How To Get Your Business Back On Track Post-COVID
What will accelerate your business towards greater post-COVID recovery in the year ahead? We outline the 4 big moves that matter.
So how can we use these experiences to drive business recovery in the year ahead? There is no single answer. Different thinking and different approaches are required. But by observing what I call the four key stages of recovery - grit, resilience, agility and transformation – we can transform challenges into meaningful change.
Back when the COVID crisis first hit, our first and foremost priority was the health and safety of our team members. Then, with rapid lockdowns across the globe, FedEx became an essential service to move much-needed medical and relief supplies and keep commerce flowing. Later in the pandemic, we started to move COVID-19 vaccines, too. Our team members’ grit and determination meant we were able to act fast and stay focused.
Of course, mindset is everything. The courage to take calculated risks and not give up has enabled many businesses to survive and move forward. As an SME, it’s your grit that will carry you through the extended cycles of pandemic recovery and stay motivated.
Put simply: resilience is your strength and buffer against adversity. For small businesses in particular, which have been among the most vulnerable during the pandemic, the need to adopt a resilient mindset is even more pressing. That means being prepared for further upheaval, having contingency plans in place when faced by setbacks, and being poised to grab any opportunities that may emerge.
Global airlines, for example, are staying in the skies by shifting to carrying commercial rather than human cargo. E-commerce has skyrocketed as companies shift their sales strategies. At FedEx, our focus on business agility has helped us find ways to work differently when responding to crisis, and in turn meet new challenges and support our SME customers.
But for smaller businesses, there’s no need to engage in huge leaps or leave behind the concepts and values that characterized your company before. Transformation can come through diversifying product lines to selling in new markets. It can also come through change in internal policies, in departments such as HR. A new commitment to sustainability or diversity and inclusion within your workforce can bring about dramatic change, too.
Recovery is not linear – it can’t be, yet. Each of these four stages can be approached in any order and at any time. But by showing true grit, resilience, agility and being brave enough to transform when needed, we can emerge as stronger businesses. At FedEx, we are ready and supporting our customers’ transition toward recovery and profitability.
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