The past few months have felt like a never-ending rollercoaster at times, but with Toronto officially in phase two of reopening, it seems like some semblance of normalcy is starting to return. Now that we’ve gotten past the worst of the pandemic (fingers crossed) it’s time to make the adjustments necessary to keep your business afloat in this “new normal”.
Between the financial impact of COVID-19, the change in our work environment, and the rules around how we interact, there are a lot of adjustments every business has to make. Without further ado, here’s how to adapt your business to the new normal.
Assess Your Financial Situation
Having a comprehensive understanding of your financial situation will give you an idea of how well your current strategy is holding up. Armed with this information, you can tweak your strategy so that your business will be better prepared for unexpected events. When assessing and adjusting your strategy, it’s important to consider both your short- and long-term finances and prioritize the management of cash flow.
Consult Industry Experts
Almost every industry has been drastically impacted by the COVID-19 pandemic. Knowing which forces are driving change in your industry and acknowledging critical uncertainties will provide you with the direction you need moving forward. A great way to gain an understanding of the broader landscape is to consult an industry expert. Plus, two heads are better than one!
Prioritize Employee Retention
Many businesses are just starting to have their employees slowly return to the office after having them work from home for months on end. Checking in on your employees and seeing how they are feeling about the changes going on in your organization is extremely important when it comes to employee retention. The last thing you need is to deal with unexpected changes that were preventable.
Be Open to Change
The world as we know it has changed and adaptability is the most impactful competitive advantage at the moment. Whether adapting your business entails launching an eCommerce site or doing a complete rebrand, you need to do whatever it takes to meet current consumer needs. And remember, “business as usual” doesn’t apply during a global pandemic!
Create A Contingency Plan
If there’s anything 2020 has taught us so far it’s to expect the unexpected. Creating a contingency plan is a great way to plan for different scenarios and mitigate risks that you may encounter in the future. Be sure to thoroughly review your business practices and pay close attention to your critical revenue generating processes when creating your plan.
The coronavirus pandemic has caused a lot of change to occur in a short period of time, but as any savvy entrepreneur will tell you - change is actually an opportunity to do something amazing. We’ve been experiencing our fair share of changes at Project Spaces and have adapted our coworking spaces to better suit side hustlers, digital nomads, and founders alike. If you’re looking to get out of the house and start working downtown again, be sure to check out our new Flex Membership!
Founder-friendly coworking in downtown Toronto for entrepreneurs and digital nomads. EST 2011. We create original workspaces, fill them with relentless entrepreneurs, and watch the magic happen. Learn more