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Recovery Plans To Keep Your Business Afloat Amid The Pandemic And Beyond

Recovery Plans To Keep Your Business Afloat Amid The Pandemic And Beyond

Business & Career | March 15, 2021
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A year into the pandemic and the quarantine, is there really a way to salvage our economy?

Related: The Current State Of The Nightlife Industry And How We Can Help

The continuing COVID-19 pandemic environment demands new strategies so business owners can keep their companies afloat. Depending on the industry where your business belongs, you are either experiencing an upside or the downside effects of the pandemic on sales and revenues. Check out these examples:

1. Tourism, hotels, airlines and other travel-related businesses are in the red.

2. Home delivery businesses (food, essentials) are booming.

3. Safety, sanitary, and cleaning services are gaining ground.

4. Brick and mortar businesses are slowing down.

5. Online games and entertainment streaming are doing very well.

6. Internet purchases are shooting up.

7. Lending/Loaning businesses are either positive or negative depending on their market focus or exposure.

8. Teleconferencing apps, educational apps, and entertainment apps are on the rise.

9. Social media influencers are getting stronger.

10. Drop shipments, Facebook sales, and small niche businesses are on the uptrend.

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Bouncing Back

When the COVID-19 vaccine becomes readily available (probably by the end of the year or early next year) and the pandemic situation abates, the global economy will experience either a ‘V’ shaped or ‘U’ shaped recovery: ‘V’ meaning a sharp bounce back, or ‘U’ meaning a slow climb out of recession.

Businesses should be prepared to take advantage of the incredible opportunities if a sharp bounce back happens. At the same time, businesses should also be well-prepared to mitigate or address the new risks brought about by a slow U shape economic recovery.

Hence, business owners should be prepared and should calibrate their business recovery plans to survive this pandemic environment. Among others, I believe that the following courses of actions should be included in every business recovery plan moving forward

COVID Recovery: All Things Considered In The Pandemic

C — Cut and slash unnecessary costs. Look for cost savings measures. For example, eliminate the usual avoidable expense culprits such as representation and entertainment expenses. Look also into cutting electricity by using cost saving devices such as timers to switch-off aircons and lights at designated times. You can also check if your non-operations office staff can permanently work from home so you can reduce your office rentals and related office expenses.

O — Outsource non-essential operations. For example, accounting and bookkeeping, delivery and logistics, and even repairs and maintenance services can be outsourced to companies who specialize in these areas. Your operations will probably be more efficient (less headaches) and your manpower costs could be reduced significantly.

V — Venture in another market segment that can harnessed your current business expertise or in areas that you can easily get into given your industry experience. For example, from selling eyeglasses to selling plastic face shields, from selling fashion wear to selling fashionable facemasks, from fast food restaurants to on-line delivery food service, from producing luxurious scents or perfumes to producing niche alcohol and cleaning solutions.

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I — Innovate and change your sales and marketing strategies. For example, from traditional outlets to direct marketing or on-line selling, from over-the-counter products to re-configuring your products to cater to niche customers, from employing sales persons to automated ordering processes.

D — Divest, rescale, eliminate or transform your risk-prone investments or business segments that are negatively affected by the COVID pandemic. For example, you may want to close down and sell your tourism and travel-related businesses. You can also convert your car rental business to logistics and delivery services. Or you can transform your in-door restaurant business to an out-door dining experience.

Doing business is already tough because of the competition. The COVID-19 pandemic made it even tougher. So, let’s fight COVID with the above-mentioned COVID-19 recovery strategies. The success of your business will depend on how well you plan and execute in this pandemic times. Keep safe!

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Juancho is currently the CEO of Chan Robles & Company CPAs, the accounting and business consulting arm of the Chan Robles Group. He is also a trainer and speaker in many areas such as leadership, strategic planning, corporate governance, risk management, financial management, business process reengineering, internal and external audits, fraud management and professionalization of family businesses.
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