Reinventing Business Post COVID-19

After weeks of winding down operations, companies must now restart their engines as the federal and state governments begin to relax lockdown rules gradually and methodically.

However, reopening requires more than just a restart, as the COVID-19 pandemic has changed the rules on how to get back to business. Customers and employees have also changed their behaviors, which means getting back to normal will be a tall order. Instead, companies must take the reopening period as an opportunity to reinvent their business, incorporate new ideas, and hiring remote back-office support.

Reinventing Business Post COVID-19

Reopening and getting back to normal business operations will be a challenge for some businesses due to the unpredictable and potentially long-lasting period following the wake of the Coronavirus pandemic. With the full impact and length of the outbreak is still unknown, many expect it to feature fundamental changes to economic activity. The easing of restrictions is not a guarantee things will return to normal quickly. Scenarios, such as rapid remission, cyclical outbreaks, a flattened curve and prolonged chaos are still a possibility.

Still, businesses have an opportunity to revamp their operations. At the heart of the business, reinventing requires a sharper focus from people. In addition to the significant commitment to technology-enabled capabilities, such as virtual back-office support services to make businesses and their workforce ready for disruption.

Steps to Getting Back to Business

Businesses and organizations will need to take the following steps to commit to an effective reinvention program and get back to business post COVID-19.

  1. Put People First
    Place care at the core when bringing employees back to work. A healthy workforce and a safe work environment are now the biggest ethical, moral and legal concerns for all businesses. Safeguarding your employees is paramount, as no plan to resume normal operations can take off without them.

  2. Consider Virtual Back-Office Support Services
    Online remote support and virtual office teams can help you restart operations and navigate challenges. Connectivity can allow virtual teams to offer back office support services remotely, leaving you to concentrate on other critical functions.

  3. Cut Costs Wisely
    Cutting costs during a cash crunch can have detrimental effects in the long run. Therefore, before making any cost cuts, run the decision through your financial projections because you. eventually, need to grow your way out of this crisis. Avoid cuts that impact your ability to keep your business going or generate revenue. For instance, you could offset laying off some of your staff with virtual back-office support.

  4. Switch up Your Business Model
    Switching up your current business model may be what allows you to survive post COVID-19. Consider what your business model should look like at the other end and examine the viability of your existing model. You may need to change what you sell, who you sell to and how you deliver it.

  5. Tap into Government Programs
    After examining your financial situation, you may need to tap into both federal and local government programs for support. These include the Economic Injury Disaster Loan program, as well as any community development financial institutions and regional economic development groups.

The Bottom Line

The COVID-19 pandemic has taught businesses a thing or two about the essence of adapting fluid business operations to weather storms reasonably. For example, you may need to create an option for employees to work remotely or outsource your back-office support services to virtual teams like TheOfficeSquad.

TheOfficeSquad offers remote back-office support services such as virtual assistance, accounting, bookkeeping, hosted QuickBooks and COO services. The Flight Club provides technological support and business advice to help grow your business. Or, contact us today to start your Full Flight membership for the back-office support you need to get back to business in no time. 702-649-3495