Create a Bounce-Back Plan for Post Pandemic Economy
It’s clear to understand how important it is to have a recovery plan in place when a crisis occurs. You can create a plan to navigate the expected ups and downs that will come in the months ahead as we learn more about how COVID-19 operates and will effect our lives in the future.
When more changes happen, such as a surge in infections and resumption of lockdowns or other restrictions, you can rely on your established plan instead of reverting to crisis mode. You can push your business to sustain or even grow as others fall back on haphazard ways of staying afloat.
Make sure you can answer these questions, which the Harvard Business Review refers to as the “5 P’s,” in order to establish a strong bounce-back strategy.
#1. Position
What position do you think you’ll be in during and after the pandemic?
Begin by taking a realistic look at your market and your place within it. Is there a demand for your goods and services? Or do you provide less instant benefit? You may come out on top, or you may have to make up ground, depending on your value proposition. You can use this technique to predict your anticipated position in the post-COVID market.
#2. Make a strategy
What are your strategies for recovery once the pandemic has passed?
You can make a plan to get there once you know your likely situation. Your plan is a road map that guides you through the day-to-day decisions that will lead you to your desired outcome. You’ll be in reactive mode if you don’t have a plan, which may stifle your growth.
How do you begin to make a strategy? Examine your finances thoroughly.
Many businesses experienced a decline in business during the first months of the COVID-19 outbreak, and they’ll need to figure out how to get back to pre-pandemic levels. Calculate how many clients you lost per week, month, or quarter, and consider whether you’ll need to increase your marketing budget to reclaim that business.
In addition, in your strategy, consider your competitor, industry, supply chain, business processes, and technology infrastructure. To design an effective bounce-back plan, you’ll need a deep understanding of all of these aspects.
#3. Point of view
What will your culture and identity look like in the future?
The epidemic will almost certainly force you to reconsider your company’s essential beliefs. You have the potential to dramatically alter your perspective on your company’s mission and the world. Will the difficulty you’re up against serve as a rallying point for your team? Or will the conflict and tension cause schisms? The solutions can be found in your company’s culture and readiness to deal with change. As the pandemic crisis fades, the outcomes will have an impact on what you can accomplish.
# 4. Projects
What fresh projects can you start that will help your company grow in the future?
To weather the COVID-19 storm, you’ll have to take on some projects. However, you cannot chase every good idea or disperse your resources too thinly. Instead, you should choose projects that address COVID-related issues now while also planning for the future.
You’ll select projects that are fairly situation-specific. However, as previously stated, analysing client attitudes and behaviours, as well as revising your marketing and content to connect with customers, is a necessary. It’s also crucial to revitalise your web presence in order to tell your COVID response narrative or to introduce new online items or ordering choices.
You can then decide whether you need to launch new product lines, modify customer service operations, or pursue other crucial projects once those strategic principles are in place. Setting goals and timelines, as well as determining important actions you must take to support the organisation, will establish a basis for forward motion.
#5. Be Prepared
Are you ready to put your strategy into action?
You can design a beautiful strategy, but you must be ready to put it into action. Be realistic about what you can do and change your timelines as needed. You may discover that switching to remote work stymies your progress—or the opposite may be true. It’s possible that new energy and innovation may emerge. Furthermore, the speed with which you can go forward is influenced by your company’s capacity to make actionable judgments.
You should also assess whether you have the necessary resources and staffing levels. Hiring a freelance consultant can be a cost-effective choice if you don’t have the necessary in-house skills. To help with planning and marketing, you can hire strategy consultants, as well as operational, creative, and technological professionals to undertake certain responsibilities.
Don’t let a lack of expertise hold you back when you may hire an expert expert to help you straight away.
Take a close look at each of the “5 P’s.” Consider where your company stands today, where it will be following the crisis, and what you may expect. Make a list of your ideas and utilise them as the basis for your recovery strategy.
Consider the case of Duluth Pack, which shifted its focus to personal protective equipment (PPE). This decision not only helped them stay afloat throughout the pandemic, but it also opened up a lucrative new line of business for the future.
About the Author
Donald Gonsalves is the founder of Enthof Creatives and a regular writer for the website’s blog. He has more than 2 decades of experience in marketing, sales and branding. His need to research and learn more about these segments in never ending. To contact him, just drop an email to donald.g@sh118.global.temp.domains
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