Sadly, many businesses that were thriving at the beginning of 2020 have hit some very hard times as the year has worn on. While some of these businesses will have to close their doors, either temporarily or permanently, almost all businesses will have to make some kinds of changes in order to stay afloat.
To help your business with making some of the adjustments, here are three ways your business must change to survive this year.
Take More Of Your Business Online
For many businesses, the need for social distancing has had a huge impact on the amount of work they’ve been able to do. While placing COVID signage and rethinking how your establishments are set up can help, what you’ll really want to do is to figure out how you can take more of your business online rather than having things happen in person.
Luckily, there are quite a few ways that you can retool some of your business offerings to make sense online as well. According to Michael G. Jacobides and Martin Reeves, contributors to the Harvard Business Review, what businesses really need to do is think about the value their business offers during a time such as this. Once you’ve nailed that down, you then need to figure out how to continue providing that value online rather than face-to-face. While this might require changing the way you’ve done business in the past, this could be exactly what you need to continue doing business in the future.
Implement Remote Work
One of the hardest challenges for many business owners is creating a safe work environment for their staff to get back to their jobs. If you need your employees to be physically on location, you likely won’t have a lot of choices with remote work. But if your employees do most of their work communicating with others or using their computers, you may want to consider switching over solely to remote work.
Not only will remote work help your employees continue working when you can’t all be in the same location, but Rieva Leonsky, a contributor to USChamber.com, shares that your organization may be able to save a lot of money on overhead costs as well. And when money is tight for most businesses, any savings can really make a big difference.
Get Creative Within Your Industry
In some cases, the product or service that a business was offering earlier this year just doesn’t make sense in the current situation.
If this is what your company is dealing with, Amy Haimerl, a contributor to the New York Times, recommends that you take a look at your industry and consider how you can pivot your offerings to change with your customers. While you shouldn’t necessarily be trying to do something complete outside of your wheelhouse, getting creative and trying something new could wind up saving your business.
If you’re wanting to increase the chance of your business surviving this year, consider using the tips mentioned above to help you do so.