In all honesty, Covid-19 has impacted the economy in ways that are both positive and negative. While there is a high unemployment rate, there is also a chance for innovations that could hire millions of people. Here are ways on how you can position your business for growth post-Corona virus:
1. Keep up remote working
It is estimated that about 74% of the company executives in various industries intend to convert 10% of their staff to permanent remote workers when the pandemic is over. This is a great strategy to go with post-Coronavirus. The beauty of having remote employees is that you get to work with some of the top talents in the industry because there is flexibility at work. It also saves the company a lot of money in transport allowance for employees as well as renting and furnishing office space. Given how the economy has changed, as an entrepreneur, you will need to come up with strategies that help save on operational costs. Therefore, you can position your company so that you have some of the employees working from home.
2. Channel resources on e-commerce
Research shows that e-commerce grew by 14% within the first quarter of the year. Well, it does make sense because we have had numerous people turn to the internet to cater to their needs including purchasing of goods and entertainment. Post-Coronavirus, this is not likely to change given the convenience that comes from conducting product searches using portable devices as opposed to traditional window shopping. The immense reliance on e-commerce is enough reason for businesses to position themselves in a way that they will tap onto this industry.
Operating e-commerce is not rocket science, you only need to have a website that you optimize as well as social media accounts that help you connect with your customers. Lately, there has been an emergence of professions such as social media and SEO managers that can help you maneuver the digital marketing aspects of e-commerce. Going global is also another way you could maximize your e-commerce business. You will only need to hire a Professional Employer Organization (PEO), such as Global PEO, or other providers to help you recruit and manage the employees that will be working for you abroad.
3. Move to contactless shopping
When the pandemic is over, customers will be reluctant to go shopping like they used to before Coronavirus. Thus, this is an opportunity for you to capitalize on contactless shopping by coming up with innovations that will help people shop with ease. For instance, if you are a retailer, people will tend to come to your store to make purchases. For this reason, you can invest in automatic doors that open up when they sense a customer approaching or contactless card machines that do not require you to swap and input your pin manually. The truth is that people will be cautious of touching surfaces for fear of picking up disease-causing microorganisms. Therefore, these ideas will promote your business growth significantly.
4. Invest in delivery services
Covid-19 has already shown people that they can have everything delivered in the comfort of their homes. In the last couple of months, people have enjoyed the convenience of having groceries, ready to eat foods, and other items delivered to their doorsteps. Therefore, you will have to fully invest in delivery services to retain the customers that you have gathered during the pandemic. A company such as Uber Eats is a good example that its strategy can be productive and will ensure that your business grows.
5. Reliance on local production and supply chains
In the past, manufacturers used to source raw materials from distant suppliers in other countries and sometimes continents. Given how the freight services have been distorted since the pandemic began, it is likely that they will have to turn to local producers for materials. This approach will protect their business from future disruptions and will reduce the cost of transportation and shipping. As an innovator, this is a chance for you to start thinking about how you will supply to the local manufacturers. There is a guarantee that you will make so much more from working with these stakeholders thus promoting your company’s growth.
They say “necessity is the mother of invention,” this Covid-19 pandemic may have been bad for the economy however, it also presents other opportunities for you to cash in. Depending on what business you choose to go for, there is a chance for growth in whatever you choose to do. You simply need to have a solid strategy that will help you stand out from your competition. There are alternative means of raising additional finance, through various means of government support and commercial finance options, if things ever get really bad.