COVID-19 lessons for business success are many.
As the world was hit with a pandemic when none expected it, one year later, we are learning how to live with it.
That goes for every individual on the planet as well as for businesses.
COVID-19 lessons are about managing what we have –
Rather than focus on growing and expanding, the pandemic has taught us to consolidate what we have.
It is important for small businesses to be able to build on their existing customer base and business potential rather than go for expansions and growth strategies.
COVID-19 lessons for businesses essentially focus on doing what you are doing even better if possible rather than go for big things.
The lessons are about being data driven –
What do you see out there?
Do you see people wanting to buy your product or do you see them going elsewhere?
What does the data tell you?
Being data driven rather than goal driven works for any company or business in the current setting.
The figures will show where your customers are. Also, talking to your customers will tell you what they want.
Make it a priority to be data driven in the new normal – seek validation from your customers rather than enter new areas of business.
Focus on changing customer needs –
We all saw how in the pandemic midst, delivery suddenly became a key factor.
No one had thought of giving it so much focus before.
So that is essentially listening to your customer and learning from that experience.
Remember that just like the delivery option, many other aspects of business has changed – for good in some cases.
Try to factor that in to your business plan. Let your customer’s voice be heard loud and clear.
There’s no other way to monitor how you should go forward in the midst of the pandemic.
Learn something new everyday –
There’s nothing called a permanent mindset in today’s pandemic hit climate.
There’s something to learn everyday ; from how customer behaviour pattern has changed to discovering new products you never thought you would need – eg: face masks and sanitizers.
Allow yourself to absorb new information and keep yourself abreast of the changing scenarios that will help you learn and transform your business to suit changing times.
Manage more tasks with less inputs –
As the world comes to grips with the pandemic, we are all learning that we need to manage more with less resources.
This goes for everything from managing staff to managing supplies and reusing what we have.
The disposables may need to be reviewed as businesses struggle with managing with what is available.
The same level of staff can handle the existing tasks without hiring new staff.
Maybe you can re-use machinery that you might have considered replacing. The same goes for the other costs you might have been planning to undertake.
Until this passes, we should be able to manage our businesses without having to close down.
That’s the plan and that’s the brief.
For more great business ideas, keep reading.