Surviving the Harsh Reality of Covid-19 as a Corporate Entity
The Covid-19 pandemic is really hitting hard on the world economies and it is clear that jobs and businesses will be affected in the days to come.
The way we work is definitely going to change rapidly and in an unbelievable manner. Many companies will adopt digital transformation across their business functions and take radical steps to ensure that they stay competitive and relevant in their markets.
Below are some important strategies companies can adopt during and after the Covid-19 pandemic to not just remain in business, but also thrive.
Adopt a Digital-first Approach Across Business Units
Have you been procrastinating about your digital transformation efforts for many years? The post Covid-19 era will definitely be a time when your business would depend on a lot of automations, remote workers and online collaboration across all your business functions.
It is also going to be a time of adopting new technologies that are riding on artificial intelligence like bots and data analytics.
You may also need both off-the-shelve and bespoke tools for your core business operations.
New Marketing Strategy
This time will usher in new customer needs and behaviors owing to the fact that the economy and customer income will not be as it was before the Covid-19 pandemic. It has been forecasted that another recession is imminent. However, nobody can say when this will happen.
Market-focused organizations will have to re-evaluate their marketing strategy and prices, and re-design their products and services. They also need to re-evaluate their distribution channels.
Organizations should strategically document previous customer feedback, collect new feedback and even ask questions that will help them understand new trends better.
Most organizations may have to tear apart their existing marketing strategies for new ones to remain in business.
Re-think Recruitment and HR
How has your HR department been working in the past? Perhaps, you have some current policies that may likely work against your growth and business continuity because of the abrupt and coming reality. This is the time to start re-drafting your HR policy and guide and your entire HR playbook.
Key questions to consider:
What does your organization think of remote work?
How does your organization measure deliverables from staff?
Do you have standard payment rate for freelancers or remote workers?
How prepared are your managers to work remotely?
How do you ensure that your team stays focused on your business goals while collaborating remotely?
How open are you to the new opportunities available and talents that will drive those opportunities?
Above all, how do these factors affect your overall corporate culture?
Hiring will also not be the way it used to be as the recruitment process moves online. How prepared are you for this?
Keep an Eye on the Competition
It is common at a time like this for everyone to want to go in the same direction. You don’t have to copy everything that happens within your industry, but you can introduce validated ideas and strategies and rework them to better suit your needs.
As a manager or CEO, this is the time to keep your ear close to the ground and be abreast of valid information needed to grow your organization.
There are many platforms out there to keep you updated on happenings within your targeted industry. There are several Slack channels focused on different industries that you can be a part of. You could also set up Google alert based on keywords related to your targeted industry.
Lastly, no matter what you do, your business objectives, visions and mission are still the same. All you need to do is to adapt to the new reality and keep an eye on ever-changing customer needs.
You will win!