Blog Layout
Nick Brown • May 24, 2021
Post-Pandemic Economy: Bolstering Your Business for the New Normal
How can your business adapt to the changes of a post-pandemic economy.
The COVID-19 pandemic has changed our way of living a great deal. For the past decades, no pandemic has altered how people interact with each other the way COVID-19 has. Changes in human behavior have become the norm. We have adjusted to things such as enforcement of social distancing, wearing face masks, and staying at home directives. These COVID-19 pandemic changes have significantly impacted how we conduct our social lives and our consumer behaviors. One of the biggest area in how we have changes is how we go about our businesses. Here, we will discuss some of the ways in which you can bolster your business for the post-pandemic economy or the "New Normal".
The onset of the COVID-19 pandemic has brought a string of issues that have affected businesses massively. Small business owners have been hugely affected in the industry and economic sector. In contrast, others have had to survive on government-based stimulus programs funding just to stay afloat.
Since the onset of the COVID-19 pandemic, the effect has been adverse on small businesses. Studies show that between March and April 2020, close to 43% of small businesses surveyed on COVID-19 effects had either closed or were on the verge of closing. This survey shows a grave picture of the impact on businesses by COVID-19 given this was just when it began.
However, with the progress made on containing the pandemic, from introducing effective containment measures to introducing various effective vaccines, we are headed toward a post-pandemic economy.
The primary question for small business owners is: Has your business adapted to the 'new normal'? The 'new normal'
is how businesses will thrive in a post-pandemic economy. Let us look into the strategies your small business can and should adapt as we head toward a post-pandemic economy.
Embracing the Digital Landscape
Some of the industries that have had to embrace the digital landscape to thrive during the pandemic era are restaurants. The lockdown measures and the stay-at-home policies have changed the norm on how consumer behavior has changed. Restaurants and the hospitality industry at large have had to adapt to the digital landscape. And as a restaurant owner, there are changes that you should adapt to ensure your business thrives in a post-pandemic economy, such as:
- Mobile responsive website
- Incorporation of your own online ordering platforms.
- Delivery options to customers through the use of your own online ordering platform or mobile applications.
- Advance ordering and Curbside pickups
- Active engagement with your customers through regular promotions and online reviews.
Research shows that almost 306 million US citizens were affected by stay-at-home orders. In fact, 90 % of shoppers surveyed during the pandemic era shifted to online shopping businesses since last year, with the numbers still high this year according to research.
Adapting of New Business Models for Retail Business Owners
Retail business has suffered dramatically during the onset of the pandemic. The economic impact on small retail businesses has made the enterprises adopt new models, helping them to keep afloat despite the pandemic. Retailers have had to adapt business models that will ensure that they will be at par with the paradigm shift of consumer behavior.
Here are ways your retail business can remodel in a post-pandemic economy:
- Build a cohesive end to end supply experience
The pandemic has made consumers shift their habit from regular shopping, to stockpiling. Even top-tier suppliers such as Amazon almost ran out of stock for some products at the height of the pandemic. To retain the customer base, synchronization of the supply chain is vital for every retail owner. As a retail owner, you should ensure that you incorporate online-based supply chain methods from e-commerce platforms. You should also consider the incorporation of Buy Online, Pick Up In-Store Strategies (BOPIS).
- Create retail stores that support the new lifestyle patterns
The COVID-19 pandemic has led to the proactive adoption of new lifestyle habits. Such as effective hygiene practices like hand sanitizations, which consumers view as key when accessing a retail outlet. Issues such as social distancing and self-check-out facilities are also important to integrate into your retail business to accommodate consumer behavior.
- Pay more attention to your Digital Reputation
Today, consumers are doing their research on your business before they decide to do business with you. Your Digital Reputation
matters more today and will be extremely important in the post pandemic economy. If your business is not properly listed in all the online directories, then consumers may have a difficult time finding you. If your online reviews are below 4.0, then you may be losing business to your competition. Research has shown that consumers are making buying decisions based on your digital reputation, so it will be extremely important for you as a business owner to stay on top of your Digital Reputation.
Similar to retail, other brick and mortar businesses such as Automobile Service Centers, Doctor/Dental offices, Barbers/Hair Salons, Personal Trainers/Gyms, etc., should also consider making similar adjustments and focus on their Digital Reputation.
How Can Professional Services Business Thrive in a Post-Pandemic Economy?
Professional services may look as if they have been dormant since the onset of COVID-19. But on the contrary, they have come up with new ways to do business. From changing to a more digital landscape, here are tips on how your professional services firm can adapt to acquire a wider reach and thrive in a post-pandemic economy.
- Embrace Employee Flexibility Work Practices for Your Employees
More people have been forced to work from home. This directive has been adapted well by most professional services businesses. Adopting this practice will ensure employees still work while prioritizing their health and also family relations.
- Use of Digital Communication Tools
Professional services still need to meet clients during the pandemic. With the post-pandemic almost near, they will still offer services to their clients. Having digital communication tools such as online platforms and mobile technology-based platforms such as mobile applications will help you as a professional service business owner to maintain touch with your clients.
- Embrace Online Events
Your home-based service or professional services business can gain a lot during this pandemic and also post-pandemic from hosting online events. Online events have made meetings possible without meeting in person. This has helped business continuity while observing the pandemic containment measures put in place.
Conclusion
As a small business owner, you may not be as cushioned as big firms and corporations from the pandemic. But the measures discussed above can help keep your business going during the pandemic and approach the new normal,
post-pandemic period.
Start preparing for the post-pandemic economy today. If you need professional advice on how to prepare your business for the post-pandemic economy or the 'new normal', feel free to contact us.
Looking for the best business to start for the new year? Read on for some of the best digital businesses in 2023 and how you can get started!
Finances are tough for almost everyone this year. Fortunately, there are opportunities waiting in the gig economy. Read on to find out more!
Read on for tips on how to update your social media management plan to keep your hotel's online presence strong, even when you're busy!