Is your business ready for post conronvirus economy?
The coronavirus pandemic will have a lasting impact on how business is conducted moving forward. Have you addressed all of the adjustments, shifts and pivots needed to re-open in the near future? If you are in a time of slow growth, or your business is currently shut down, NOW is the time to prepare for the influx of sales when the country re-opens. The demand for your product or service is still there – it may just be “paused” due to government regulations or a shift in consumer spending habits/priorities.
Below is a list of thoughts to consider NOW and be ready to implement when the time comes:
Is your TEAM ready to reopen?
- Does your business structure need to change?
- What new systems and processes that need to be put in place?
- Have you updated your checklists and internal documents to convey these changes?
- After identifying the new systems and processes: What are the different tasks/activities that have to be done with the adjustments & pivots identified?
- Have you clarified responsibilities? What are the untapped talents of each team member, and how can you reallocate the new tasks, activities and responsibilities to your current team?
- Do you need to offer additional training to your team?
- Can your team handle the new mix of tasks, activities and responsibilities while keeping their prior responsibilities?
- Do you need to adjust your team members’ compensation plans based on the revised roles, activities and outcomes?
- What changes need to be set in place at your facility?
- Does your team have the potential to work from home if needed?
- How can you make your workplace a safer place moving forward? Will you deep clean your facility more frequently, or have any changes to your sick-day policy?
Do you have COMMUNICATION and MARKETING prepared for reopening?
- What can you sell best, sell first, and sell easiest?
- How will you engage your customers and interact with the market?
- Do you need to do any branding reputation management?
- Any new products or services you can offer during this time of pivot/transition?
- Do you have USP/WIIFM-focused communication created to inform key stakeholders of your proactive business changes that meet the changing marketplace needs?
- What & How will you shift your messaging to the marketplace?
- Any changes in how you deliver products/services to your customers?
- Do you need to change where you are investing your marketing dollars?
- Communicate the changed offerings, way of doing business, etc. to:
- Existing Customers: What is your retention strategy?
- Former Customers: How can you re-engage past customers with a return strategy?
- Those in pipeline: How can you step-up your customer service at every touch point?
- Prospects & database: How can you nurture and build upon your prospective customers through your website, social media, etc? Can you tap into your networking groups or local chamber of commerce?
- New Target Markets: Have you reached out to your strategic partners and referral sources lately? How can you creatively pivot together?
How you developed reopening KPIs?
- What adjustments must be made to the KPI’s of the business, departments and team members?
- What are the new standards for each KPI? (The “no less than” number)
- What are the new activities?
- How much of those activities need to be accomplished daily, weekly, etc?
- What are the outcomes from the activities? (Results)
- Update team member scorecards
- Communicate new scorecards to team members
- Train on new scorecards and activities
- As a leader, what do you need to focus on and prioritize your time to work towards?
- Do you have time carved out each week to work ON instead of IN your business?
- What is your cash position?
- Do you have a plan on how to consolidate your accounts payable/receivable?
- Have you taken advantage of any grants, loans, or other stimulus options to supplement cash flow until your business reopens?
- Have you anticipated any inventory issues assuming a surge in demand when your business re-opens?
- What supplies are needed? Does your EOQ formula need to change?
- Any changes or updates needed in your intellectual property and know-how?
At NBDG Consultants, we are here to help!
We are offering several opportunities to help you succeed through these times of uncertainty, including our CEO Malcolm Rogers hosting a series of workshops that will be help weekly. To check out these event be sure to view our News & Events page.
About the Author: President of NBDG Consultants Malcolm Rogers is a tech-savvy operations leader with extensive experience in strategic planning, process improvement, leadership development and revenue & profit growth helping both large and small companies set up and implement operational initiatives that improve processes, reduce expense drive bottom-line revenues and achieve operational excellence. He is also the author of Author of “The Foolish Entrepreneur: Strategy Guide to Creating and Growing a Successful Business."