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Manage your business 8 October 2021

How to pivot your business during COVID-19

At this point, it is safe to assume that we likely will never fully return to the ‘normal’ we once knew and instead have to adapt to a new reality as some things have already changed forever. For businesses, one of the most crucial lessons from the past year is the importance of remaining agile and adaptive.

To continue to succeed in the ‘new normal’, here are 4 simple strategies to consider implementing in your business:

  • Simplicity is key
    For many consumers, the financial impact of the pandemic has led to a search for more affordable, tailor-made products and services. This has brought to the fore the importance of keeping things simple. Customers are increasingly seeking seamless processes, expertise that effectively (and concisely) guides them based on their unique requirements and solutions that are fit for purpose.
  • Embrace digital
    Social distancing protocols have resulted in a greater willingness for people to engage virtually and accelerated the need for reliable digital solutions. Businesses should find creative ways to leverage technology and virtual engagements to reach a wider audience.

    With that being said, increased cyber exposure comes with its own set of risks. In 2020, the number and range of cybercrimes and cloud-based attacks rose 630% between January and April 2020 (Fintech News 2020). This will continue in 2021, which is why it’s essential for a business to up its cybersecurity game by ensuring the right processes, technologies and detection systems remain in place and are diligently used.
  • Form strategic partnerships
    Remaining competitive and agile includes recognising the need to tap into the expertise of other business partners that can enable growth and support your vision. The right partnership can potentially assist your business with improving profitability and productivity, save costs and allow you to be in a better position to serve your customer base. As with any business strategy, due diligence needs to be applied to ensure alignment with any potential partner; however, strategic partnerships can be the key to building resilient businesses that have the potential to thrive in a rapidly evolving world.
  • Consider a hybrid working model for your staff
    While many have quickly adapted to remote working, rather than employing a one-size-fits-all approach to how your staff works, consider introducing a more flexible approach to determine what type of environment different employees thrive in.

Regardless of the sector in which your business operates, cycles of change and uncertainty are inevitable. While we may not be able to predict what lies ahead, innovative thinking and decisive action are needed to ensure the survival of the business and sustain livelihoods.

References

Fintech News. 2020. ‘The 2020 Cybersecurity Stats You Need to Know’. [Online] Available: https://www.fintechnews.org/the-2020-cybersecurity-stats-you-need-to-know/ (Accessed 3 August 2021).