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How businesses can prepare for a post-crisis scenario

How businesses can prepare for a post-crisis scenario

One question that has taken entrepreneurs and managers sleep is: how to prepare for a post-crisis coronavirus scenario? No one knows what economic and social relations will be like since the world has never experienced a situation of social isolation in this way. 

Firstly, companies are concerned with and focused on immediate survival. The survival instinct speaks louder. However, the economic recovery is still uncertain, and some sectors may be reactivated more quickly than others. 

 However, others have no pent-up demand and will only be able to reach their old sales capacity. For example, a reactivated restaurant, at best, will only be able to return to its old billing, because people will not eat more when they return to the streets.

In this way, the companies that will overcome this crisis will be the ones that are already thinking about what life will be like in a few months and preparing for the post-COVID world. So, even if your business is entirely deadlocked, there are several things you can do now to limit the mess.

Steps to prepare for a post-crisis scenario

Managing a crisis is not easy since there is no magic recipe for dealing with it at best. However, some general rules are unavoidable and can help organizations in this period of uncertainty.

Digital transformation: a key factor to success

Digital transformation is one of the conversions to opt to avoid contact. Besides, it provides a secure and risk-free source of income. More and more companies have gone bankrupt, and most of them have suffered a significant drop in revenue. Faced with this crisis, many managers are aware that digital transformation plays a very positive role in the development of a company's business. It is high time to prepare for this kind of situation in the future because a crisis like this can occur at any time.

Today, digitalization has many advantages in terms of marketing and sales. On the tariff side, the cost of communication on the internet is cheaper than the charge of conventional communication. 

Also, thanks to digital, customers no longer need to travel to obtain the information they need, to place orders or to request quotes. Via an interface, Internet users can interact with the company at any time. Digital transformation is a beneficial process for knowing customer behavior through statistical data.

Analyze your post-crisis strategy

Analyze how the pandemic and its repercussions were managed in your company after the crisis as quickly as possible. And, put in place a crisis management strategy. 

All experts agree that the COVID-19 crisis will not be the last of its kind to disrupt our lives and our economy. It is essential to learn from the current situation: best practices such as vulnerabilities, from all points of view - HR, operations, finance, etc. 

This assessment will allow you to be better prepared and equipped in the future, and therefore to be more proactive and resilient in the face of this type of exceptional event. For example, plan an emergency fund to meet your liquidity needs after a crisis, and make sure that your technology infrastructure is adequate and robust to support the needs of your remote workers without losing productivity.

Continue to communicate

In times of uncertainty, you must communicate with everyone related to your business. This includes your employees, suppliers, and customers. Even if you are not sure which direction you will take, do not feel ready to share your action plan or fear to repeat information that has already been widely published in the media, take the time to let all where you are and what you are preparing for the future. It is never too early to share reassuring information!

Worry and fear often increase in the absence of information. Let your employees know that they can expect regular updates from you. Communicate with them, even if the situation remains unchanged. This will reduce concerns.

Make sure all of your communications are professional. Also, be sure to include essential information such as who to contact for more details, what to communicate:

  • publicize any new measures planned 
  • communicate changes as soon as you set a direction 
  • provide regular updates 

And, what to include in your communications: 

  • company logo 
  • dated
  • title summarizing the fundamental message 
  • name of the contact person, title and contact information

Conclusion

We are undergoing a drastic transformation, the world as we know it has changed, and this has generated many questions. It is important to note that your company's performance after the recession depends on how your business got into the crisis and everything you did to get through the storm. The opportunities for innovation in times of crisis will reinforce your perspectives, and in the end, be even stronger.




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