Even though COVID-19 had affected life and business in China from as early as December 2019, the world has been in a battle against the pandemic since March 2020 when WHO declared Coronavirus a pandemic.
China, the origin of this deadly virus is considered “The Factory of the world” hence, the impact of COVID-19 on China affected businesses that relied on China as their major source of supply. The lockdown of movement and travel in various nations, a preventive measure to curb the spread of Coronavirus, has had an adverse effect on every sector of the economy of nations including aviation, oil and gas, stock market, automobile, banking, amongst others. SMEs are however the worst hit and many have been forced to shut down their business or layoff staff as well as slash salaries in order to stay afloat.
SMEs are not the only businesses affected by the pandemic as things have become difficult for even big corporations. A lot of big establishments have lost millions of naira due to the restriction most countries have placed on traveling as a result of the virus and other than travel bans businesses have also experienced a market decline, difficulty making necessary payments, inability to settle or access loans which have also led to incurring debts in some cases, reduced industrial output, as well as a slow pace in industrial activities amongst others.
In view of these challenges that your business may not have been immune from, it is imperative for you to start looking forward to starting afresh and solidifying your come back strategy after the pandemic and even as it rages on. Here are three (3) ways your business can bounce back post Covid-19:
Recreate your business plan/budget
It is natural to feel despair when your hard work seems to be going down the drain but dwelling on the concerns or regret of the negative effect the pandemic may have had on your business is not the solution. What you should do is recreate a plan that will help your business survive the pandemic or even thrive in the midst of it and recover all you may have lost when the world goes back to normal.
According to Rebecca Lake, when going over your business plan and business model, get clear on your business’s strengths and weaknesses. Then, look at what was working before that may not work as well now and see where you can adjust or improve to remain competitive. Also, don’t forget to revisit your business goals to make sure they’re realistic, given the current circumstances. This implies that the goal you may have targeted before the outbreak may need to be scaled down considering the present situation
Identify your resources
Identifying your resources post-COVID-19 is a very important step every business must take. This is because, irrespective of how little your business must have been affected, the bottom line is that, things are not just going to be the same. In this situation, you have to consider the major sources of resources the business has been tapping from over the years, and consider if they can still maintain the status quo.
According to Ugodre Obi- Chukwu, SMEs need to consider renegotiating loan repayment terms with bank partners so that the facilities are not repaid at the expense of staying afloat. He also suggested that SMEs could approach commercial banks, or the Bank of Industry for loans to keep them afloat, at reduced interest rates.
Set a plan for unforeseen crisis
Generally, it is often advised to always have a ‘side plan’ set aside from the present one an individual is going by. This is regarded as a ‘PLAN B’ by many people. However, with the reality of the present pandemic, it has dawned on so many people that it goes beyond having just a Plan B. At a time like this, having a plan C, D, E, and as many as you can is not a bad idea. Therefore, aside from looking out for ways to recover from the present economy business meltdown, business owners should consider various ways they can conveniently weather the storm next time a situation like this occurs, hence the need to set a plan for any other unforeseen crisis.
Also, most businesses have had to adopt digital media in their strategy in order to stay relevant. The digital space is one that is volatile and as such requires adequate monitoring of online chatter about your brand to enable you to get in front of the story and control the narrative. Your current workforce may not be enabled with the proper training to prepare for unforeseen crises that your brand may experience in this forte but there is no need to worry. You can contact Caritas Communications whose bread, butter, and expertise lies in preparing businesses for crisis situations and de-escalating them. We will help your brand to weather any crisis situation that may arise.