How To Kick-Start After Lockdown

It’s true that a handful of businesses have thrived during the recent lockdown but unfortunately most have really struggled. As the governments drive for people to return to work (where possible) continues, many businesses need to rebuild themselves. This is not an easy task, especially with the threat of another lockdown always on the cards. However, it would seem that best practice is to ‘keep calm and carry on’. Here we explain why.

Our first instinct during difficult times is to batten down the hatches and go into hibernation mode. Whilst understandable, this is not always the best option. For every 10 companies in your sector that also do this, you can guarantee at least one other company goes in  the opposite direction, often successfully.

What Can We Learn From Kellogg’s?

During the last great Depression, Kellogg’s doubled its advertising budget and heavily invested in its workforce whilst most other companies were making cuts and laying off staff. After just a couple of years, Kellogg’s had increased its profits by 30% and became the market leader in its sector.

It’s not hard to understand why this happened. Going back to thinking about you and your own sector…if just one of your competitors right now is still advertising and marketing their brand with intent to grow, whilst you and everyone else is in hibernation, even if there is less customer potential right now, most if not all the new customer opportunities will be going to them. Then as we get back to normal and everyone starts focusing on growth again, they will have had a huge head start.

Invest In The Right Things

At the very least, all businesses should have used the recent lockdown as a valuable chance to review their products / services, customer portfolio, their internal processes and crucially, their businesses viability moving forward. This is the time to make some key changes and upgrades to your business model.

Unfortunately, there are many employees right now who have felt neglected by their employer. They may feel like due to poor communication they have been kept ‘out of the loop’ when it comes to making decisions about their company’s future. Your staff want to feel heard and understood, especially at a time like this. Now is the time to follow Kellogg’s example and really invest in your people and make them feel like a valued member of your team and company’s future. You will need everyone on-side and as productive as possible if you want to quickly rebuild.

Maintaining A Healthy Attitude

It is key that you don’t allow your business to stagnate. Those who have in recent months will find it much harder to drag things back up to normal performance levels. Maintain a healthy attitude to growth. There will be at least one other business in your sector who has managed to turn the lockdown into an opportunity. Cultivate the relationships you have with you team. Where possible, get them involved with your future plans. Don’t fall into negative thinking as this will infiltrate your companies culture.  Your team need positivity right now more than ever.

 

Simas Accounting & Tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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