As we re-open our economy after 16 long months of closure due to the global pandemic, business owners have been forced to pivot in many different areas in order to survive. Looking back at the seemingly split-second decisions many businesses were forced to make, what are the long-term takeaways that will influence your future business operations?
- Creativity and critical thinking skills are necessary in all businesses, regardless of industry. Businesses who survived the pandemic were forced to look at processes and procedures in a new light.
- Do we need as much leased office space to operate our business? If not, what options do you have to exit your existing lease or reduce your future space commitment?
- Do we have the ability convert eligible workforce to remote employees? Is this conversion a better option for workers in the future? How do you hire, train and retain employees in a remote environment? Do these changes affect your corporate culture?
- How do we maintain systems to continue essential business processes if we are unable to access our offices? Can our technology platforms handle a remote work environment? Can our strategic groups or departments still communicate in a collaborative environment?
- Do you have business life and/or disability insurance on key employees that would provide the funds needed to replace their services if they are unable to work?
- Do you need to diversify supply chains, materials and products? While foreign suppliers may be more cost effective, what if they cannot ship products to the U.S.? Does your business have domestic suppliers in the mix?
- How has the mode of customer communication changed? Should we always depend on the U.S. Postal service for all physical mail delivery?
- Has the use of credit cards and alternate payment sources changed the way customers want to pay their bills?
- How do you continue to market your business if you are unable to visit customers and prospects?
Entrepreneurs have always been the life-blood of the U.S. economy and now more than ever, being the person who comes up with an idea to address a gap in the market can be the secret to success! A successful business starts with a good idea, but survives based upon a well-implemented business plan and strategy.
The COVID pandemic has identified weaknesses that some business owners did not even know existed in their business plan.
Today, we now have more “what-ifs” to consider in making sure that our businesses are nimble and able to react quickly to changes in the marketplace.
Zinner & Co. is here to help you create or even re-examine the deficiencies in your business planning process. Feel free to call any member of your Client Service Team to discuss how we can help.
