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Month: October 2020

Set Up a Business Strategy for Success

The economy and business activity are already seen starting to move back. Although things haven’t really come back like before the pandemic and we’re dealing with a new normal situation.

It is still a controversy that some people should not have entered the new normal phase. But, in essence, this phase will indeed be faced. Businesspeople will face the challenge of getting back on their toes after being hit by the COVID-19 pandemic.

The many factors to consider, making business owners should be able to come up with a truly unusual business strategy. It is necessary to ensure the health of employees, for example. In the past, employee health factors may not really be a concern in everyday business activities, but the current condition is an exception.

Still coupled with the expected return of market demand such as before the COVID-19 era, how post-pandemic conditions will change business operations, to changes in consumer behavior in shopping. These factors need to be carefully calculated by business owners.

Business strategies to address post-pandemic challenges

Some of the business strategies below can be implemented to ensure the security and success of the business recovery process in the new normal era.

1. Create a ‘map’

Pandemics have destroyed many predictions and means that business owners rely on in decision-making. To restart operations, business owners need to have a solid framework, amid uncertain situations.

To do so, business owners need to have a detailed ‘map’ of the business recovery process. The map is a reference for production processes, supply chains, marketing strategies, and the required recovery period.

This map will also be a reference for owners to review investment plans or relocate budgets. For example, delaying plans to open a branch and use the funds as budget buffers during the crisis.

2. Always reassure consumers that they are safe

Once the pandemic is over, a sense of security will remain part of the consumer’s needs. So, ensuring consumers feel safe when accessing products or services offered by your business should always be part of the strategy.

Emirates airlines provide thermal screening for all passengers, while Accor Group creates new sanitation and hygiene protocols and labels. In essence, you participate actively in ensuring the health and safety of consumers. Also make sure consumers are aware of the initiative, so that consumer confidence is maintained.

3. Revive market demand

Much of the decline in business revenue stemmed from declining market demand. Therefore, the business needs to reconnect with its customer base and drive the emergence of demand from the market.

Business owners need to identify potential profits, adjust prices but that doesn’t mean undermining market prices, maintaining customer loyalty with convenience, ensuring marketing strategies reflect the new reality we’re facing, and optimizing digital channels for marketing and sales.

4. Reorganize business operations

Many businesses want to return to operational capacity before the covid-19 hit. However, in the new normal era, it should not be the main target.

In these uncertain situations, business operations should be made more flexible and allow shorter time to review every business decision.

5. Optimal digitization

The need for digital channels is increasing rapidly, both for consumers, suppliers, and various parties involved in business activities in general. This needs to be responded to optimally by businesses.

The transformation into digital channels must be able to meet the needs of consumers and employees, at the same time. For example, you provide a very easy platform for consumers to shop from home. To compensate, you may also need to provide training related to the technology used to employees, in order to optimize the work process and customer service.