In this new article, we are talking about simple ways that you can align your Business Strategies with respect to a Pandemic and offer you 10 very workable tips to get it done.
We will be covering:
- Analyze The Scenarios And Business Model
- Identify Unforeseen Circumstances
- Adopt People-First Mind-Set
- Organizational Review & Monitoring
and so much more.
Let’s get started!
Ways to align your Business Strategies with respect to a Pandemic
The world has become a more uncertain place since the Covid-19 pandemic started.
The circumstances are dubious as no one is sure about what would happen to the business dynamics across the globe.
Every day the news is filled with conflicting information with the number of infected cases increasing day after day while the death toll is constantly surging.
The business flow has been impacted significantly, and economies are in jeopardy.
According to BBC News, the International Monetary Fund (IMF) has stated that the proportion of people out of work in the United States has hit 10.4% due to the Covid-19 outbreak.
Many industries have been affected since the lockdown enforced.
Millions of workers have been laid off from their jobs even in the well-developed countries such as United Kingdom, Germany, Italy, and France.
From the report presented by the IMF in June, a significant dropdown has been observed in the number of consumers and shoppers.
Tens of thousands of businesses worldwide have taken a step forward towards e-commerce business strategies considering the recession, which has resulted because of the pandemic.
Still, the procedure that needs to be aligned for better results has been mentioned below.
A Dubious Future
The dynamics have been altered, and the level of uncertainty and unpredictability has been increased significantly.
The situation and circumstances are so dubious that planning and strategic setting needs rapid transformation and continuous vigilance.
Businesses are forced to laid-off their employees as they are futile.
The financing, resourcing, and cash-flow have been stopped, and thousands of companies are on the verge of collapse.
‘Most strategic planning relies on a high degree of certainty and predictability; however, the Covid-19 pandemic allows for neither of these.’
Strategies to align your businesses with respect to a Pandemic
The biggest question is how a business or company can act strategically through pandemic and maintain a sustainable business?
The below-mentioned strategies are affective and can simply be a trouble-shooter for your business.
1/ Analyze The Scenarios And Business Model
Customers are vital for every business, and in this unprecedented time, every business needs to analyze their respective business models and act accordingly.
Companies must focus on creating unique value propositions, capabilities, and financial structures to meet the needs of customers.
Determine the impacts of this pandemic on your finances and operations; implement data analytics, and check how each factor will affect and develop it over time.
Also check, if the period will be extended for a prolonged period and what will be your strategies.
Planning and execution should be your key.
Another method is to design a proper questionnaire to engage business leaders as one of their biggest responsibility is to anticipate the future.
2/ Identify Unforeseen Circumstances
Companies should develop a proper check on the possible and emerging threats from the pandemic.
Weaknesses can be distressing, and might also slow down the process of productivity.
Businesses must prepare for the future and avail all the opportunities to turn the tables and converting weaknesses into strengths.
Remember that you should evaluate and measure the possible risks that this uncertain condition can bring to your business model.
Conduct virtual sessions to communicate effectively with the team and clients at the same time.
Meeting in person is a problem, but getting intact through other channels will give a silver lining.
3/ Adopt People-First Mind-Set
Governments have imposed lockdown countrywide considering the health and safety of the public.
So it is of great significance for companies and other businesses to show care for the workforce by keeping their health and safety at first priority.
Remember that if employees’ health is in peril, they will be unable to focus on the work and perform their duties carefully.
So a vital thing to consider is to confirm and make sure that employees remain safe and sound at the workplace.
Develop a system in which employees feel connected while being safe at the same time.
Companies must provide employees with access to internal and external resources for better work options, services, and care to get their loyalty and commitment.
Employee engagement is more critical in this time more than ever, and companies should also provide employees with awareness training to combat the crises.
4/ Organizational Review & Monitoring
The organizational review is another part to focus on when aligning business strategies.
All the companies have vulnerable parts and durable parts as well.
Use strengths against those vulnerabilities.
While monitoring, keep a proper eye as if the conditions and approaches are aligned or supportive of the company’s behaviour, structure, operations, and management.
Determining the organizational review includes the following;
How the pandemic will affect your development?
Your response to the rising threats?
How will you support your workforce?
How and why do you need to engage your business partners?
What alterations and amendments need to be made in the company’s culture and atmosphere?
How to ensure the safety of your workforce while providing productivity at the same time? Etc.
These are some of the questions that need appropriate answers while conducting the organizational review, particularly for business productivity in this pandemic.
5/ Predict The Impact
As soon as this whole pandemic situation starts, every business individual has expected that the impacts would be distressing, but losing hope and succumbing is not the solution.
There will be impacts, but well-planned businesses predicted the impact and developed a lifesaving strategy.
After all those years of profit-making, you need to be vigilant and cautious in this situation; in short; you cannot give up.
Instead, you must project what would happen and plan accordingly to overcome or meet the challenges.
Circumstances come with choices, choose the right option for your business, and pave a direction for you.
For instance, if you are a business that is never into digital platforms, now is the correct time to jump into the pool of digitalism.
Social media and digital marketing approaches allow businesses to reach a greater number of audiences in less time.
For instance, considering the pandemic situation, many restaurants encourage customers to buy meals online in an effort to maintain social distance and prevent the spread of Covid-19.
6/ Plan & Execute Changes
The current time requires companies to develop tentative strategies and calculate their feasibility.
Planning comes first, and once the planning is done, you can simply put those plans into action.
The world dynamics and living conditions have been changed at a considerable amount, so the design module for your company’s management, operations, workforce engagement, and financial insights also needs to adjust accordingly to cope with the current status.
As reported by several other resources and also mentioned by World Bank Group, that this pandemic is sure to plunge most countries into recession in 2020.
Economies are projected to shrink by 7% globally, including America by 7.2%, Europe by 4.7%, and the Middle East by 4.2%.
The role of senior management comes into play for planning execution after setting priorities according to the needs.
Operations of your business stream cannot come to hold, but it could be managed according to the conditions if you are well-prepared.
7/ Invest In Technology For Remote Work & Collaboration
The lockdowns have been imposed countrywide for public health safety, and businesses and companies have already started embracing remote working.
It has been noted that working remotely offers options more than ever before to take the operations on the track.
According to Global Workplace Analytics, 4.7 million employees have been working from home at least half the week in the United States.
This strategy shows that work from home has been a good option for both employees and companies.
In this way, safety can be ensured while business goals can be achieved.
As entire office facilities have been shut, working from home is a functional and productive strategy.
However, work from home has also been challenging for 19% of remote employees, as the employees reported loneliness as their biggest challenge while working remotely, according to Buffer.
Companies and businesses should adopt effective technologies and methods that can be useful for employees to complete their assigned tasks while being in touch with their team.
If you are a manager, do not forget to conduct virtual sessions to engage employees and recognize their efforts in these hard times.
If the system is not properly organized and well managed, the operations and business will get affected.
So, in order to generate positive results, the companies and businesses require a proper channel with excellent execution.Join the conversation - Ways to align your Business Strategies with respect to a PandemicClick To Tweet
8/ Captivate Your Customers
It has been observed that customers are generally stopped buying several products and services during natural catastrophes.
This behaviour is literally beyond the company’s control.
According to Forbes, 19% of people are running out of money. Moreover, 18% of the United States people have a family or a friend who is impacted by coronavirus pandemic, and 5% of the people are with a dead friend or family member, according to USA Today.
Companies must continue to stay in touch with consumers using multiple communication channels, reinforce the consumer trust and interest for that product.
Companies should also deliver information to alleviate the customer’s concerns and queries.
Your teams should be of high-performance when it comes to research; they should know the adequacy of supply at impacted areas and how to capture the market again.
Companies could also use their websites and social media platforms to engage with customers as these are useful proactive tools that address customer concerns.
Your products or services should be precise.
Companies should follow the policy of connecting with people in these hard times.
9/ Develop An Effective Communication Channel
During catastrophic situations, effective communication and interaction between a brand and its customers develop strong relationships. Empathetic and transparent communication not only helps businesses to develop effective relationships with customer, but also with the employees.
The awareness messages, social media posts, and branding with awareness strategies can play a significant part in customer building and getting customer loyalty and employee retention.
In these hard times, you must use every channel, for example, customer care centres, public releases, social media, etc.)
Events like this pandemic can also add another complex layer of false news and fake remedies on social media.
Both your employees and your customers are your asset, and they need your assistance and guidance, which can be easily achieved by establishing a robust communication strategy.
There are many ways in which companies and businesses can communicate with their employees who are working from home and customers who are isolated.
10/ Use A Digital Marketing Strategy
People are stuck at homes, maintaining social distance, and found using social media platforms more than before.
According to a survey conducted by Valassis, 39% of social media users said that they are spending more time on social media during their quarantines period.
Using social media platforms or digital channels to connect with your consumers is an approach that breeds results and is effective at the same time.
Starbucks uses empathy as part of its social media campaign and posts a ‘Thank You’ note and a free latte offer for all the US medical staff who is working tirelessly to help Covid-19 patients and their families.
Ways to align your Business Strategies with respect to a Pandemic – Takeaways
Pandemic has changed the dynamics of the world in an upside-down manner.
According to various economists, world political leaders, world business leaders, and research analysts, businesses, and companies, the economies are on the verge of collapse.
Companies need an effective transformation in these hard times.
Adequate actions are needed to mitigate the negative effects of an ongoing pandemic on business operations.
Businesses have already altered their ways to deal with this pandemic.
Are you one of them?
If not is it time for you to adapt to the changes that need to happen?
That’s all for now!
So how did you align your Business Strategies with respect to a Pandemic?
Did you do something different, would you do something different?
Let us know in the comments section below.