According to successful businessman Richard Branson, “Tough times are inevitable in life and in business, but how you compose yourself during those times defines your spirit and will define your future.”
You are probably thinking this is just another COVID-19 article, well, unfortunately, it is because this pandemic has brought upon us difficulty, uncertainty and questions – a lot of them.
One of these questions is how the future of business will be shaped and what lies ahead for organizations and individuals alike.
If you are like us, who are non-experts in COVID-19 related issues and don’t have the answers, you might probably be thinking of ways to adjust to the situation (which is a normal human reflex). In the same vein, organizations worldwide are critically assessing the impact of the pandemic and adjusting in different ways.
In the words of Winston Churchill, “To improve is to change; to be perfect is to change often”, here’s our take; the most important decision for organizations this period should be knowing when to stay the entire course or change methods, strategies and direction. One word comes to mind, PIVOT.
So here is how we think you can move your organization forward in these unpredictable times by P.I.V.O.Ting.
PRIORITIZE your customers’ needs. What your current customers have to say can help your organization move forward in the right direction. By listening to your customers’ needs, you can find new ways to solve their problems or provide solutions that are more tailored to their evolving needs. This is a win-win situation because, at the end of the day, your customer is the reason you are in business so there’s no point being stuck at point A when your customers have moved to point D.
INNOVATE your business services. This might not necessarily mean implementing new ideas, it might simply just mean making changes in the existing environment to deliver better products and services to your customers. Infusing a culture of innovation can make way for creative thinking which can foster more effective, dynamic and improved processes, ideas, services, hence, helping you adapt in the marketplace post-COVID-19.
VALUE is what will keep your customers. COVID-19 has pushed companies to rapidly operate in new ways, providing more options to the market. As an organization, is there an added value in terms of a product, service or idea that can make your customers happier? Amid competition and other organizations vying for the customer’s attention, your customer will only pay for and be retained by the value you provide. So what value are you providing?
OPTIMIZE current business processes. The purpose of process optimization is to reduce or eliminate waste (in terms of time, resources), unnecessary costs, bottlenecks and errors while achieving the goal of that process. So, now is the time to take a critical look at your current processes and operations and pinpoint better ways to get the required work done. One of the ways to do this is by identifying bottleneck areas and rethinking unique methodologies for improvement, this is where automation comes in.
TECHNOLOGY is your best friend. We have all seen that technology is here to help us; from companies going into full remote work, business meetings held via Zoom, Microsoft Teams and Google Meet to Annual General Meetings (AGMs) being attended online, the future of work is here and this is the “New Normal”. So why not embrace the use of technology to move your organization forward? Technology can act as a catalyst to make your organization grow and help you stay relevant in the marketplace post-COVID-19.
As said earlier, we are not experts at COVID-19 related issues, however, our advice is “do not be afraid of change”, it might be just what you need to grow your organization to newer and better heights.