ProSpeak

Adapting to Change
Jun 4, 2020
Kyle Gough, ESQ, Kyle Gough Law
ProSpeak

Like it or not, COVID-19 has altered how most industries do business. While it remains to be seen whether and which modifications are permanent, there is little doubt that the pandemic will have longstanding effects across the country. This commercial and lifestyle shift will create many new opportunities, and companies that accept and adapt to change will be better positioned to survive and thrive. Here are some of the best ways to optimize your business for a post-COVID-19 economy:

Begin With the Beginning in Mind

A common strategy for business formation is to create a business plan that identifies an end goal and lays out a roadmap for achievement. Established businesses should evaluate their plans to determine whether the roadmap still leads to the desired end goal. Use your company’s present disposition as a starting point and make a new business plan. This will help to pinpoint any adjustments that could be made to boost your chances for success.

Think Like an Investor

To help find possible ways to progress, picture yourself as a potential investor in your company. If your business is more likely to produce positive results, it is more likely to get outside financial support. Investors like predictability, so thinking like an investor will help you to spot new ways to improve. If you were to make a substantial investment, what product, market, or service model changes would you like to see? How can your current product be improved to reach customers? 

Use Technology to Your Advantage

As states gradually reopen, social distancing remains crucial. Technology will continue to allow companies to serve customers in ways that comply with strict reopening schedules. Online portals and video conferencing are great ways to communicate with customers, and e-commerce tools allow businesses to sell products without coming into contact with customers. Technology can also be used to streamline internal business methods, which allows companies to operate in a more efficient manner.  

 
Kyle Gough Law

Phone: (260) 414-4878

Website: kgough@kylegough.com

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