Covid-19 is part of our reality now. Businesses both large and small need to plan and save for the next lockdown—or they might end up closing their doors. 

Every company needs to set a course of action aimed at weathering the next six to twelve months. For some, this could involve overhauling the business model itself. Regardless of whether we are heading for a new Covid-19 wave or not, businesses would be smart to use this time to focus on the future. Your profit margins will be critical in the next twelve months and creating more cash reserves should be a priority. While our company is a branding and digital marketing agency, the following insights are universal and apply to any business.

GO OVER EXPENSES WITH A MICROSCOPE

Gain control over spending. Look for any opportunity to tighten the belt. If any bills can be delayed, give that option some thought. If staff reductions need to happen, always keep the long-term health of the business in mind.

EXAMINE THE LANDSCAPE, CREATE SCENARIOS

While nobody has a crystal ball, a company’s leaders can pick their team’s brains for insight and work up different models that address how Covid-19 will affect the company. Think long-term and near-term, worst-case and best-case.

IT MIGHT BE TIME TO EVOLVE THE BUSINESS

Over the course of the past eight months, a lot of businesses improved in areas, like their online capacity, simply because they had to. Employee roles inevitably have changed, many times for the better.

If your marketing spend needs to be reviewed, our team at August Allen would love to be kept in mind as a branding and digital communications resource. There might be sales possibilities you are missing and we might be able to help.

Like your team, we’ve gotten used to Zoom meetings, dressing nicely from the waist up, and working in our own socially-distanced spaces. We’d love to talk—on a Zoom call or otherwise.