Using a Slow in Business to Your Advantage

Businesses have stagnant periods throughout their longevity that sometimes are caused by actions that are out of their control such as large customers going out of business, changes in the supply chain, or pandemics.

Currently, the world is facing a business slow due to COVID-19 that companies haven’t experienced before. Employees are quarantined, customers are shutting down for extended periods, and states are calling for mandatory shut-downs. While many executives see this time as a negative to their bottom line there is a silver lining- It’s a time to complete improvement projects that will allow your organization to come out stronger. We have pulled together three ways executive teams can maximize a slow-down.

• Accessing current processes and how they can be improved
Many times executives are faced with needing to automated and improve processes but they lack the time to get these projects completed efficiently. With the inability to travel, and the reduction of travel time from everyone’s day there is more time to look into how to upgrade technology and eliminate manual work. Where should a company start? First look at the processes or business tasks that currently can’t be done remotely. Is there a solution that would allow team members to executive this at home? If so, set up a demo and evaluate the pros and cons of implementing it now. Secondly, take time to follow up on current best practices for HR, finance, sales, and marketing. Is there anything your team has tabled for the year that would be a benefit if you took the slow time now to evaluate? Any improvements that can help with a remote team will only increase your overall strategic power once COVID-19 is controlled.

• Elevating Your Customer Experience
This is a great time to check in with your customers and find out how they are doing during this economic crisis. It’s also a great time to send out a survey through your preferred platform on how they enjoy working with your company. It’s a great time to find out what your team does well, and where opportunities lie to improve.

• Education
Many companies are offering FREE webinars, web series, and information daily to provide thought leadership and helpful advice. Take advantage of these opportunities and use them for the above two bullet points. Rarely in the day to day operations do we have time to work on improving our business

Not just focusing on the bad during the time, but the ways you can improve your own business, and provide value to your customers. At rinehimerbaker, we can help you evaluate your current finance processes and technology package. Contact our team through the form below to get started today.