Strategies for Resilience.
You’ve heard a ton of stories about companies who found a way to pivot during this pandemic. T-shirt companies are now manufacturing masks. Breweries are now producing hand sanitizer. Bars and restaurants are now switching to carry-out instead of producing great dining experiences or social gatherings. Businesses are adapting.
But what about you? Perhaps your business doesn’t lend itself well to becoming an essential business. Maybe you don’t have a resource that can be repurposed into something else. That doesn’t mean that you have to close your doors and lay low until this is over. It means that it’s time to remember the guts and determination it took to open your business and apply that same energy and resolve into retaining your business. It’s time to strategize.
Here is a look at some of the things successful businesses are doing to make sure that they are able to bounce back at the end of this pandemic.
- If you aren’t already, get prepared to work from home.
Most businesses are already doing this, but if you aren’t remote yet, there is a good chance you will be soon. A remote business isn’t just something that is beneficial during a crisis. Many companies are already moving towards this model to save money, and it is becoming the wave of the future. Believe it or not, 62% of employees say they could do at least part of their job remotely. Take advantage of the spots where this makes sense. It could even help you attract top talent in the future and not have distance dissuade them.
- Take the help that is available.
If you don’t have a nest egg to fall back on and you need help, get it. The federal government has programs available to help small and large businesses stay on track. The U.S. Small Business Administration (SBA) has several options that might help in the short and long term. You want to do it on your own, but you might not be able to. If the choice is to either take the help or shut things down, take the help!
- Take advantage of social media.
Companies that are taking the lead right now are capitalizing on social media. Now is the time to establish your culture in a time of crisis. Support other local businesses by posting what they are doing. Support local charitable organizations by sharing their donation links. Allow your customers to share their stories. Now is the time to be a vibrant part of the community you serve, even if it is virtually.
- Now is the time for digital marketing.
In times of financial stress, it’s normal to see the stock market plummet, and the savvy investor capitalizes by buying stock when prices are low because they can get more of a share for less investment. That’s what is happening with digital marketing right now. Prices are low to buy Google and social media ads, and now is a great time to get in, because everyone is at home looking at their devices. You can increase your market share and put yourself in a position to rebound after this ends.
- Know what your suppliers and partners are doing for contingency plans.
If you understand what the long- and short-term impacts of all of this are going to be on the other businesses you depend on, you will be a step ahead. This situation is probably going to have repercussions that extend well beyond this stay-at-home period. If your suppliers aren’t giving you answers that make you feel comfortable, now is the time to look into options with companies that are prepared. Re-evaluate the companies you work with and ensure that you have a team around you that is on the same page.
Resilience is the result of planning and preparedness. It looks like a miracle, but in reality, it is a strategy. Now is the time to adapt. Now is the time to overcome.