‘WHAT WILL BE THE NEW REALITY?’
In this Covid -19 environment we are sure we have all have talked about what will be the ‘new normal’ [over Zoom no doubt]. No one of us can predict or assume what the new reality will be but, for certain, there will be a new reality.
For business owners, how did you fare? Was your business at all open? If yes, how did it operate differently than usual? If the business operated at this difference, how will this be incorporated or change into the day to day function of the business? Can you find opportunities for the new environment?
As business activity starts up, what has changed in your competitive environment? Have other businesses gotten an edge and changed their platform, to beat in your environment? Consider how you can change to meet the competition head on. Or how can you create your own new niche are and get ahead of your competition? Speed is of the essence. Move ahead quickly and to be prepared. Have a fluid plan but a plan nonetheless.
Do you have lingering financial liabilities? What has the cost impact on your business been in real dollars? Evaluate the time to get back on track financially, realistically assessing the short and long term realignment of the business. Examine cash flow, credit facilities, probable time to get back to break-even and surpass it, and of course, what is the length of time and ability of your business to sustain any losses. The very big issues are: will your business be an essential ‘go to’ for a public in shell shock and how many customers can you see realistically returning or starting anew with your business. Is your business one where people’s finances will make you a priority?
What are the employee issues in your new environment? Regarding your past employees, are they necessary for the business, cost wise and/or necessity wise? Will some even want to return to work in your physical environment, will they be prepared or insist on working from home? Consider changes in finance agreements, line of credits, supplier terms.
Can you create new flexible hours? Do you need to hire new employees, at what new cost? Above all else have empathy for both your employees and clients. What can you do to keep your old employees on and back to work?
It is now time to consider and start working on the physical changes to you bricks and mortar environment. We believe social distancing will be here for a long time, vaccine or not. Both employees and customers will feel more comfortable if they see you are taking their well-being into consideration. Some new implementations may mean wearing gloves in some environments, having extra cleaning staff, having disinfectants around for public use, show a concern for overcrowding. This has been a great emotional strain on our whole society. Will there be a need to change business hours, shorter/longer or change your employee schedules to shorter/longer?
It is time to consider your marketing strategy. It is not too early to plan an advertising campaign or communication campaign. It is time now to inform your existing customers/clients and future targets that you will be open for business and then certainly follow up when you are. And, like any marketing strategy, inform those customers of the value that your business brings to them and why they need your services or products.
Here is the big question, after all this assessment and evaluation, as well as consideration of personal and relevant issues, is your business viable for the long run? If you feel the answer is yes, in many cases, it may seem like starting over. Are you committed to putting the energy and resources that will be required of you? This requires intense evaluations particularly since there are many unknowns as to how the general public will react.
One thing we can predict is the unpredictability, therefore all angles have to be seriously considered and the time for strategizing is now.
Best of wishes. Jim Wilson, ASE, Doreen Levitz, ASE