Proactive Business Strategies to Covid-19
- Author Amelia Raymen
- Published August 5, 2020
- Word count 700
Gone are the days of not having to wear a face mask, sanitize your hands at every possible opportunity, or avoiding travel unless necessary. These new norms are just a part of everyday life for many now, however, the Covid-19 pandemic has had a significant impact on the world economy and also how business is now conducted. There has not been a significant pandemic of this caliber since the Spanish flu over 100 years ago so taking time to reflect on a new business strategy can seem a daunting process.
The impact on any business comes down to their approach and how they deal with it for the best possible outcomes. Some of the strategies for one firm can differ from others, some businesses are more significantly impacted than others.
The construction sector has had a big challenge to overcome, as is the case with many industries. How can property developers, architecture firms, interior designers, engineering consultancies, and contractors maneuver themselves from being completely unaffected from the coronavirus implications? They can't, not completely anyway.
The COVID-19 pandemic is going to be a deep-seated part of our history and one that is still unraveling itself today. It has resorted to a new era for business strategy in almost all sectors, so changing the approach or structure of a business is the best possible way to deal with it in the long term.
Move online – With social distancing and other measures in place, a wise choice for any business is to move to use online platforms more frequently, this has been a successful experience for many with the likes of zoom and teams to name a few. Social platforms can help assist businesses move forward and stay in close contact.
Adopt a marketing plan – To overcome a loss of direction and for the company to successfully thrive and grow, an effort should be implemented in a new marketing strategy that can overcome some of the obstacles and possibly recoup lost business, customers, clients and revenue.
Re-organize cash flow and projections– Mismanaging the company finances can have disastrous consequences on the longevity of a company. Always consider other cost-saving initiatives before impacting the internal workforce. See what costs can be saved in negotiating new contracts with landlords, cutting overheads of travel and social events, negotiating with suppliers, or cutting links to third party agencies?
Be proactive in morale – Low staff morale can have a significant impact on a business and should always be at the center of any decisions a company takes. Keeping hard-working staff updated and confident in management is key to keeping them on the journey in turning the negativity of the current situation to a positive longer-term outlook.
A proactive approach to the marketplace – Knowing your marketplace and competitors is key to transitioning through the changes. Smart companies will re-shuffle and possibly go in a new direction if needed. Take Netflix for example. They started as a DVD delivery company and transitioned to an online streaming platform when technology and the internet explosion was evolving.
Slow down with expansion – Many companies could expand organically should the market indicate it is the right time. Do not rush if this is the goal, as now might not be the right time.
Create opportunity – To be able to facilitate extra opportunities at every possible moment is key to maintaining momentum. Always be proactive in new business channels that the business could prosper from in the long term, even if the short-term gains are non-existent.
Sustain overheads – During the uncertain times of income and cash flow, sometimes containing an income to cover overheads in the short term could ensure longer-term prospects. Maintaining break-even would be considered a good outcome during these difficult times.
For architects, interior and exterior designers, engineers, construction companies, and property developers, it has been clear that these times are challenging and the pandemic has significantly impacted this sector. The year 2020 is something that will be hard for many and yet as it draws to a close, companies will need to try and rebuild in 2021. There is the hope of an upturn of construction projects in the not too distant future and this could open up a new era for business opportunities.
MB Consultancy is an industry-leading Architecture and Engineering service provider. At MB, all our services are dedicated to investigating and developing new design paradigms and research-driven innovation. This is what differentiates us from all other architecture consultants in the region.Article source: http://articlebiz.com
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