Beginning Your COVID Business Recovery
There are not many businesses who have emerged unscathed from the economic impact of COVID-19 and lockdown.
A pandemic is not something most businesses would have prepared for, and many companies are now in recovery mode, trying to reduce loss in momentum and earnings.
We take a look at how you can plan out the recovery of your business.
Restructure and Remodel
COVID-19 has likely caused a shift in the long-term plan of your business, and priorities may have changed. As we adapt to a new way of living, your business will likely need to go through a slight remodel.
According to Astound Commerce, online shopping rates grew by 129% week-on-week during lockdown. With the Global Consumer Index reporting that 44% of people say they are more likely to do shopping online now due to the pandemic, the need for businesses to improve their online presence is clear.
As such, you may be looking to shift more of your focus onto online platforms, growing your social media following and making your website as user-friendly as possible. This will get you in a good position for any future lockdowns or restrictions that may see the online platform becoming the primary source of income.
This is also likely to lead to increased remodelling within the structure of your business. For example, an increase in online sales will also require more packing and delivery staff, as well as customer service.
Getting External Help
With time and resource being tight for many businesses at the moment, shifting to an online model can be tricky, especially if you do not have much experience with social media.
At this time, a digital marketing agency could be of great help, as they will be able to guide you in the right direction and grow your online presence.
Of course, not every aspect of a business is online. If you have a brick-and-mortar store, then there are ways you need to adapt to encourage customers back and make them feel at ease.
Ernst & Young report that globally, 52% of people have said they are changing the way they shop. Having a good contactless payment system is crucial, with 59% of consumers now choosing contactless payments over cash. The need for hand sanitiser and a regularly cleaned shopfront is also essential, with 70% of consumers now more aware of hygiene when shopping.
If your shop makes a customer feel comfortable and safe, then they are more likely to return and recommend visiting to others.
Work on Internal Communications
Whether working remotely or returned to the office, good communication is now more important than ever. With businesses facing tighter budgets and timeframes, it is crucial to avoid costly mistakes, and ensuring excellent internal communication is one way to reduce the risk of misunderstandings.
Explore Government Funding
With many businesses facing cash flow problems, it is important to seek out any help you can get. Depending on your situation, there may be financial support available.
Things like bounce back loans and rate relief are already in place for many businesses following COVID-19. Here at Ducard, we have helped many businesses through this tumultuous time, helping to improve their online presence and boost sales. If you’d like to find out more about how we can assist your business, then please get in touch.