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The world today is not the same as just a couple of weeks ago. We are facing unimaginable pressures of a kind not seen since the two World Wars. Every single sector and size of business is suddenly plunged into a battle for survival as the economic shock caused by Covid-19 ripples out across the globe. Most people are still caught up in the initial shock, left reeling by the speed of the impact and firmly in survival mode. And while that is perfectly understandable, the businesses which emerge from the other side of this monumental crisis will be those who had the ability to think ahead to a period of recovery. Right now it’s all about doing what you need to in order to make it through the next few months. But although it feels all-consuming right now, if you are able to take the time to plan your next move when the worst of it is over, you may just be able to emerge from this time as a leaner, more focused organization.
Get Your Plans In Order
The one thing we all suddenly have more of at the moment is time. With the world on lockdown, and trade of some kinds slowing dramatically, there is actually capacity within the working day. So use this time wisely to really think through what your plans for recovery will be. You could revisit your business plan and give it an overhaul to make what you do more fit for a post-coronavirus world. You could update a SWOT analysis to identify exactly what, if any, opportunities you may have a result of the shifting circumstances. It may be time to rewrite your marketing strategy, overhauling the messages you want to give out and reducing spend. Investors, customers, and employees will all eventually want to know what direction the company is going in, so having everything prepared to show them is the confidence-inspiring move of a true business leader.
Revisit Your Budget
Small businesses are already used to doing more for less – so you might even have an advantage when it comes to leveling up. Go through all of your overheads and see if you can reduce them or negotiate some better deals to reserve some cash flow for more immediate matters. Also make sure that you have the services you will need to be in a growth position, whether that’s looking into cloud-based software or scoping out something like https://www.lingo.com/business/sip-t1-pri/ to handle your business calls.
Refocus Your Vision
Understanding exactly what you want to achieve with your business when the dust has settled is also crucial. It could be time to refocus on your values for the business, and use this time as a period of reevaluation. Are you still on the right track for a post-Covid-19 business? There is little doubt that this will fundamentally change the world and everyone’s view of how things should be done, so are you positioned right?
