“Sometimes the biggest gain in productive energy will come from cleaning the cobwebs, dealing with old business, and clearing the desks — cutting loose debris that’s impeding forward motion.” ~ David Allen
We live in strange and extraordinary times. The world changed in the space of a breath, and uncertainty has become the new norm.
The pandemic has had a significant human, social and economic impact on businesses across the country. With the worldwide spread of the virus, both big and small companies have faced increasing uncertainty. The agility to develop suitable action plans to respond effectively to the financial crisis is essential for business owners.
With the end of the year fast approaching, there are several action steps you can take now to prepare for the future. Inefficiencies in systems and processes may emerge, productivity steps could be enhanced, and the value of your company secured.
Some of the areas that small businesses, in particular, could evaluate during this downtime period are:
1. Reviewing Contracts
The impact of the coronavirus may affect the ability of companies, their partners, and their customers to comply with their pre-agreed contracts. Review your company’s existing contracts, rights, obligations, as well as contractual terms to be sure that you can meet your obligation. Now is the time to develop strategies to protect the interests of your company and your clients.
2. Striving for Agility
The pandemic was as much unprecedented as it was sudden. Companies that quickly developed sustainable solutions to emerging market issues and adapted to the new requirements of their employees, customers, and suppliers are the ones that will most likely thrive after the end of the pandemic. As businesses overcome financial and operational challenges and implement new strategies and actions, the current situation becomes a catalyst for meaningful change.
In the Growth To Exit blog, we discussed the importance of agility in the coronavirus time and how agile companies will be the ones that will outlive the pandemic.
3. Finding New Talent
With millions of people out of work and few job openings available, emerging talent is seeking new employment opportunities. This is good news for companies looking to expand their employee base and bring in talented individuals who might not have been available months ago. Look at your employee needs, and search for agile personnel. A resilient workforce is vital. When they can adjust quickly to the latest technological advancements and reshape relationships with customers, suppliers, vendors, and stakeholders, the value of your business improves.
4. Strengthen Marketing Strategies
Almost every product or service is classified differently by customers after the pandemic; they have different questions and needs. Slip into this customer view and ask yourself: Can I respond to unsettled customers’ problems and needs with my products/performance? Flexibility and fast reaction to changes are essential. Companies that can engage in proactive customer communications and re-evaluate their marketing will keep their loyal customer base and garner the respect of new clients.
5. Upgrading IT Systems
Even before COVID-19, many companies were facing significant IT challenges. Now the pandemic is forcing them to support new ways of working in the shortest possible time. Businesses have to deal with sudden load peaks, provide real-time decision-making, and a productive work environment for their workforce. Security risks must also be considered during this time. It is a top priority for many businesses to develop a roadmap that prepares IT systems and employees for disruptions and guarantees the resilience of a company’s technological equipment.
Take a breath and know that you are capable of managing uncertainty in your business and your life. Proactively analyzing your company’s contractual obligations, discovering new ways to attract and support employees, responding quickly to customer’s needs, and ensuring your IT systems are current as just a few ways to manage these times.
If you have taken a long look at your company, and it has become apparent that it may be time to exit, please take a few minutes and study the information shared on GrowthtoExit.com.
Clean and clear the old debris, cut loose the ties that no longer serve, and reinvent your business.
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