Pandemic has taken everything by storm worldwide. Not only millions have suffered from disease, death, poverty, loneliness but we are on a brink of recession, slow growth with muted demand, and customer sentiments. In the extended lock down with the slow recovery, we all are looking earnestly for everything to be just alright. Yes, it will take time for everything to be normal or maybe this is the new “Normal” of being digital, social distancing, and lock down.
As we are waiting, it is probably also the countdown amidst uncertainty to get back with a calculated and thoughtful response. Yes, things may or may not be the same again and unprecedented challenges that we are facing each day, every day now are making us question every priority. The pandemic is the pause that will cause changes in the way we work and collaborate. Yes, it will be a slow recovery of the economy with business models, customer demand everything having a reset. But there is always a silver lining after a doom, and history is the witness that every doom had been a change to start the NEW, be the dotcom, 2008 prime recession or the Great Depression of the 1920s. Lot was affected but a lot also learned to adapt with the situation and forge ahead.
No way and no expert anywhere can predict a perfect way to get back to work with a full throttle in life or business but one thing is for sure that there is no dearth of opportunities for people/business/organizations who adapt themselves and continue adding value in one or the other way. And the one thing which definitely is the constant or new "Normal" is remote working, social distancing with newer tools being developed to collaborate and work. The future is either we are working in technology or with technology. And there is no escape from it.
Through this blog, we present to you a four-point plan to get back to business post the lock down. The best practices in crisis have been curated for the action plan.
1. Utilize the time to assess “Your Current” situation
It is the “Pause” to assess your current “As-is” in crisis or how are you doing?
Every pause is an opportunity to reflect on how the things had been and with a new “Normal” of uncertainty, how are you going to go ahead with your teams, stakeholders and above all customers.
Consider some of these questions to answer for you/your business/your organisation
a. Strategy or Innovation
- How are you doing as a company with your customers and all the stakeholders, included?
- What is your position in the ecosystem you are operating in or how are you fairing concerning or comparing with your competitors?
Maybe you need an evaluation of your company’s product/solutions that will need a makeover or a different strategy.
For example, you could be selling to a B2B business and right now your customers might themselves be facing the cash crunch.
- How long will it take for them to get back?
- Is your product/solution a need or luxury for them? Where do you fit in their curve or growth story? or maybe you were in B2C business and now with social distancing customers will be extremely wary? Do you know or have a plan to cater to this.
In any case, the vital questions will be
- How can you bring some trust for them or maybe add some more addendum and solutions to contribute?
- Do you have the capacity to do so? What does it need from you if you consider the change? Or maybe you have some advantages to use like infrastructure, delivery channels or skills in need as the economy starts opening up and your customers start getting back to work.
b. Financial Situation
It's also important to understand your financial position. With muted growth and severe cash crunch- the financials will make it Do or Die for you.
- How long can you keep going with your cash or the assets you own?
- Post the lock down are you going to get bankrupt or can you emerge slowly and steadily?
- or maybe you are from some digital /eCommerce companies that are at a complete " Go". What will be your new normal post the lock down ? What are your customer behaviors that are changing for you in your sector?
It’s important to evaluate your financial position and how long can you keep on going without being bankrupt. Maybe you need a rethink on what is the minimum viable cash and operations you need.
c. Response during Crisis
It’s a good idea to also evaluate your actions during a crisis. The priorities you defined during lock down for your teams, stakeholders vendors- were they taken up properly or there are lessons to be learned with respect to collaboration.
- How was your business going on earlier and what do you think has been your response during the crisis?
- Did you define your priorities during lock down for teams to define their action?
- Did you put enough thought and action to assess your strengths, current processes, policies, and customer engagement strategies?
- Did you make efforts to reach out and engage with not your internal customers but external customers as well?
Assessing the current situation not only will support your viewpoint but also perspectives from your customers, vendors, stakeholders can support you to validate your decisions. It will support, to take some calculated responses that can help in times of crisis also whilst we deal with uncertainty. It is not the crisis but our response that will define our future. And future needs an honest assessment and plan to move, survive, and thrive.
2. Develop your perspective on what you see is happening
We do not know the end of how and when the crisis shall be completely over. And as per experts social distancing norms are here to stay. The disease just had a slow growth and a complete eradication will take time. Hence, our response in these times does mean that we frequently see how we can improve on our engagement, collaboration models and strategies to deal with the crisis.
Consider this,
- What is the new “Normal” for your work now? Is it the work from home or specific ways like contact less deliveries, operating with new technologies or working to see through innovations?
The way worldwide businesses, governments have moved around depicts that we can work in far better, faster and resilient ways. And digitization with the aid of technology will enhance it. For instance , there is a spurt in online education with kids having regular classes on Zoom, Microsoft Team, Skype to keep up with the pace and time. Worldwide usage of internet has increased 70% and social media up to 20-30% more than from pre-covid times. New habits and behaviors shall emerge with technology as a part of it.
This crisis is not just about new plans and actions but of molding behaviors and mindsets. It is about building resilience and creating strategies for enhancing adaptive behavior and improving our response. The real challenge is not only the problem itself but our reaction and response to it, and how are we incorporating it to serve our customers and all the stakeholders better.
3. Create a plan to open up your work slowly
Plan by definition is the course of actions to be taken to reach a goal. In the pandemic, your goal setting is important considering the current context and your “As-is”.
Your goals can be
- How to be just there and not completely wind up?
- How to keep serving your customers?
- How to maintain a healthy balance sheet?
What can be done?
This means you need to define “What” should be done today to attain your goal “tomorrow”. This is clear there will be a change in customer behavior and expectations so the complete overhaul of the journey. "Voice of Customer" & Customer Engagement is now more pertinent and important to tide to slowly get back to the "Normal". It is a time when we build trust and empathy through our work, as tough times do not last but Empathy and Gestures always last long.
Consider contemplating
- Can capabilities, skills or infrastructure be utilized to support and create synergies with different businesses?
- What are the new co-ordinations, projects, and approaches you need to take on?
- How much are you prepared to work on your plan? Do you need more resources, more consultation, thoughts or may be a different business plan altogether.
4. Customer Engagement (for Internal, External, Vendors, and Stakeholders)
Engagement with all customers be it external, internal, vendors, stakeholders is important to build capabilities and enhance adaptiveness.
a. Use Social Media to build Engagement
Social Media doesn't need always to be an advertising portfolio. Customer engagement through innovative and creative ways like- restaurants sharing some recipes, gym runners talking about new exercises to be done at home, travel portals connecting through stories can go a long way to understand your "Customer behavior", build/enhance engagement and spur up innovation and collaboration.
Yes, we all are limited to our essential services/product only, but engagement is always reassuring for tomorrow's normal. And for finding that idea to just survive or may be keep going.
b. Communicate with your "Customers" a bit more in a personalized manner
Its a good idea to reach out to your customers on how they are doing. Also, it’s a good idea to talk about your modified hours or slow response time or some unusual delays in case of some deliverable. It's reassuring in uncertainty to inform, talk about "What's going on" and "What to expect".
c. Internal Customers or Read "Employee Engagement"
Employee Engagement is most important in these times and going further. Almost all of us are working from home, schedules have changed and we have to step up to reassure, support in these times. Employee experience through engagement for loyalty is being built in these times. Enhancing skills, capabilities, and innovation need engagement.
d. Build your supply chain capabilities
Your business continuity plan and capabilities are dependent on your engagement with vendors, suppliers and an understanding of customer demand scenario and your operation/production capacity. It’s crucial to engage with your vendors, suppliers to understand their challenges, capabilities and linking it with your customers.
Above all, and the most important is not giving on Optimism and Hope. Every change is an opportunity to revamp and reassess. This is no different and our reaction will define on how we go further from here. There is no predefined way to avert the crisis but we need a shift in mindset to keep continuing and adapting for a New Tomorrow.
If you need any support and more thoughts on your plan to go further as the pandemic dust settles, please reach out to us at contact@pinkguava.org or call us at 9560002145/9312361796