April 29, 2020

covid 19

Setting direct health concerns aside, it has now become clear that coronavirus will not pass without leaving some long-term business and economic consequences in its wake. While it might be tempting to focus on just staying afloat in the moment, putting out the fires as and when they threaten to appear, it’s crucial to plan for the future of your business and be fully prepared for what will come next.

Managing changes in any business takes special leadership skills that need to be aware of the legal requirements when dealing with employee’s contracts. Especially when you’re navigating uncharted waters, slashing budgets and making changes, good leaders will stay attuned to people’s emotions and continue to invest in their people.

Here are some tips that might help your business not only survive but thrive when the lockdown ends.

  • Keep in touch with existing clients/customers;
  • Review your services/products to ensure they will still be relevant;
  • Prepare to adapt your services/products to the current situation;
  • Try some marketing via social media;
  • Identify the challenges to your business now and after the end of lockdown;
  • Assess all solutions to enable your business to get up and running as quickly as possible when trading is allowed again;
  • Look to adopt technical upgrades where applicable to give your business that edge;
  • Be confident that your business will get through this crisis;
  • Be prepared to implement crisis management on the return, being able to react quickly to any situation will be vital;
  • Your employees are your best asset don’t assume that they understand what is happening keep them updated as much as possible: they will be your make or break when you get back trading;
  • Review staff numbers and roles;
  • Consider team building exercises quickly after the return; and
  • Plan for the future, if you have time on your hands start working on a business plan.

Incorporate learning as you go through this time. Ask how this will affect the future of your business and make adjustments as required. As with any downturn, there are opportunities for creativity and change.

Some experts are forecasting a recession, but these can create new problems that can turn into business opportunities. Smart business owners will continue to look for good ideas and people. Stay vigilant in seeking out options that might pay off if and when things return to normal.

The future state will bring a new normal that no one can predict today. All we can do is prepare ourselves to walk straight into the chaos, bringing our personal best to rally the troops through these challenges into the new day.

If you wish to discuss this further or need any advice or support please call us on 07375 097443 or e-mail enquiries@lbjconsultants.co.uk

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