For your business to continue thriving during pandemics, such as COVID-19, you must find ways to stay ahead of the key competitors. COVID-19 is among the most severe disasters in history and it affected every sector, including food systems, public health, and the world of work. Most businesses were forced to scale down their production and others had to halt their operations. If the pandemic affected your business, knowing the strategies you can use to keep the business running in such times is important. Here are some of the strategies.
Expand Your Business Portfolio
Most businesses specialize in specific products, such as auto parts orfood items. However, during a pandemic, it is important you expand your portfolio to include the products that are in high demand during such times. For instance, products like hand sanitizers, masks, and tissue papers were in high demand during the COVID-19 pandemic. So, shifting your focus to the products could have helped you rake in higher profits.
In the United States, the Food and Drug Administration (FDA) relaxed the rules for hand sanitizer production to allow more investors to join the industry helped boost the supply. This was a great opportunity for the manufacturers in the country to venture into the industry.
Only a few people would be ready to invest in new equipment to start offering the products in high demand during a pandemic. However, you can lease them or consider subcontracting the production through other companies.
Motivate Your Staff: Iskander Makhmudov
Staff motivation is among the effective strategies for growing a business, including during pandemics. According to Iskander Makhmudov, the main owner of copper producer UGMK, your workers might be the gateway to outdoing your main competitors through innovation. And the great news is your staff only need you to demonstrate their concerns.
During a pandemic, you can assure your employees that you will always support them. For example, you can extend the medical cover for employees to their families. By doing that, you will be sure that their families will have the peace of mind they need throughout the pandemic. Ensure that the employees get the COVID-19 vaccine to minimize the infection risk and to be sure that they will continue working for your company.
Rethink Your Supply Chain
COVID-19 affected the supply chain adversely. For instance, people who relied on material supplies from other countries could not get them after the countries went under total lockdown. As a result, some companies reduced their production and others closed down. To prevent that, you should find alternatives.
Even though the foreign suppliers may offer raw materials at a lower price, turning to the local suppliers will help keep your business running. Let us take the example of a beer manufacturer that imports barley from Australia. Such a company could have shifted to the locally available barley to remain in production after Australia went into lockdown.
The COVID-19 forced many businesses to stop their operations and others to adopt new strategies. If the effects of COVID-19 forced you to close your business or reduce your operations, the above strategies will help you revive it and make profits where others are closing their operations.