The time has come for businesses to start thinking about how they will reopen their operations in the new COVID-19 environment.
Despite these rebound conversations, however, businesses will be opening up to a very different world. Getting operations back up and running will require strategy and some significant forethought.
Here are four tips to keep in mind as planning gets underway:
- Think about how you will grow. Cutting costs during the coronavirus outbreak has been a business reality for most, which is why so many people have been laid off in the last 60 days. But as you look towards the future, it is important to rethink growth. How can your business grow with the rebound? Have you considered a direct sourcing strategy? That is, how can you reallocate full-time resources temporarily to other parts of the business? Is there a way to operate conservatively without cutting additional costs or resources? Preparing for the inevitable ramp in this regard will be critical to getting operations back up and running.
- Consider how you will rehire and make new hires. The reality is, you likely had to cut some or a significant amount of headcount during the outbreak. Now is the time to start thinking about how you will bring those employees back or what your new hire strategy will be as business starts to pick back up again. Pipelining and cultivating your talent community now is smart business, but also consider how you will tap into your existing talent pool. That is, those who were furloughed or laid off during the outbreak and even those who have retired or moved on from your company pre-COVID-19. How can you reengage these critical resources to prepare for the upturn?
- Rethink your business as you know it. The novel coronavirus has changed a lot of things, and your business operations will likely need to adapt accordingly. Think about what you sell, who you are selling to and how you deliver your products and/or services. What pivots do you need to make to your business model as a result of the coronavirus? To think business will go back to ‘normal’ is not a good reopening strategy. You may need to rethink your revenue stream(s) and how you can diversify or tier the opening of certain aspects of your business. Consider all of the changes that have taken place since the coronavirus. Now, make a plan to address or work around those changes.
- Negotiate new contracts. Now is a great time to be renegotiating contracts with current vendors, or to be finding new providers. Operations need to be agile coming out of the outbreak and instead of cutting costs in headcount and other vital areas of the business, contract negotiations can be a good way to get the most out of your current vendors without trimming resources where you need them (or will need them) most. Again, it’s important to consider what your operations will look like as the business reopens – you may need new vendors altogether, and now is a great time to be making those connections.
For resource planning and talent strategy post-COVID-19, contact us. Local resources in Atlanta, Charlotte and Dallas are standing by.