How to adapt your business in a post-COVID-19 world

This is the second article in a 2-part series. You can read the first part about the impacts of COVID-19 here.

The World Theatre in Kearney, Nebraska puts up a notice of temporary closure that also reflects the state of the economy during the COVID-19 pandemic. Photo by Edwin Hooper on Unsplash

From the rapid adoption of digitalization to introducing uncertainty to the global economy, COVID-19 has impacted the world in many ways.

But what do these impacts mean for you as a business owner? And how should you prepare your business when lockdown measures are relaxed, and workplaces reopened?

In this article, we share a simple step-by-step process that you can follow to make sure that your business adapts to a post-COVID-19 economy.

Steps to be done:

1. Identify opportunities for improvement
2. Bolstering trust in stakeholders
3. Prepare your workplace when it reopens

A brick-and-mortar store puts up a sign for closure but highlights phone orders and pickup options. Photo by Erik Mclean on Unsplash

Identify opportunities for improvement

Take a step back and access your business’s financial standing to understand what resources you have at hand. Do a risk assessment of your various options. Prioritize what is essential to your business, and re-allocate resources to bolster these processes.

Here are three inevitable changes that you should explore where applicable:

a. Adapt your processes to be remote-ready

The COVID-19 pandemic has shown us that many business operations are still sustainable while telecommuting, primarily due to the Internet being readily available. Where possible, adapt work processes so that it can be done remotely, such as employing web-based services for smoother collaboration between employees.

b. For retail businesses, provide an e-commerce option

With the rise of e-commerce brought about by COVID-19, companies with brick-and-mortar stores are almost expected to have an online presence with an e-tail store, with both contactless delivery and pickup options available. The latter will be preferable for consumers, especially if you are unable to provide same-day delivery.

This pandemic has even seen a shift within the older demographic (notably the hardest to penetrate with e-commerce adoption) towards using the Internet as a means to buy goods. These newly acquired consumers are forecasted to most likely continue using e-commerce even after the COVID-19 pandemic, due to its convenience.

c. Diversification of supply chain

Another lesson learned from the COVID-19 pandemic is that every business should diversify their supply chain whenever possible — countless companies were affected when China announced factory closures to curb the spread of the coronavirus.

Don’t put all your eggs in one basket! Having two manufacturing sites with a capacity of 500 units each is better than having a single location with a capacity of 1000. This is also applicable to other points of your supply chain (suppliers, warehouses), and might even have a bonus of improving your fulfillment speed.

A store places two notices outside with clear instructions regarding pickup and a heartfelt message to their customers. Photo by Thom Masat on Unsplash.

Bolstering trust in stakeholders

In the next … pandemic, be it now or in the future, be the virus mild or virulent, the single most important weapon against the disease will be a vaccine. The second most important will be communication.

— John M. Barry, author of The Great Influenza: The Epic Story of the Deadliest Plague in History

As a business owner, you should keep communications open with stakeholders: namely employees, consumers, and partners, such as suppliers and shareholders.

Put yourself in your stakeholders’ shoes! Identify the areas that your stakeholders are most concerned about right now and in the future.

Some ways to rebuild trust after COVID-19 include:

• Reassuring stakeholders that the workplace is a safe environment to return to and appropriate safety measures are taken
• Demonstrating the priority of community preservation to short-term profit
• Accepting feedback from employees and make them feel safe in sharing their experiences and opinions, without fear of losing their jobs
• Be understanding of the possible shortcomings of suppliers due to reasons like supply chain disruptions
• Improving cybersecurity measures as transactions and information become digitized

Bolstering trust will take time, but it is crucial in sustaining your business. Focus on being transparent and ethical in your communications with your stakeholders. Make sure that your intentions come across clearly and that you can deliver on your promises.

A subway advertisement in New York discourages unnecessary traveling during the COVID-19 pandemic with a tongue-in-cheek question-type flowchart. Photo by Daniel Lee on Unsplash

Prepare your workplace when it reopens

The best possible approach is to encourage social distancing by extending telecommuting whenever possible, even when workplaces are cleared to reopen. Otherwise, implement alternating shifts to reduce the number of people present in the office until the COVID-19 situation has passed.

As an employer, you should facilitate a safe work environment so that your employees are comfortable with returning to a physical workplace.

Introduce regular temperature taking and provide hand sanitizer dispensers, especially at points of entry into the office. Ensure frequent cleaning and disinfection of shared spaces, such as the pantry area or meeting rooms. Better hygiene practices, such as frequent hand washing, should be encouraged.

Employees should have the appropriate space to work efficiently without compromising on social distancing. Splitting your employees into teams and having staggered breaks allow you to reduce large gatherings of people.

Lastly, adjust your sick leave and leave-of-absence policies to accommodate the current COVID-19 situation:

• Make sure that employees who are feeling unwell do not get penalized for not coming to work.
• Allow your employees to take leave or telecommute if they are required to stay home to care for a sick family member or their children.
• Other flexibilities such as granting an advance on future sick leave or allowing other employees to donate sick leave to each other can also be considered.

You may realize that some of the changes suggested can be made even before the lockdown is lifted. That is because it will be too late if you only start adapting your business when the COVID-19 pandemic is over.

The best time to start was yesterday. The next best time is now.

Deskera Books is a cloud-based ERP solution that enables business owners to run their business efficiently, even during the COVID-19 pandemic. Find out more on our website.