Sure, we’re still navigating the COVID-19 pandemic, but we’d be remiss if we didn’t reminisce a bit and think about how business has evolved during this often-difficult time.
After all, that’s what the best businesses do. They roll with the punches. They make and embrace change. Here’s a look back on some lessons we’ve learned…
Don’t take things for granted. That you don’t have to prepare for the future, that your customers will be there no matter what…any of it. Operate as though your company’s success depends on every decision you make, and make each one thoughtfully.
Be prepared. Work as if there could be another major incident that could shut things down again because (not to use scare tactics) anything is possible. If you prepare now, you’ll have a far better chance of withstanding such an occurrence. To start, set up a savings account to be used as an emergency business fund.
Be money smart. Optimize your cash flow. Have some cash on hand in case a disaster strikes. Forecast regularly, cut expenses where you can and stay on top of accounts receivable.
Be flexible. Think about how so many businesses adapted to remote work and set up online stores. Consider how you can change or add to what you’re doing to increase and expand your business and how you can work with valued employees for retention.
Accessibility. Along with working remotely, accessibility is essential. Can employees get access to the equipment and files they need? Do they have adequate internet access? Is there a backup file system? Are you stocked up on office supplies?
Leverage social media. Did you find ways to connect with customers, colleagues and employees remotely while in lockdown or when social distancing? It’s essential to continue those efforts even now as some individuals prefer to keep their distance or must continue remote work while their children learn virtually and the like.
Add revenue streams. Did the pandemic force you to pivot and try something new? Did you create a new product or platform for sales? Brainstorm about what you could do in the future, now. The next great idea could be right around the corner.
While COVID-19 has certainly been difficult for much of the business community, there have been great success stories, too. Plan to be one of those in the future – pandemic or no pandemic!
Learn more about Pagoda Business Network online at pagodabusinessassociation.com and more about Smith Enterprises Consulting LLC at smithenterprisescorp.com. We’d love to welcome you to a meeting or to help with your business.
Nikki Murry is editor of Berks County Living magazine and a freelance writer, editor, proofreader and blogger. In her free time she is an active dog rescue volunteer and enjoys spending time with her 16-year-old son, Riley, and her three dogs: Figgy and Shelly, French Bulldogs, and Bruno, a Boston Terrier.