The COVID-19 crisis: How to reinvent your business - UNI Blog
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How to rethink your business to get through the crisis

Posted on Wednesday June 03, 2020


How to rethink your business to get through the crisis

Reinventing yourself: It’s a concept the media, governments and society are all over these days! But between the dream and the reality, how exactly can you, as a company, broaden your long-term vision and look beyond the crisis?

With good thinking, help, a sound strategy, creativity, a bit of innovation and financial support, you will better understand how to reinvent yourself. Here are five approaches to guide you in your journey as an entrepreneur.

1. Evaluate the company’s situation

Before crossing a bridge, you have to get to the river. To properly position your business and make informed decisions, first take the time to tackle the crisis and its impacts. To do so, you can develop a new, two-phase business model: 1 - Mitigating the effects of the current crisis and 2 - Planning for recovery.

Targeted support for businesses in difficult times

What can you change to keep your business running? Look for ways to relieve the pressure if you experience downtime or a significant slowdown in your business. Take advantage of this time to step back and strategically review your next moves.

In addition to the many government measures and relief offered by your financial institution, you can turn to the Chamber of Commerce for Greater Moncton or your local chamber for information and advice. The Canadian Federation of Independent Business (CFIB) offers access to the Small Business Help Centre, while Conseil économique du Nouveau-Brunswick provides a number of helpful resources including the Guide to Re-opening and Recovery, developed in partnership with the province’s three largest chambers of commerce.

2. Develop a business continuity plan

Much like the GPS we use to get to a new location, a continuity plan allows us to move forward during an unprecedented situation.

Specifically, it helps you consider ways to lessen the impact of the current crisis and look ahead to recovery. To minimize your losses, continue or resume operations more quickly, and protect your employees and assets, long-term planning is key. By considering worst-case scenarios, you can develop strategies and take the necessary precautions to get through the crisis.

Appropriate methodologies for continuity planning exist for all types of companies, from multinationals to SMEs. The Six-step COVID-19 Business Continuity Plan from the International Labour Organization will allow you, among other things, to effectively develop a risk and emergency management system for your business.

Here are some key questions to guide your thinking:

– What are your priorities?

– What concrete measures must you take and who will be responsible for implementing them?

– What measure could you take to deal with the crisis on the long term?

– How will you test the effectiveness of your plan?

– Do you need training, advice or coaching?

– How would you keep your plan updated as the crisis unfolds?

3. Improve your company’s online presence and services

You have been hearing this forever, but this time it may be a question of survival: In 2020, it is essential to optimize your digital offering. Today, online presence and services are more important than ever for businesses that want to build a prosperous long-term future.

In order to reach your customers and promote your products and services, first consider consolidating the presence you already have online. Aim to increase your efficiency and availability, facilitate access to your services and make them more reliable. All of these measures will have a direct impact on your performance and image.

In analyzing your service offer, identify the weak points that you can quickly improve. Examine every step of your customer service: website and e-commerce site, delivery and return systems, online payments, etc. It is time to review your online business practices, diversify your digital tools and update or automate certain processes.

COVID-19 or not, finding new customers and new markets now depends on the quality of your digital infrastructure.

4. Seize the opportunity for your business

Constraint is a powerful driver of creativity. The world is changing, and so are needs and wants. A new opportunity is waiting for you on the horizon.

To identify opportunities in today’s market, consider your supplies, production chain and service offering (consulting, wellness, entertainment, labour), and think about how to use them wisely.

Switch from B2C to B2B, or vice versa

Could your services or products that were once intended for consumers now be of interest to businesses, or vice versa? To keep your operations afloat, switching from B2B to B2C, or vice versa, can be a brilliant solution.

Develop local and international business

As you may need to change your supply chain and/or the distribution chain for your services or products, you may, like many others, decide to focus on local or proximity buying and selling. On the other hand, the current context may be the ideal opportunity for you to go international and capture new markets by developing exports.

Want to make a difference?

The COVID-19 Challenge offers valuable financial support to SMEs wanting to market a service or product that meets the needs of the current crisis. As part of the Innovative Solutions Canada program, the federal government encourages you to do something meaningful by giving you tools to achieve your goals. Changing, securing your future and supporting society: These are great ways to get ahead and do something for the common good!

5. Change how your business operates

If you have found the idea of the century and have all the ingredients to implement your plan (human resources, infrastructure and/or raw materials), you are ready to take action.

To get you headed in the right direction, evaluate the various investment opportunities available to you. Whether it is financing a real estate project, renting a space, buying new equipment or hiring a larger team, a new loan and good investments will allow you to maintain your production or service offering, keep your workforce at work and expand your customer base.

Changing course when things are well underway is not always easy. Fine examples of resilience, mutual aid, new energy and fighting spirit all around us prove that with a little determination and courage, you can handle anything. And when you feel ready to move forward, UNI will be there to support you, every step of the way.

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