Capitalism is all about growth. With little regard for market saturation, caps or excess, businesses are expected to produce year-on-year. The aim of all businesses in the modern marketplace to expand.
However, the coronavirus pandemic is forcing businesses to reassess. While this might not mean the end of capitalist markets that push ever forward towards an impossible and invisible future of growth, it might mean an acceptable slowdown so that businesses can remain competitive. Many industries are already struggling to survive after only 2 months of ceased operations, pleading with governments to use taxpayer money to support private enterprises.
Online businesses are looking like the example for how we need to adapt in the coming weeks, months and years. Pandemics do not disappear overnight, and sustainable business models include those that scale back, downsize and focus on priorities.
Moral businesses want to retain their staff, or at least only cut payroll expenses by the narrowest margins. So what are the essential elements of your online business and how can you enable your business to continue now while remaining prepared for the future? By assessing your technology before dismissing your staff.
Is Your CRM Right For You?
You might have selected your CRM because it boasted countless ways in which it would serve your business and grow with your needs. Now you might be fast discovering that the platform is neither cost nor time effective as you scale back, and the system is reluctant to follow.
While you might be locked into some of the options, take the time to assess many of the optional extras, such as plug-ins that have been used once, and strip back to a more basic platform that still supports your business, but excludes some unnecessary bells and whistles.
Does Your System Need A Clean?
It is to be expected that along the way, your business has acquired some technology solutions that have become redundant, are not used or have been forgotten. It’s time to clean up your systems, cancel subscriptions and work smarter.
Check-in with your team before you start a major cull. Some people become comfortable with a program and are reluctant to change, so you need to make sure that everyone is prepared for downsizing and can operate from the selected technologies you make available.
Refocus Your Customer Strategy
Your marketing plan might have just been thrown out the window. So it’s time to get back to the data, the comments and the feedback to understand how you need to adjust your customer strategy in a time when most people are afraid and unlikely to spend.
Many B2B deals are on hold as whole industries and sectors relying on a logistics chain standstill. This can be trying for those wanting to close deals, but it doesn’t mean you should neglect potential clients. How you behave now could influence your future sales potential. Use your team to maintain relationships, develop new strategies and think about what permanent changes might need to be made. It is a good time to regroup and plan a strategy that understands the threats and opportunities likely to be presented in the coming few years.
All your planning and research, decision making and time are worth nothing if you do not have an actionable plan in place. The most successful leaders of industries are those who keep thinking ahead. People who aren’t afraid to make predictions, be wrong and try again and the leaders who inevitably succeed.
There is much room for success in the shifting economic landscape. It isn’t different from the opportunities prior to the coronavirus, the potential for the economy to fail has been discussed for the past 10 years. This shift could be a gift to the visionaries who aren’t afraid to take real action – meaning that difficult decisions such as selling equipment, cutting outsourced work and pivoting in the marketplace could keep their core staff employed and see the company rehiring much sooner than those who try to hold on to something that is now gone.