How Slight Business Modifications Can Have Big Impact
COVID-19 has led to some remarkable creativity as businesses continue to find ways to bounce back and survive. Whether it be moving their business online, offering delivery and pickup, or increasing their social media presence, Arizona businesses have adapted. Some businesses have even completely changed what they do and found new ways to bring in revenue to stay afloat.
For example, The Rebel Lounge in Phoenix closed its doors in March but recently reopened and rebranded as a bar and daytime café in partnership with specialty coffee shop Reap and Sow.
As vaccines are rolled out and, hopefully, we start to see businesses open up again, you may want to consider adjusting your business plan, partnering with other local businesses, or even rebranding your business to help usher in some of the changes we may see in a post-COVID America.
How To Know When Your Business May Need Modification
As we emerge from the lockdown and widespread temporary shutdowns, many businesses are assessing their sustainability and developing new business strategies and ideas to help not only regain customers, but also to be prepared should they find themselves in another crisis.
Things to consider when deciding if you should update your business plan, partner, or rebrand are:
New Location
You might need to refresh your brand if your business has changed locations due to COVID or will be moving from brick and mortar to a solely online operation.
New Vision
Your business’ mission, vision, and values should govern every decision you make, including partnership and branding decisions. If your mission or vision has shifted (for example, you ran a multi-genre restaurant prior to COVID, but now, in order to minimize overhead expense, you’ll be shortening your menu to one type of cuisine), you will need to reevaluate your marketing and branding.
Mergers and Acquisitions
Perhaps you’ve needed to merge with a similarly struggling company (i.e., The Rebel Lounge mentioned above); you’ll need to find a way to incorporate the two companies or come up with a new business structure all together.
Reputation
Unfortunately, some businesses during COVID were not able to handle social distancing or reductions in staff as tactfully as they may have liked. Businesses that found themselves embroiled in a public relations controversy due to COVID may want to contemplate a revised business style to reclaim community trust.
Business Modification vs. Rebranding
Business Model Modification
One of the major changes many businesses have already seen is the need to offer contact-free services. In some industries, especially restaurants, retail and healthcare, services like to-go ordering, e-commerce, and telemedicine have been the saving grace for continuing operation during COVID.
If you have been able to temporarily modify your business structure to accommodate contact-free requests, you may want to consider incorporating some of the changes you made long-term. Surveys have shown that many people do not believe that things will go back to the way they were pre-COVID, they expect, and in some cases desire, a “new normal.”
Since it is often said that necessity is the mother of invention, the pandemic could bring some positive outcomes. And as a positive to this, businesses are finding faster, cheaper ways to operate. Things like in-person conferences, that previously required costly travel, have gone virtual and remote working acceptance limits the need for brick-and-mortar locations reducing overhead space costs.
For many industries, these changes could make for better business operations and efficiency overall. When revamping your company’s business plan, the following steps may help.
Establishing a Business Continuity Plan
Be sure to use what you’ve learned during the pandemic to develop a business continuity plan. This should include a review of financial reserves, insurance coverage, succession planning, and inventory as well as a complete accounting of your regular monthly expenses. Make adjustments where necessary to ensure your business can survive an unexpected crisis.
Evaluate Technological Changes
Businesses that already had mechanisms in place for online ordering or secure telemedicine portals tended to fare much better during the pandemic. Consider what technology your business might benefit from and figure out a cost and implementation strategy.
Re-examine Supply Chain
Businesses with flexible and diversified methods in their supply chains and the ability to move their workforce and change their product or service delivery models will almost always have an easier time in a crisis.
Consider Avenues for Recurring Revenue
If your business is capable of offering additional services, you should take a serious look at how to incorporate these new options. For example, if you run a house cleaning service, perhaps you had a difficult time during a pandemic since many people did not want service providers in their homes.
In that instance, perhaps you could consider expanding your workforce and offerings to include yard clean up where contact is more limited. This will better sustain your business until in-home services are the norm again.
Update Your Policies
Be sure any changes made to your business model are accompanied by clear policies. Items like sick leave, extended time off, and even work-from-home changes should be clearly defined for your staff.
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This article is intended for informational purposes only and does not constitute legal advice for your specific situation. Use of and access to this article does not create an attorney-client relationship between you and Counxel Legal Firm. Please contact request@counxel.com or (480) 744-6621 to request specific information for your situation.
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