Planning Your Company’s Future During Uncertain Times

The COVID-19 pandemic is changing our world every day and forcing many businesses to reduce services or close their doors altogether. Amid this global health crisis, companies are taking stock to address the drastic shifts we expect to experience once the crisis portion of the pandemic is over.

If your company is like most, you’re thinking less about growth and more about how to stay alive during these times of uncertainty. Of course, your focus is on immediate survival, but take a moment to consider the importance of planning for the business’s future.

New realities, new plans 

Taking the first step towards change is always challenging, so where should you start? The most significant step is creating a new plan for the business, including being able to forget about old plans for the business. Past initiatives may have no place in the new normal – whatever that becomes – so save yourself the headache of trying to resurrect efforts without assessing viability.  

A plan for uncertain times

Planning involves assessing your current circumstances and figuring out the best way to proceed. Some questions you can ask yourself to prepare for the future include:

  • How has COVID-19 affected your customers?
  • How have your customers’ needs changed after COVID-19?
  • What does the competitive landscape look like after COVID-19?
  • Do your products or services need to be altered to meet these evolving needs?

Answering questions in advance when no one knows what the future holds is a challenge, but keep an eye on industry trends and world news that affects your industry. You may even discover a new product or service.

Look For New Opportunities

The pandemic has created new or changing needs for the same products or services. Some companies are changing directions to help fight the coronavirus and finding new business opportunities along the way.

  • Can you serve new demographics?
  • Can you offer new services to existing relationships? 
  • Can your products be reused or repurposed? 
  • Do your customers need your service in a new way? 

Explore the possibilities!

Pivot toward technology

In the past, remote working was not the necessity it has become today. While some companies were equipped for the sudden transition to working remotely, other companies only allowed occasional remote use to accommodate travel schedules or employee illness. Some companies who now work fully remote had no remote capabilities even a few months ago.

New business models or not, new technologies will help you navigate the market after the pandemic. New solutions are needed for the days ahead, whether it’s software-as-a-service (SaaS) for remote working or ERP for inventory control. Technology is what has allowed economies to function and thrive during this pandemic. At its core, it allows us to do more; now, it enables us to do more remotely.

The companies which were further along in their digital journey generally fared better than those who lagged behind. Businesses that have adopted cloud solutions for remote working are more prepared for future disruption. 

An engaged staff is more productive

Continue to encourage employees to work from home if possible. Many are just starting to form good habits for effectively working from home while reducing interruption from children, news, family members, homework, and more. 

Find ways to make the transition to remote work easier for your staff and their families. Show that you are in this together and that together you will get through it. The coronavirus pandemic has brought transformative modifications to the way we work and live, working together shows you value your staff.  

Time for action
In these unprecedented times, we all hope for better days to arrive soon. Plan for uncertainties, look for new opportunities, engage your staff and lean on technology to not only help you weather the storm, but come out ahead on the other side. 

By using cloud-based solutions, you can prevent multiple problems and remain flexible to make smart decisions. Organizations recognize cloud technology benefits and witness how they impact their security, collaboration, production, and even revenue. 

As today’s cloud adoption increases due to the circumstances, it’s beginning to define how businesses will interact in the post-pandemic era. If your company is still hesitant about its pathway to the cloud, let us answer your questions.

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e2b teknologies is a passionate and experienced team of industry leaders and business advisers providing expert insight, informing companies of advancements within the industry and how they can benefit from them.