Position Your Company for Post-Pandemic Growth
Positioning your company for growth after the pandemic eventually subsides may present several challenges. Here are several suggestions to consider that may help your business.
- Refocus on core values and mission. Whether you’re struggling to meet increased demand or gazing at shelves of unsold inventory, it may be easy to lose track of why you started the business in the first place. You may need to revise operational priorities to adapt and stay afloat. But the company’s long-term vision should direct day-to-day work flow—not the other way around.
- Selling virtually? Make it count. You may be pitching a product over Zoom or conducting a webinar while sitting in your living room or apartment. Either way, you’re still making an impression. Dress professionally, optimize your home office to create the atmosphere of an in-person meeting, and if you’re hosting a webcast, provide value by offering relevant and useful resources to potential clients. As your budget allows, create an interactive experience by hosting expert speakers who can answer questions in real time.
- Keep your finger on the market. Ask yourself whether your product or service is still relevant. Is the company still focused on meeting a real demand? Look at your brand from the standpoint of consumers. What are their current needs and concerns? For example, the recreational vehicle market has been booming in the midst of the pandemic. Why? People like to quarantine away from home. Some companies perceived that need and rushed to meet demand.
- Leverage physical contact—while social distancing. Give customers and clients the feel of an in-person exchange without the health risk. For example, you might ship physical samples of product to a client, then follow up with a phone conversation. Or send a bag of coffee, then schedule a conversation over a cup of java. Conclude a video conference by having lunch delivered to participants. The goal is to recreate the camaraderie of a restaurant meal. If you’re not spending as many travel dollars these days, repurpose a portion of your travel budget to small perks that can make a big impact.
- Remain flexible. Workplace changes prompted by the pandemic may linger for years, while business-as-usual may be a thing of the past. Accordingly, you may need to tweak or even overhaul organizational strategies. For example, the firm may need to focus on digital marketing more heavily. If employees now permanently work from home, you may need to establish protocols to keep them tied to company priorities and accountable for production. In some cases, loyal but struggling customers and suppliers may need more flexible payment terms to stay on track.
As always, should you have any questions or concerns regarding your tax situation please feel free to contact us.
As always, we hope you find our tips and news for businesses valuable, and look forward to receiving your feedback. Companies focused on growth have sought the help of Insero & Co. for more than 40 years. During that time they have consistently experienced the peace of mind that comes from knowing their CPA firm takes the concept of integrity seriously. Should you have any questions about how to position your company for post-pandemic growth please contact us directly.