This guide outlines the three key strategies for business recovery after the economic slam of the pandemic.
As we emerge into a post-pandemic world, many of us are fighting tooth and nail to regain some sense of normality in our work. Unfortunately, lockdown measures, an increasingly digital market, and tightened consumer purse strings have all hit businesses hard. At its worst point, the top 25% most affected companies saw sales fall by 72% from pre-pandemic levels, according to the World Bank.
Though we’re finally back to brick-and-mortar workplaces, there’s a long way to go for some businesses to recover to healthy profitability. Changes may be in order for your company to find its place in the new market — and to help you on your way, we’ve compiled a short guide for sustaining long-term recovery.
Strategies for business recovery
Without further ado, let’s discuss how you can ensure a business recovery and bounce back from Covid.
Prioritise employee wellbeing
The pandemic has massively impacted those on the last line — the workers. 2021 saw record numbers of employees leave their jobs, in a phenomenon that some scholars have called the Great Resignation.
Workers cited feeling disrespected at work, poor benefits, and a lack of advancement opportunities as among the most common reasons for leaving. As a result, it’s critical to implement employee wellness programmes to incentivise staff to stay as part of your business recovery plan.
Provisions being adopted include cumulative benefit plans and stress management workshops. Initiatives like these can help to maintain a happy and productive workforce that will stick around, stabilizing your employee turnover.
It’s especially important to acknowledge how working issues have disproportionately affected women. Management consultancy firm Egon Zehnder reports that, “globally, women lost jobs due to the pandemic at a rate 1.8 times greater than men. Meanwhile many women who had retained their jobs experienced extreme burnout.”
The reasons were largely down to increased pressures on women to balance life and work: “they were stretched thin by their responsibilities to their employers, families, and disproportionate share of the household responsibilities.”
Therefore, consider tailoring your wellbeing services to especially support women’s issues as part of your business recovery. You can do so by fostering a culture of equality, implementing flexible working schedules, and (hopefully this one goes without saying) paying an equal salary.
Embrace the shift to remote working
Working from home was already picking up steam before Covid hit, but when isolation forced staff to relocate to makeshift kitchen offices, many realized how convenient it was to cut out the commute altogether. In one survey, 60% of people who could work from home said they would like to work remotely all or most of the time, citing improved work/life balance as the primary reason.
This is good news for businesses that can run remotely, as it offers the rare opportunity to both please staff and reduce overhead costs as part of business recovery. Your company could claw back some of the finances going toward rent and bills by downsizing or all-out leaving the physical workspace.
That’s not to say that you need to go completely remote though, as cheaper arrangements like hybrid plans or investing in coworking space can help you maintain some face-to-face time with your staff, and allow for opportunities to collaborate and socialize.
Review your expenses
In 2022, businesses have to be able to adapt to the ‘new normal’ — and for your company’s business recovery, this may necessitate a review of outgoing costs. An appraisal of recent years’ accounts can help you to inspect what needs changing following the pandemic to bring you back up to pre-Covid levels of profit. Ask yourself “what was working then that doesn’t work now?” and let the numbers answer the question for you.
One example of how businesses are adjusting to the new state of play is by reworking their marketing efforts. Econsultancy reports that “44% of B2B marketers have ‘completely changed’ their marketing channel mix since the pandemic began to meet new challenges and a shift in behaviour.” In particular, social media marketing seems to be more influential than ever before — while traditional marketing methods like print are on the decline.
Therefore, an evaluation of where you’re investing your business’ funds may be overdue — and making the necessary changes to adapt to the current market climate could allow a strong business recovery for your company to bounce back into profit.
