The global economy has been thrown into a tailspin as a result of the ongoing COVID-19 pandemic. The companies that have seen the most success are the ones that have been able to quickly adjust their business model and practices to reflect the current situation. Here are four ways that companies are adapting to the new normal in an effort to stay on an upward trajectory despite the economic downturn.
Companies are implementing new procedures to safeguard the health and safety of employees and customers
With the health and safety of workers at the forefront of the discussion, business leaders are implementing new procedures designed to protect their employees and customers. Part of this process includes installing hand sanitizing stations throughout the place of business, supporting adequate social distancing practices, and implementing new cleaning procedures. Company leaders can show that they value the health and safety of their employees and customers by being diligent with these best practices.
They are checking in more with their employees
There is no doubt that this has been a trying time for nearly everyone. Managers are recognizing the challenges by being intentional about boosting their communication with employees. With many employees working from home while trying to balance child-rearing responsibilities, it is no surprise that mental health is a chief concern. Workers that feel cared for are more likely to stay committed to their company through the pandemic.
They are focusing on what customers need right now
The companies that have been the most successful throughout the crisis are the ones that were able to quickly pivot and meet the changing needs of their customers during this time. For example, the restaurants that have weathered the shut-down are the ones that moved swiftly to a takeout or delivery option. Recognizing a need for hand sanitizers, many distilleries and wineries moved their production lines to produce these in-demand products. Clothing companies are also getting in on the game by transforming their offerings to provide facial masks. By focusing on what is in demand right at the moment, savvy business leaders are able to meet the needs of their customers and continue to grow their businesses.
Business leaders are embracing technology and going digital
Now more than ever, it is critical to lean on technology to do your job and communicate with others. Companies are adapting to this new normal by harnessing the power of technology to keep the business operations running. Zoom meetings are the new norm for many businesses that have not yet returned to the office or are cutting back on traveling. This reliance on technology also extends to the way that businesses reach their customers. As retail outlets were forced to shut their doors, the smartest companies were able to quickly launch online components and make the focus of their business in the e-commerce sector.
Focusing on these four initiatives will ensure that your organization is able to push through the downturn and emerge stronger than ever.
