Your Business Needs to Adapt to the New Normal

by Josh Biggs in Business on 7th March 2021

The COVID-19 pandemic has affected many businesses. Lockdown or shelter-in-place orders have forced businesses to close their doors temporarily or permanently. In this new environment, proactive companies that have taken steps to adapt have not only survived but thrived too.

Of course, a lot depends on the nature of your business. But with the right changes, your company can improve its market reach and take advantage of new opportunities. Here are some tips that may help your organization during the COVID-19 pandemic:

1. Diversify Your Products

Diversification is a good idea anyway as it opens new income streams, but it’s especially critical right now. Consider offering new products and services to fill a market niche and beat your competitors to the punch. 

Of course, you’ll need to survey the market to see what investment opportunity has the most growth potential, but it helps if it’s connected to your market. For example, if you’re part of the hospitality industry and are suffering from high vacancy rates, consider modifying your kitchen into a take-away establishment. Partner with food delivery services like Uber Eats, Grubhub, Skip the Dishes, Doordash and the like to capitalize on the wildly popular takeout market

Alternatively, do something as simple as selling your brand’s t-shirts, especially if you boast high brand loyalty. You can save and buy in bulk when purchasing from the right source, whether it’s customized t-shirts, caps, or bags. You can also hand out these items to your employees to boost company morale. 

2. Embrace Remote Working

With companies losing revenue during the COVID-19 pandemic, many are embracing remote working to lower costs. If you no longer need an office, you don’t have to worry about paying rent, utility bills, and other operational costs. You can also sell office equipment to raise capital and invest the revenue in other areas. 

Studies also show that remote working can boost productivity. Working from home, your employees will also save on transportation and other expenses related to coming to the office. 

Of course, it’s important to maintain company morale while working remotely. Remember to hold regular meetings and ship out goods such as t-shirts and outerwear to your team to remind them that you’re still there for them.

3. Go Digital

Go completely digital to connect to your customers. Develop a website with a chatbot and an integrated checkout system in order to reduce costs while enhancing your market reach. Likewise, develop an app for your business to reach millions of smartphone users.

Remember, digital tools are quite powerful. After you’ve developed an ecommerce platform, you can use marketing tools on social media platforms like Facebook or Instagram to reach new customers. You can use data analytics tools to improve your products and services and really hit your target market.

Of course, as you embrace the digital platform, your company could be targeted by online threats. Use cybersecurity tools to protect your systems, shield your network, and encrypt your data. 

Although the COVID-19 pandemic presents many new challenges for businesses worldwide, you can still achieve success by thinking outside the box. 

Categories: Business