The coronavirus pandemic has disrupted business worldwide, with barely any sector escaping unscathed. As things start to return to ‘normal’, business leaders have two key things to think about – recovery and future-proofing.
Developing a post-Covid growth strategy is absolutely crucial, but not only for the short term. The immediate priority is to get business back on track after the pandemic, rethinking approaches and resetting targets.
But organisations also need to be looking to the future. What if a major shock like the pandemic happens again? Resilience, resourcefulness and ‘worst case scenario’ planning will all become major factors in whether a company thrives or fails.
Here are some key things to be thinking about when developing your post-Covid business growth strategy:
Get to grips with the ‘new normal’
The world, and your industry, won’t be quite the same post-pandemic. So it would be a mistake to continue with your pre-Covid growth strategy. You need to base your new plans for growth on what your sector looks like now, and what’s changed with your customers, competitors and within your own organisation.
Change is always difficult, but if the pandemic has taught us anything it’s that adaptation and evolution needs to happen – and fast – if organisations are to survive. Digital transformation is perhaps the most pressing for many companies, as the very nature of how consumers shop is rapidly changing.
If there’s an opportunity for a major change of direction that you’ve been putting off, whether it’s because of cost or difficulty, now could be the time to do it.
Build on lessons learned during the pandemic
During the crisis, businesses had to roll out new technologies, processes and ways of working virtually overnight. This provided an ideal testing ground for innovative ideas, which may not have happened organically for years without a global health emergency as a catalyst.
While working out the next steps, take stock of what worked and what didn’t during the pandemic – and take these ideas forward. This could be new technology, flexible working arrangement or even identifying new markets, products or services.
Make business resilience a priority
Right now, businesses are in survival mode. As they start to recover, there’ll be a heightened awareness of the critical importance of business resilience. Many organisations only discovered their own fragility when the pandemic started to bite, and it was a shocking wake-up call.
Once the worst effects of the pandemic recede, there’s a risk that businesses will start to forget about resilience. The focus could switch right back to efficiency and profit-building, leaving organisations painfully vulnerable to the same issues and mistakes.
To prevent this from happening, make resilience a key tenet of your post-Covid growth strategy. Build in measures to prepare and cushion against worst-case scenarios, and review them regularly.
When it comes to growing your business, you don’t have to go it alone. Get in touch with our lead generation and B2B telemarketing specialists here at IT Focus, and we’ll develop a strategy to help steer you out of recovery mode and into growth.