COVID-19: Strategies to overcome the current challenges
In a time when things are changing day to day, how do you keep business running as usual? Is it possible? What pieces need to be in place to ensure your business will endure? These are all questions we've been hearing from our clients in the last week.
The truth is there is a way to endure and to thrive in an ever-changing environment. It’s through innovation. Right now, many organizations are adjusting to a new normal of working from home and managing a remote workforce. Some are laying people off in the hopes that when things get back to normal, they can continue business operations. But what if instead of laying people off and hoping things go back to the way they used to be, businesses pivot to a new way of doing business?
The reality is some businesses will likely need to close as an outcome of the COVID-19 (coronavirus) pandemic. In times of uncertainty, there are a few ways people respond: by panicking and being reactive, by freezing and shutting down, or by adapting and uncovering the opportunity in the market.
At LIFT Consulting, we have been spending time working with our clients on the unique opportunities that lie in the marketplace. Here is a list of questions you should ask yourself as you navigate the current landscape:
- What do my clients NEED right now?
- How can I meet those needs?
- Does my business have capacity to reallocate my team’s productivity toward a sustainable offering?
- What is the biggest priority for my clients? How can I contribute to that priority?
- What technologies can I deploy to meet the needs of my offerings?
- What legal ramifications will I face if I continue business as usual? (We would advocate you speak to your attorney to help you answer this.)
- Who do I know that can help me navigate this new way of doing business?
- What are effective ways for me to capture market share while working remotely or with a skeleton crew?
- Should I be focused on business development right now?
- What should my business be marketing right now? Should I spend time and money on marketing right now?
Navigating the recent shutdowns and respecting social distancing can be a challenge for some organizations. With the right tools and coaching, your business could thrive through this and come out stronger.
Stephanie Larson is director of operations for Lift Consulting LLC.
Click here to sign up for the free IB ezine — your twice-weekly resource for local business news, analysis, voices, and the names you need to know. If you are not already a subscriber to In Business magazine, be sure to sign up for our monthly print edition here.