Leadership

How to revitalize your business post-crisis

How to revitalize your business post-crisis

As the dreaded coronavirus spreads across the world, city after city is being closed, transforming urban business centers, suburban shopping malls, and other public spaces into ghost towns. However, with the diminishing impact of Covid-19, governments are lifting lockdown and giving the green light to restart your business.

This restarting doesn’t mean everything will be healthy, as it was before Covid-19. The situation has become quite challenging, particularly for the business landscape. A reinvention plan is necessary for reopening the business. You need to think about your customers and company assets and aim to maximize the return on those assets. However, if you are not aware of how to resume your business activities, here are a few key points to face the new paradigm post-lockdown.

Start by communicating with your customers - The first thing is to talk about your business that your company is back in operational mode again. But, since people need love and attention during this uncertainty, we suggest you start your message by talking about them, which is a testament to empathy. “For instance, hoping that you have not suffered too much from this pandemic” and, then you can continue by saying that you are back to serve them again and how. Also, you can include a flower symbol in your advertisement that you are giving to them as part of the trade-in.

Define an action plan for each area of the company - It is necessary to develop an Action Plan for each department of the company and which services should start operating after the post-crisis. This Action Plan must take into account employees, customers, suppliers, partners, infrastructure, logistics, everything. In this way, it is possible to create an overview of the operation and check which departments should start operating after the pause. Each sector has its particularities, and that is why it is essential to think about each one separately. Looking at each sector in isolation is the best way to understand how the crisis has affected each area and the internal process of the company's gear. And, thus seek solutions and ways to reduce impacts in each sector, and the organization as a whole.

Have a proper review of your customer’s list - This includes your current customers and the markets where you are available. Take a look at the profitability of these segments and fully understand where your business makes money and where it doesn't, where it can grow, and what current relationships you can take advantage of to access new opportunities.

Your ability to retain and grow your current business will be strengthened by using the best commercial marketing techniques. You must remember that your business was in hibernation mode. So, think about other marketing strategies that will help you to reset your business successfully. The rules of engagement may change in the future, and no one has a monopoly on what the end result will be. Start examining how you did it before the pandemic, what worked and what didn't. And, rethink your marketing strategies to gain visibility in front of your customers.

Highlight employees and be transparent - Management should not forget to communicate and highlight the employees who operate on the front line in contact with customers (because they cannot use telework).  Why not publish the portraits and testimonies of these employees on the company's intranet? But the most important, especially in the smaller organization, is to communicate about the life of the company. The loss of customers or cancellation of orders should not be hidden from the employees. The idea is just to be transparent with your team members.

Concluding Remarks

Crises take us by surprise, without any preparation; but they also force us to reinvent ourselves. And, leaders must help their organizations adopt an ambidextrous mindset: defend, protect, and react on the one hand, and be creative innovative on the other hand. Lastly, we leave you with the words of Friedrich Nietzsche, "What does not kill me strengthens me." We all have the ability to reinvent ourselves, and we all can make a difference in our businesses and in our lives.

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