The last few weeks have been unlike any other period in recent memory. As COVID-19 spread around the globe, businesses have had to adjust quickly. Many business owners have seen their business model crumble in light of recent developments, presenting leaders with unprecedented challenges. However, depending upon your perspective, it may also be a time for renewal. If possible, business owners should be encouraged to take a step back and review key aspects of their operations in order to adapt to the current “new normal.”
For businesses that serve customers directly, now is the time to consider alternate means of delivery when physical storefronts and business locations may not be able to accept customers. We are seeing this change already where providers of physical goods have switched to an online delivery model; restaurants are offering takeout and delivery where possible; and service providers, such as personal trainers and yoga instructors, are offering their services online. It is possible if you push yourself to think of the possibilities. If needed, our team is happy to spend time on the phone or virtual meetings to help you think through steps toward your new future.
Now is also a good time to revisit your marketing plan. Perhaps it has been a while since you’ve identified who your target market is and how to reach those people. Markets change all the time, so this forced pause might be a blessing in disguise to allow you to sit quietly and conduct some in-depth analysis. It is also a good opportunity to revise your marketing tactics in order to reach those people given the significant impacts the COVID-19 outbreak has had on daily rhythms.
The current situation is putting pressure on companies from an HR perspective, as the pandemic affects everything from employment contracts to workforce planning. Review your HR plans to ensure it makes sense in 2020 and beyond. As needed, our team is well-equipped to help you complete this planning process effectively. You just simply have to ask for help.
Even a recently updated financial plan may have been derailed by the pandemic, with many sectors forecasting second quarter losses on the scale of the 2008 recession – or worse. Revisit your financial plan and make any necessary adjustments to maintain your fiscal responsibilities.
Information Technology Plan
Even prior to the COVID-19 outbreak, a coherent I.T. plan was one area that some businesses tended to overlook. For those that have an I.T. plan in place, technology changes so rapidly that a plan drafted even a short while ago may be outdated. Additionally, companies that have pivoted to remote work for the first time may be facing new challenges regarding their I.T infrastructure and security needs. Now is a good time to create or review your I.T. plan, implementing new solutions as needed. We have partners in place to help you navigate this technological change to piece together the right components.
Here to Help
Would you like to learn more about HR planning for your business? We can be reached for a free confidential consultation at +1-403-470-5350 or [email protected].
For further details on how Honiva can help you strengthen your business viability, please view our service offerings.
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