Posted in:HR Governance
It is hard to believe that it has been just over three months since the COVID-19 pandemic brought the global economy to a standstill. The times are shifting towards more positive developments as many cities and towns are starting to implement phased reopening initiatives. It also makes it a good time for business owners to evaluate their business models to compete in a changed world.
Does your business model work in the new normal?
Depending on your business model, you may have to re-evaluate its viability in light of the “new normal.”. Many industries, especially those who are reliant on large groups of people coming together in person, have been forced to pivot in light of restrictions necessitated by COVID-19. While some areas have begun to move toward re-opening, society and the economy are still some distance from returning to the normal we knew before the pandemic. It may never be the same way. As unpleasant as it is to consider, the possibility of a second wave also exists; this means business owners may be faced with a two-steps-forward, one-step-back situation until an effective vaccine becomes readily available. In light of this downside potential, it is important to take a careful look at your business model and its viability over the short to medium term.
Don’t lose heart. If your business revenues dropped drastically, take a look at where money is still coming into the business. It may also be beneficial to take another look at the outpouring of money too. Don’t forget, cash is still king. Take your findings and start to make changes. Some businesses may have to pivot sharply. Other businesses may be able to take a more gradual approach.
Can you still monetize your business ideas?
Take a look at your business ideas to make decisions or confirm that your ideas can be monetized. In 2020, certain business models (e.g., online sales, delivery services) are seeing growth that never could have been anticipated. There may be opportunities to shift your business ideas in the direction of the products and services that are currently in high demand.
Sometimes, it just takes perspective. While some people will crumble along with their businesses, others will rise to the challenge and find the opportunities within the uncertainty.
Do you have the right team?
Having the right team with the right skillset is critical to bolstering your business through this unusual time. Take a look at the members of your team and the roles they play – both today and how you see them evolving over time. Honiva can help you with effective workforce planning – which in turn can help set your business on the path to sustained success.
Are there ways to strengthen your company based on learnings from recent events?
2020 has been a tumultuous year and we are not even halfway through it. The last few months have been some of the most trying in recent memory for many business owners. However, the current situation does present a great opportunity to take a closer look at your company from different angles to come out stronger.
Once you have stabilized, start to take steps to insulate your company from future crisis. This pandemic was a hard lesson for many people, but you can crisis-proof your business. Our team is ready if you want to brainstorm ideas together. Let us be a part of your dream team!
Here to Help
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 prepare you during your recovery and rebuilding, please view our service offerings. We also welcome business owners to attend our next online seminar to learn how to improve employee management practices and strengthen your company long term. Register for the free HR Education session at EventBrite.