Uncertainty in business is to be expected, though not many could have quite been prepared for the challenges presented by a global pandemic.
However, while you look to find your footing as a business during these uncertain times, it’s equally as important to consider the future and what your business will look like following the COVID-19 crisis.
How you bounce back could make or break your business, so here are a few things to consider to make sure your company flourishes on the other side of this crisis!
Use remote working to your advantage
As a result of the crisis, many companies have been forced into adopting remote working.
Remote working was already rapidly gaining popularity and it was only a matter of time before it was adopted by more and more businesses as working practices look to keep up with technological advancements.
There are a huge number of benefits for those companies that can implement it.
Increase remote working, reduce the need for office space
By allowing your staff to work from home even for just a few days a week, you’ll require less office or workplace space which can reduce rent and bills.
If you had expansion plans before the crisis, it’s time to rethink this and look at how your workplace will be set up following the crisis and how working from home can help.
There are all the added costs of extra IT infrastructure when expanding too along with potential building work to meet regulations. There will be less need for staff parking too which could be a huge help for companies based in busy cities.
Simply allowing staff to work from home a few days a week could help save your business a huge amount, while also bringing loads of other benefits with it too!
Become a more attractive employer
More and more companies will be adopting working from home practices and the demand from employees will be higher too. Offering remote working opportunities will automatically give you an advantage when it eventually comes to scaling again.
It will also be critical to retain your staff following the crisis too once more jobs become available again as companies look to resume expansion.
You’ll not only be able to help your staff save on commuting costs and improve their work-life balance; you’ll be able to promote that to potential new employees once you begin expanding again.
Not to mention in reducing carbon emissions output from your employees commuting to and from the workplace, you’ll also improve your green credentials as a business further, making your company a more attractive place to work!
Reconsider your audience and their needs
The world is likely to be in a drastically different financial situation following the crisis. So, where will your company fit in?
How will the market and demand change?
Within your industry, following the crisis there may be a reduced demand for higher quality, higher priced goods or services. How will your product or service fit in to this?
It might be time to take a look at your product or service and prepare it for what your sector or industry might look like after COVID-19.
For example, is what you offer considered somewhat a luxury? Is there a way you can adapt it to meet the new needs of consumers following the crisis?
It may be that your product has multiple features or uses, and a simple change of message is needed when promoting it.
You might feel that your product or service is perfectly placed to capitalised on increased demand following the crisis, in which case it’s time to consider the message and the position of your brand in the market.
Reconsider the position of your brand in the market
If you change your product or service to suit new demand, it might be worth considering how your brand now relates to your product or service and where it fits in in the market.
For example, if you’ve altered your product or service to suit an audience with a lower budget, does your brand now reflect this? If you previously marketed yourself as a luxury, high quality brand for those with higher budgets, you might need to revisit this.
Alternatively, if you’ve simply changed your message to focus on a different aspect of your product or service, again how does your brand and its position in the market relate to this?
Introduce employee benefits
As mentioned, it will be critical to not only retain your staff but to become an attractive employer as you look to scale again.
However, you may not be in the best financial position to hand out pay rises or to offer the highest salaries to new staff.
This is where employee benefits come in as a more cost-effective way of boosting recruitment and retention.
According to Willis Towers Watson, 75% of staff say they are more likely stay with their employer because of their benefits programme.
Whether you look to introduce a range of benefit schemes to suit your staff, incorporate flexible benefits or implement a reward and recognition platform, you’ll almost certainly improve recruitment and boost retention rates and in a much more cost-effective way than handing out pay-rises.
Benefit schemes provide those extra perks that could be the difference between a candidate choosing you over another employer, while flexible benefits will bring your perks and benefits offering right up-to-date by allowing staff to choose which benefits best suit them through an allocated flexible benefits allowance.
Reward and recognition is also hugely important and a reward and recognition platform will make recognising and rewarding staff for their efforts much more efficient and effective.
The sooner you take steps to put your business in the best position possible following the crisis, the more it will flourish. While your company’s immediate future may take priority at this time, it is as important as ever to consider the longer-term future and what you can do right now to ensure the long-term success of your business!
For the latest info on how caboodle are helping businesses during the Coronavirus pandemic, take a look at our COVID-19: how we can help page.