How can my company overcome the impact of COVID-19?
Posted on Mon Jun 15, 2020, on Estate Planning
How can my company overcome the impact of COVID-19?
Many of our clients have asked, “How can my company overcome the impact of COVID-19”? As restrictions ease, most for-profit and non-profit businesses must take a hard look at their business and look for ways to make the transition but, more importantly, prepare for the next pandemic, economic downturn, etc.
Here are my top six recommendations:
Take stock of your business.
Congratulations, your company survived the impact of COVID-19. Can it survive a resurgence? You and your management team should carefully review the future viability of your organization. Is it time to consider a change? Is a merger or acquisition an option? Does your organization need all the real estate or rental space? If there is one thing we have all learned during the past few months, it is how and where a virtual workplace fits our businesses. (J. F. Smith & Associates has been a virtual business since its founding in 2008.) Is your for-profit or non-profit getting the most out of its resources?
Look at your services and/or products closely.
Now is a great time to carefully review your products and services. Which performed best during the pandemic? Which have been money-losers over the past 2 to 3 years? Consider whether it is time to drop those products or services or if it is worth the time and money to improve them and grow sales. These are especially tough decisions for non-profits that often put the mission first.
Look closely at your finances and banking relationships.
COVID-19 revealed how fragile your finances are. Many for-profit or non-profit businesses learned the hard way that they did not have enough cash for that rainy day and had the wrong banking relationships. Many organizations learned their bank could not help them with federal relief funding programs, and most other banks were not in a position to take on new customers. Now is an excellent time to look carefully at your costs and revenues, develop a short-term budget, and consider changing banks.
Assess your technology?
Another glaring impact of COVID-19 was the scramble for technology. For many, going virtual required the quick acquisition of technology to allow for virtual meetings and easy access to your organization’s data and software. Now is an excellent time to review those decisions and assess your technologies to make sure these are serving your organization well.
Look closely at your human capital?
Take a close look at your people. How did they perform under duress? How did they accept the changes that COVID-19 forced upon them and your organization? Is it time to consider training and development and coaching programs to improve their individual and team skills, or are some new hires necessary?
Consider increasing or reinstating your marketing spend?
Did you reduce or cut your marketing budget? It is counter-intuitive, but now is the best time to look at your marketing programs and spend. Unfortunately, it is often the most accessible line item to cut and the hardest to fund. You reduce your chances of fully recovering and open the door to your bolder competitors. Your customers need to know that you are back in business, more reliable than ever.
I hope you found these recommendations to help your company overcome the impact of COVID-19 helpful. If your organization is looking for help with any of the issues that result from the impact of COVID-19 on your company, our team of fifteen consultants is ready to help. Contact our office at 215-646-5520 or info@jfsmithassociates.com.
In conclusion, thank you to Joel Smith for this guest blog!
