Building a resilient business: the learnings of COVID-19
The resilience and longevity of Australian businesses has long been admired in the global marketplace, now more so than ever as they continually adapt to the daily challenges presented by COVID-19.
Nimbly navigating a torrent of changes across the Australian social, political, and legal landscape, businesses have deftly adapted to ensure long-term success as we enter our new normal.
All businesses can turn these key learnings from their COVID-19 response plans into proven practices for their day-to-day. Here are 5 ways businesses can stay resilient in the midst of increasing change.
Be a multi-platform business
As physical interactions became increasingly challenging, many businesses faced immeasurable odds to stay afloat, but many found creative ways to innovate and adapt. Musicians delivered gigs on live-stream, pub trivia became a Zoom link, and restaurants became delivery services with online menus. Creativity can solve problems in unexpected ways, and for many businesses’ digitisation has brought with it a range of new ways to interact with their customers.
The significance of physical interaction should not be underestimated but a multi-platform business across both online and physical spaces can help reach your customers no matter their preferences.
Embrace your local supply chain
Globalisation has allowed local businesses to push their products and services further than ever before. But as we saw in COVID-19, complete reliance on a global supply chain can cripple a business if global trade relations grind to a halt.
To remain resilient, push your business to be a multi-dependent organisation. Utilise local supply chains to your advantage, and leverage global transmissions without banking on them to ensure your business is equipped to face the unexpected – from shortages to tariff spikes and beyond.
Talk to your stakeholders
Businesses were faced with a key issue when social distancing was first introduced – no more physical contact. From the deliverymen to your local tailor, most businesses had to innovate the way they communicated and interacted with their customers by shifting key conversations online.
It’s not just your customers that you should be maintaining regular contact with; employees, partnered organisations, and neighbouring businesses alike, require a steady flow of information to maintain performance and build rapport. Employing a multimodal approach in your communication ensures you are reaching all stakeholders effectively and with their communication preferences in mind.
Evaluate your resource allocation
One of the keys to adapting to the changing circumstances was businesses’ capacity to reallocate resources. Perhaps not the most daring or eloquent solution, the reallocation of resources was critical to many businesses success by allowing them to reinvest funds in new areas.
If physical stores close down, you could use the funding for in-house marketing instead to create a new online sale. If sales are slowing down from the pandemic, consider a budget for online advertising while it’s at one of its lowest costs and invest in your future. Thinking critically about the necessity of funding and how it can best be distributed is one of the most important ways your business can remain resilient in the face of a changing landscape.
If there was one key for business success during this period, it was that of the agile business. Agile businesses don’t react, they reinvent. Almost every Australian business implemented an agile workplace – with 88 per cent of organisations bringing in a work from home policy and shifting the office online with digital workspaces and new communications platforms such as Microsoft Teams.
It is important to be constantly questioning the efficiency of your business processes, and ensuring you have the capacity to adapt at a moment’s notice, bolstering your businesses resilience for many years to come.
Preparing your business for online success
With the restrictions in Australia easing slowly but surely, a return to some form of regular business operations is on the horizon. Whether your business is ready to return, or you’re wondering what the best path forward is, Netregistry are here to help. With expert teams in SEO, PPC, Social and Websites – we have all the experience you need for a successful online business. To get started, call us on 1300 638 734 or submit a message online.