Your Business
Your business needs to adapt to the current climate , whether it ’ s a pandemic or change in industry norms . Businesses that fail to grow simply do not stand the test of time . Here are a few things you can do to promote the endurance of your business .
Having a Plan
No one could have anticipated the impact COVID-19 would have on daily life . So , it is understandable that businesses have gone through growing pains when making the adjustments necessary to continue operating . Now that businesses have some experience with operating during trying times , it ’ s time to be prepared and formulate a plan .
• Consider your business ’ technology infrastructure . Many businesses struggled to ensure employees had remote access to servers , adequate internet speeds and the appropriate settings to stay secure on their home networks . Man-made or natural disasters can – and do – happen . Examine your technological needs and capabilities to ensure your business can run smoothly with or without the ability of all employees gathering at one central spot . If necessary , outsource your IT to a company that can remotely work on software updates and troubleshoot technology problems .
• Update old policies . HR professionals recommend reviewing company policies and procedures annually , and every three years at most . While you may have had company policies prior to 2020 , now is a great time to update them to encompass operational changes and include pandemic or other disaster scenarios .
• Think about necessities . The realities of operating during the pandemic have highlighted what is and is not essential when conducting business . Consider how you can streamline your company . With many employees working from home , there are certain costs you can save on now , such as downsizing your scheduled office supply order . You may find you can save time and effort in the long run .
Review Business Insurance
This past year has taught us a lot about unpredictability and its effect on businesses . While COVID-19 has been an extenuating circumstance , it does not mean that your business won ’ t be affected by another unexpected event . Having the right business insurance can prevent a lot of hardship . Even if you already have business insurance , it ’ s important you reassess your plan annually , especially as your business grows . To figure out what kind of business insurance is right for you , do your research and talk to a reputable , licensed agent .
Rethink Your Business Model
Many businesses have found that their new way of operating makes for happier employees and consumers . You may want to consider whether recent adaptations you made should become your own new normal . Sometimes hastily made changes can feel like a bandage over a bigger problem that needs to be addressed . To truly thrive , it may be necessary to restructure your business entirely . While this may seem like a daunting task , it can be made easier . Looking for an innovative way to advance your business and problem solve ? Check out our article Design Thinking on page 16 .
BBB TRUST TALK 7