Lessons from CoViD-19: Future-Proof Your Business

There are two things your business cannot escape from: taxes and risk. It’s for these reasons why you need to develop a future-proof game plan for your business 

But while you can always settle your dues to the government, preparing for worst-case scenarios like a pandemic isn’t so simple. 

The current coronavirus situation caught businesses off-guard, with many having to downsize their operations to cushion the blow to their bottom lines. 

Does the coronavirus experience tell us that businesses could have done better to prepare for a major contingency such as CoViD-19?

It is impossible to predict the future, but if a business wants to stay for the long haul, it has to plan for any eventuality.

Here are a few ways you can future-proof your business:

 

Expanding to other markets, developing new solutions, and acquiring alternative investments are some of the best strategies you can use to keep your business from going under. 

Relying on one niche alone renders your business vulnerable to disruptions within that niche. If you own a cleaning company that specializes in residential cleaning, you can expand your services to include commercial establishments. This allows you to acquire more clients, grow your revenue, and secure your business when, say, the market for residential cleaning services takes a downturn. 

 

It’s important not to let your guard down even as your revenue numbers rise. There are risks you need to prepare for and it helps if you are able to draft out a detailed plan of how you are going to keep things running. 

When developing a business continuity plan, focus on how you are going to maximize available resources, and mobilize your workforce as soon as you can. There is also the issue of data security. You can use cloud-based solutions that allow you to save crucial company data offsite. 

Once you have drafted the protocols to be followed in the event of a major crisis, you may need to share these with members of the management departments of the company. That way, coordination will be easier and you won’t spare a single minute putting the contingency plan into action.

 

One thing that secures successful businesses from uncertainty is innovation. Digital transformation is making it easier for businesses to scale. Digital marketing, eCommerce, and customer relationship management tools are now accessible to small businesses that want to gain a better position for themselves in their markets. 

In the age of big data and emerging technologies such as AI and augmented reality, businesses may need to drift away from their current infrastructure. Success requires the need to be forward-thinking in the way they approach familiar situations. On top of that, they also need to identify how issues can evolve and disrupt their capacity for growth. 

These will make the perfect case for companies (especially SMEs) to leverage new technology and get access to the expertise needed to handle emerging tools. For this, hiring virtual assistants specializing in web development, digital marketing, and back-office support will play a key role. 

 

As several countries aim to ease up their lockdown measures, this is now an opportune time for businesses to plan for the future. No doubt, virtual assistant services will play a key role in this. 

If you are aiming to future-proof your business, start by hiring a team of virtual assistants to handle your repetitive and time-consuming tasks while you keep your business afloat.

Contact OneVirtual Solutions today for virtual assistant services you can trust.