How Your Business Can Recover from 2020
It's no secret that the COVID-19 pandemic has disrupted various industries. In fact, there are some that won't be able to recover at all from the shift that's occurred regarding consumer behavior.
Companies that are able to weather the storm will find that they're able to increase productivity with the right steps.
Not sure where to start? Don't worry, we’ve got you covered. Let's take a look at everything you need to know about business recovery in a post-COVID society.
Incorporate Automation
In order to get back on track as quickly as possible, your company will need to operate as efficiently as it can. Since it likely won't be feasible to hire more staff during these times, it only makes sense to find other methods of increasing productivity.
Automation is a tool that provides everything you need due to how seamlessly it can be incorporated into most business practices. Additionally, there's a large number of applications that you can use this technology for.
Lead generation, for example, can easily be automated in the form of chatbots. Other forms of automation can do the same, like email marketing, sending invoice reminders to clients, etc.
You'll be able to increase your productivity exponentially. But, you'll likely surpass your old metrics if you weren't already making extensive use of automation.
Prioritize Lead Generation
It's going to be more difficult than usual to generate new leads for your company under most circumstances. Many people are on tighter budgets due to the mass layoffs that occurred during early 2020. They may also be reluctant to spend money in general due to the constant advertisements they see.
So, it's easy to get lost in the noise of other firms' marketing tactics (and this is something you should expect during the early stages of recovery).
To combat this scenario, you'll need to get a bit more creative with your lead generation methods. This means taking advantage of the strategies that you never have before.
Some of these could include:
Frequent blogging
Establishing a larger presence on social media
Cultivating stronger relationships with your customers
Focusing more on acquiring your customers' email info
The more you're able to incorporate lead generation strategies into your marketing plan, the better off you'll be in the future. Remember: you may have a more difficult time making a sale, so you'll need to generate more leads than normal to make up for it.
Take a Second Glance at Your Audience
Before you begin running ads, sending emails, etc., consider taking a second look at your target demographic. Chances are, there's some fine-tuning that you could incorporate in order to make your marketing strategies more effective.
Even if you're positive that you've already defined who your audience is, check your past metrics to see if there's anything atypical that led to a sale.
For example, let's assume you tend to focus on male professionals in their 40's. You may also have a growing level of interest from younger men (or even women), consider expanding upon how you frame your marketing message.
Even a simple tweak to an ad's copy could establish a more inclusive atmosphere between you and your customers. This will easily lead to more sales over time.
To get started, take another look at the following attributes:
Age
Average annual income
Ethnic background/additional languages spoken
Hobbies/interests
Level of education
Geographic location and time zone
You'll likely be able to find something you can add, omit, or rework in order to better define your target demographic.
Keep Realistic Expectations
It's essential to understand that you're not going to be able to bounce back overnight. In fact, it may even take months before you begin to see an uptick in overall sales.
Remaining grounded while expecting a lower level of performance than normal will give the strategies you implement time to work on their own. Otherwise, you may find yourself constantly switching gears without making any tangible progress.
It's not uncommon for an underperforming company to rework their entire marketing plan only to change it six weeks later when their intended level of performance wasn't met.
In a scenario such as recovering from COVID, it may be in your best interest to keep your standards relatively low when it comes to how well your company does. In the midst of a pandemic, any improvement at all is a significant improvement.
Rework Your Financial Projections
In addition to being realistic about how your business performance will be, it's also vital for you to rework your financial projects. Not only will this help you establish the appropriate budget for the future, but it will also provide a level of transparency that any investors you have will appreciate it.
In the event that you project typical sales performance and fall far below these numbers, you may find that former investors are no longer comfortable with placing money into your company.
When developing a new financial progression, consider the following:
What will happen if previous metrics aren't met?
Are your newly proposed targets able to be hit?
What can you do to generate as much revenue as possible?
Being honest with yourself about your company's expected performance and the consequences of the numbers you're able to achieve will help you develop a path for you to navigate as your business recovers.
From here, you can set both short-term and long-term goals to aim for as opposed to slowly chasing the numbers associated with your pre-COVID performance. This will also help keep morale in your workplace high.
Consider Keeping Only Essential Staff
Many companies want to rehire their old employees as quickly as possible to alleviate the hardship that's been placed upon them. In many cases, though, this is notably impractical.
A tech company, for instance, may be able to operate at 90% efficiency with only 60% of its staff members. Some companies may be able to function at a notably high level with fewer than 50% of their total employees.
During a time when every dollar carries far more weight than usual, it simply doesn't make sense to allocate hundreds of thousands of dollars toward hiring workers that aren't absolutely necessary.
Instead, strongly consider keeping only essential staff around as full-time employees. After revenue begins to increase and you have a bit of breathing room when it comes to your extra finances, you'll be able to work toward hiring former employees if they're still available for work.
Fortunately, it's highly probable that your essential staff will operate at a high level of productivity since their performance will directly affect whether or not your company can afford to keep paying them.
Be Willing to Accommodate Your Clients and Customers
Although you'll be handling your own share of difficulties, don't forget that your clients and customers have likely experienced the same amount of hardship. As a result, they may need a bit more flexibility when it comes to your pricing, whether or not they're able to make payments on time, etc.
Although it can be frustrating to provide products or services than less money than normal, it's not a permanent scenario. You can even work to establish a plan with your clients regarding how long your “grace period” will last.
For example, you could provide a small discount for your company's services for a handful of months before your prices return to normal. Similarly, you can also set a predetermined period of time where clients have the capability to make payments late if they need to.
For even further flexibility, you can base these numbers off of how large your client's account is, the length of time you've had a business relationship with them, etc.
Not only will this serve to ensure that you maintain a consistent revenue stream, but your clients will also greatly appreciate the flexibility. In the future, they're liable to share their satisfaction on social media, with colleagues, and even friends/family.
Just be sure, though, that you can still handle your required monthly expenses after the discounts you provide. Otherwise, you may find that your company isn't' able to reap the benefits in the future.
Business Recovery After COVID Can Seem Difficult
But it doesn't have to be.
With the above information about how to go about business recovery in mind, you'll be well on your way toward getting back on track as quickly as possible.
Want to learn more about how we can help? Feel free to get in touch with us today to see what we can do.
