AMB Performance Group Blog
Building a Pandemic Proof Business Strategy for 2022
The Pandemic shook up everything. In some ways, there were small positive outcomes, but for most businesses, it was a threatening time. Many companies were caught off-guard, and it was tough to adapt to the drastically changing markets. What can you do to avoid being caught off-guard in the near future? Creating a recession-proof business plan may be the best strategy. So we’ve compiled a list of tips to help with building a pandemic-proof business.
Build a Remote Work Plan
Social distancing guidelines had many traditional offices shutting down during the pandemic, and lots of companies shifted to all-remote work. For some companies, this was no problem. Some even already had a remote work plan in place. For others, though, it was a serious issue. Now, remote work options have almost become the norm, and they could actually be good for your business. Remote work has proven to be a huge factor in employee retention. Plus, it could lower your company’s costs and help keep your balance sheet a bit healthier, should a new pandemic hit in the near future. Even if you’re not ready to go fully remote, you should certainly have a remote work plan in place so you can easily navigate the next potential shut down. Make sure you have the software, programs, and marketing tools you need to remain productive, even if your employees have to work from home.
Reconsider Your Online Marketing Efforts
Even as we emerge from the pandemic, people are home more than they used to be, which means that marketing online is absolutely essential. You have the opportunity in 2022 to retool your online marketing plan to reach people where they are. Use it! If you don’t already have a high-quality website, there’s never been a better time to rebuild one. You’ll also want to update your company’s social media accounts, then start working through them on a regular basis. If it’s possible, create a way for customers to buy your products and services online. Also, consider investing more in digital marketing as opposed to traditional marketing in order to better diversify what you’re already doing online.
Create a Budget With A Bit of Extra Room
The marketplace isn’t what it once was, so work to keep your finances in order with the right approach in your budget as you build a pandemic-proof business. First of all, if you don’t have a fine-tuned budget already, there’s no time like the present. But, odds are that you have a fairly traditional budget already with the basics. But making a bit of room with an emergency fund to help cover things in a volatile future could help a lot. What would happen if your revenue streams were cut for a month? Six months? A year? Know what to do in the case of a catastrophic event so you have the economic tools you need at your fingertips.
Add Revenue Streams and Diversify What You Have Now
A single line of products or services may not be enough to help your business survive the next pandemic-like economic crisis. If a serious event occurs, or even something smaller within your industry, you could lose a big chunk of revenue overnight. So, build recurring streams of revenue that you can count on month after month. Diversify your current product line to add to what you have. Consider complementary products or services that work well together so customers keep coming to you. Remember, it’s far cheaper to retain a customer than it is to get a new one, so ensure they want to work with you again and again.
Automate What You Can
During the pandemic, some work was simply never completed. In the next economic crisis, you can make certain that’s not the case when you automate processes (at least the ones you can) so your team can focus on everything else that needs to be done. It may even help reduce your costs. It’s fairly simple to automate some things. Start by identifying which tasks can be automated. Think about those that are repetitive and those that must be handled within a certain time frame. Once you know what you want to automate, it’s simply a matter of finding the right tools to help you do it.
Make Sure You Have an Exit Plan
If you’ve been working to build a successful company, the single best thing you can do is have a personal exit strategy in place. In some cases, this means building something that’s going to outlive you as the chief executive. Account for a few options like selling to a new owner. Or, in other cases, you may want to liquidate and sell your business as a whole. Exit planning takes some time and effort, so consider working with a professional to get everything in order to form a smooth transition for whatever comes next.
Your financial stability could rely on careful planning for the success of your business well into the next economic crisis. Work to change your business a bit to anticipate potential problems so you can pivot as those issues come up.