Most businesses have faced significant setbacks due to the COVID-19 pandemic. Companies all over the country have experienced reduced profits, complicated workflows, or lowered productivity due to stress and uncertainty. These woes aren’t completely behind us yet, but we are approaching the end of the tunnel.
Since vaccinations are underway and more and more areas are opening back up, companies can start coming up with their post-pandemic game plans. Now is the perfect time to figure out how to prepare your business for the world after COVID-19, and OutGo360 is here to help you find the most cost-effective path forward:
Go Back to Basics
Before you dive fully into recovery mode, take some time to reassess your business’s foundational elements. For example, this may be a good time to reconsider your business structure. When you start a business, you automatically form a sole proprietorship. Since this doesn’t cost anything or take any specific work to maintain, many business owners stick with this business structure for years.
However, it may be to your advantage to consider another structure, such as forming a limited liability company. North Carolina LLCs create a layer of legal separation between your personal and business assets. Sole proprietors could lose their home or savings in pursuit of repaying business debts; when you run an LLC, you’re only putting the value of your business at risk. This gives you more wiggle room to take risks and make bold moves. Since you know your family home or retirement fund won’t be at stake, you can pursue the funding you need with confidence.
Invest in Digital Advertising
The next step on your reopening plan should be to invest in digital advertising. The pandemic has substantially increased the amount of time people spend online. Social media platforms, in particular, have seen a boost in traffic, from old standbys like Facebook and Twitter to emerging platforms like Twitch. Your audience is online: The smart move is to meet them there.
The other pro to digital marketing efforts is that they can fit any budget and offer a substantial ROI. Take, for example, purchasing online ads. Targeted marketing is sophisticated enough now that you can purchase ads for a relatively small audience, but target the people who are most likely to actually need and purchase your product or service. This is a far cry from buying a time slot on TV or splashing your brand up on a billboard – you’ll be spending your money only on those audience members most likely to follow through.
Commit to Virtual Offerings
The pandemic may be on its way out, but most experts agree that virtual and delivery services will be here to stay. Customers have grown accustomed to having options that they can flexibly use to suit their schedule. If you’ve added any such services during the pandemic, be prepared to keep them around for the long run.
The same principle applies to remote offerings for employees. Working from home isn’t for everyone, but many workers have discovered they’re far more productive in a remote environment. If you want to hang on to talented people who prefer remote work, you need to continue to offer it as an option, at least part-time.
Moreover, keeping it as a benefit will make you attractive to job-hunters who will be looking for remote roles after their companies return to in-person work. Accessing talent all over the country – or even the world – is often worth adapting your workflows to suit remote collaboration.
Your company’s COVID-19 journey may have been a challenging one, but we’re approaching the finish line. This is your perfect moment to figure out what comes next. We hope this article inspires you to craft a post-pandemic plan to give your business a bright future.
Is your business operating as cost-effectively as possible? Contact OutGo360 to find out!