The COVID-19 pandemic has shaken up everything we do from how and where we travel, where we work, etc. While some of these changes have been difficult, some have been for the better – including how companies choose to do business. Overnight, or so it seemed, our entire lives changed. The same thing was happening to businesses all across the world. While some companies have gone back to the “old normal”, most have chosen to embrace this “new normal” by reinventing the way they do business.
Four Ways Businesses are Reinventing Themselves Due to COVID-19
Changing Crisis Response
Coronavirus was unexpected. Many businesses responded to the crisis without a solid plan intact. Some ways that companies are changing their crisis response include the following:
- Creating a crisis response team
- Creating plans for similar disasters
- Hosting crisis training for response teams and upper management [Source: PWC]
Putting a Focus on Sustainable Growth
In response to the COVID-19 pandemic, budgets were slashed. Due to this, businesses had to rethink their marketing and customer retention strategies. For some, this meant focusing on building their brand and rewarding customers for their loyalty. The airline industry is a great example. We saw some airlines who chose to put profit over people and have seen their profits suffer. We also saw airlines who chose to put people over profit. They were greatly rewarded when travel came back. Many businesses chose to market to their audience rather than searching for new audiences. They also chose to reward past and current customers for their loyalty with referral programs, discounts and vouchers.
Reimagining the Way We Work
We spoke about this topic in a blog we published last month: Four Ways Coronavirus Will Change the Way Americans Work. From remote working and flexibility to mental health and DEI, COVID-19 reshaped the way we work and the way business owners cater to the needs of their employees.
According to PWC, “Those that are able to plan and manage cash and liquidity positions in a controlled and responsive way will be better placed to capitalize on opportunities as the recovery strengthens.” Most of us now know what it’s like to have our cash flow ripped out from underneath us. As the economy reemerges, it’s important to prepare for that revenue and what it will mean for your business.
One major takeaway from the research we have done is that strategic planning, whether it be in marketing, crisis or revenue management, is more crucial than ever before. We now know how prepared we need to be for the unthinkable.
In what ways is your business reinventing itself in the wake of COVID-19? Tell us in the comments below!