When you encounter an uncertain time like this, you could improvise and take this time to do things you were putting off.
Business Improvisation Tips
Here are 5 business improvisation tips to consider trying.
Modify Business Objectives
Evaluate if you can repurpose your business and retool to do something that could use the skills and tools that you have. Examples – dine-in restaurants moving to carry-out/delivery. Bars creating hand sanitizers. Hotels, cruise ships, conference centers to hospitals.
Audit and Evaluate Your Systems
While this may seem like the time not to invest in upgrading your tools and technology, this is a very good time to talk to your team and ask them for ideas for increasing efficiency. You may be in for surprises. Example – You may find your sales team is working off of 3 different price-lists. Maybe database updates were not made because of time or production constraints. Parts of your business still work in the 1990s like using paper forms and non-PCI compliant collection of payment information.
Engage in Training
Good time to upskill everyone in the company. Hold training and have inter-departmental training. Create a new “Re-Onboarding” program. It may have been many years since many of your front line employees saw the upgrades your HR department did. Your office manager can tell your salespeople about quick ways to convey customer information or scheduling
Prepare for Change
As a society, this current situation may result in a few changes to the way we live. Here are some things that I predict.
- Work From Home Policies: Companies may see the advantage of a balance between office and Work from home cultures and may create work from home days every week.
- Consumer behavior will changes: Consumers will now find the advantages of food delivery. The convenience of medicine delivery and other quick new things they had to adjust to during this period
- Privacy and in-home sales: Customers may become used to a lot of online transactions and will limit any in-home interaction in time and number of visits. Canvassing by home improvement companies may not be welcome. In-home sales may have to be done electronically using software like Arial measurements like Eagle view and Hover and a sales system that can be done with less in-home times. The company I work for will see more growth. Activities like refinancing and settlements may go virtual as we practice virtual living and like these transactions that remove friction when done virtually.
- Telemedicine: We may continue to use the option of telemedicine until we need a test or an annual physical done.
- Travel patterns: Travel to China and Europe my reduce, and we may stop exploring new “unknown” destinations and stick to Mexico and the Caribbean.
Observe Hygiene First
While restaurants and stores were held to a high standard, other businesses will have to be aware that customers will be looking for clean and organized places of business.
Get Innovative with Finance Options
As we come out of this situation, the financial institutions will need to come up with ideas to get the economy going. This will be a good time for businesses to think of offers and promotions that can benefit their business through some innovative options. Example: Restaurants started offering discounts on gift cards as they changed to carry-out only to keep their cash flow going.
What are some business improvisation ideas. Think about things you have seen from other businesses. How do you think things will change? Consider after we are over the current crisis?
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This article, "5 Business Improvisation Tips for Your Company" was first published on Small Business Trends
March 24, 2020 at 06:13AM
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Shashi Bellamkonda, Khareem Sudlow
