The pandemic has hit the spine of the economy quite belligerently and as forecasted a lot of sectors would see the repercussions. Due to stopped activities and unfriendly social distancing measures, it is going to take a while for businesses to recover. With low budget and lesser freedom to explore, a business will have to reinvent when it steps back into the world post-COVID.
If you are a senior member of an organisation and are tasked with making a plan for the future, you need to account for many factors. You need to identify what a new reality will look like and understand it from a customer’s perspective. Then you can decide how you wish to stay relevant. Only a business that changes based on needs is one that survives longer.
7 key questions CXOs should ask for post-COVID company direction:
How will you ensure the safety of your employees?
This is the first question you need to ask yourself because it is urgent and your responsibility. If you want to retain your employees and give them a safe workplace, then you have to account for precautions and medical facilities. Whether a small or large business, you will have to invest in basic precautionary measures so your employees feel comfortable coming to the office.
What is going to change for your customers?
Dispensible income will definitely take a hit in the coming days since the economy is under pressure. Layoffs and salary cuts across industries are rampant and the future is uncertain. At an uncertain time like this, people will prefer to invest in only what is essential to them. They might hold off on big investments and products or services that don’t follow social distancing. Your business will need to bend according to their new demands.
What will happen to your competition?
This is important because they are also in the same situation as you. You need to be alert about their strategies to survive during the pandemic and their financial situation as well. By having some knowledge over what they are up to, you will be able to find a unique angle to your business and be careful of being stepped on by them.
Who will be your new competition?
For the same reasons as above, you need to account for new players in your market as well. By keeping an eye on their strategies, you will be better equipped to manage your situation. If you are planning to diversify in a new market, then you need to identify the big players there as well.
What will happen to your supply chain?
There will be a lot of sectors that will be affected by the pandemic. Supply chain is one of them and you need to reconsider it if you are highly dependent on it. You will need to assess each layer of your supply chain to understand what is being accepted and what is not. A new plan of supply will need to put in place that adheres to the new norms.
What do you need to change in your business to stay relevant?
This is a key question as it determines your survival. Like most traditional businesses had to embrace digital, there will be some hard changes you will have to make to your business model as well. After analysing all factors, create a budget chart and invest in areas that might give you profits in the new reality.
What do your new milestones look like?
Be kind to your business. A pandemic has taken over the world and for no fault of your employees and business, you are going through tough times. Instead of your old hectic schedules and big milestones, set new ones. Set milestones that are achievable and understanding. With the first success, your employees will have boosted morale.
It matters what a leader does in times of crisis…
As a leader, you are going to have a whole organisation looking at you for help. You need to stay calm and focused to make good decisions. Accounting for every factor, weighing their benefits and using both rationale and emotion, will help you get through this time successfully.