employees have embraced remote working.
It is estimated that, by and large, this trend will continue post-COVID-19, with 48 percent of employees set to carry on working out of the office.
This could have unbridled benefits for your business – you may no longer be geographically limited when it comes to hiring, enabling access to a diverse talent pool.
Want some further advice on creating a watertight business recovery strategy? We can provide you with expert, tailored support.