While the world begins to open up again, these 15 helpful tips can make sure that you and your company are prepared for the future.
1. Assess your business.
At the end of COVID-19, your business has succeeded in weathering the storm. Chances are, it's not unscathed. To progress and help rebuild, you need to make sure you know where the financial damages are, and what to do about them. When you have come up with a clear picture of what exactly happened during the pandemic and what it will take to get back on track, then you can start thinking of how exactly to readjust your budget and begin rebuilding for the future.
2. Keep an ear out for the World Health Organization.
COVID-19 has always been a swiftly developing situation with new information always being added to change the story. To stay on top of the pandemic, even after the economy opens up, listen to the WHO. There are multiple COVID-19 variants to be aware of, and it's possible that COVID-19 may become endemic. Listening to educated officials will help you readily prepare at the first sign of another flare-up of the virus.
3. Learn from past mistakes.
No one was perfect in addressing the pandemic, and those chinks in the armour must be addressed, especially if this happens again. In order to have an educated plan for the future, acknowledging and understanding past mistakes are key.
4. Adjust your budget.
Consider what has happened for the past year and be prepared that a budget readjustment and plan may be necessary in the steps forward into growth. Applying for government assistance even in the post-pandemic world can help supply the building blocks, but your scope may need to be limited in order to maintain growth trajectory. Flexibility is key to your company's continued survival.
5. Focus on the basics.
As we previously explained, diversifying your portfolio may seem like a good idea, but that venture may be difficult to follow right now. You have a limited capacity in your budget thanks to a lack in consumer activity, and the leftover budget should be put towards rebuilding your company.
6. Prepare for a new normal with working from home.
Studies show that working from home increases productivity by 47%. People who work from home on average work 1 more day a week, and spend 10 minutes less a day being unproductive. COVID-19 didn't start the work from home trend, but it did accelerate it to an unprecedented capacity.
It seems counterintuitive, but it works, and it helps employees save money on transportation and eating out. Working from home is the new normal, and with studies showing its effectiveness, it shouldn't be ignored.
7. Listen to employees.
Whether it's their opinions on working from home (which, as we said, is actually quite productive), or on emergencies they might be experiencing, it is important to have leniency even as normalcy returns. It is also important to be aware that your employees may be aware of situations that you may not be and may have great opinions on how to slowly open your company back up.
8. Measure your expectations.
You may not be successful right away, even as the economy opens back up. This is normal. A country does not open overnight, it requires slow waves of vaccine rollout and changes that help to bring us back into the economy that we remember. Exercising patience with the government's schedule, exercising patience with vaccine rollout, and exercising patience with company growth are all vital. Keep in mind that not everyone has the privilege of being free from lockdown procedures, or fear of COVID-19.
While the US is currently boasting a percentage of 44% fully vaccinated people, Canada is currently at 16%. Low income countries are dealing with even worse conditions, as less than 1% have had at least one dose. There is a light at the end of the tunnel, but the opening of your company should mirror the opening back up of the world. You must keep in mind that not everyone is at the same stage you are
9. Capitalize off trends in a new business world.
COVID-19 has fundamentally changed the way the business world is moving, and the best way to work with this as a company is to take advantage of where it might be heading. Right now, businesses aren't just growing, they're taking a step back and completely rearranging the way they function.
The crisis has also created a new wave of entrepreneurs, especially in the realm of digitization. The digital world in general has seen a massive increase in productivity, spurring forward Industry 4.0 far beyond its trajectory before the pandemic. In countries that have rebounded from the pandemic, consumer spending is also extremely high. During lockdown, demand could not be fulfilled, and now that the economy is reopening, consumers are trying to make up for lost time. Preparing for the influx of new demand with digitally based software may be key in propelling your company towards a massive wave of new growth and revenue.
10. Maintain safe and sanitary procedures long after
the pandemic.
Continuing to maintain good health and safety procedures even after the pandemic just makes sense. Washing your hands often prevents numerous illnesses besides COVID-19, lowering several related illnesses by as much as 58% in people with compromised immune systems.
Good health practices mean a less sick work environment for you and your coworkers, which means healthy and happy employees that do not require as many sick days. If another illness or pandemic does appear, getting into the habit of good health procedures around the office will help keep your company prepared.
