Key factors that will determine business success in the new normal

Key factors that will determine business success in the new normal

There’s no telling when the country will bounce back from COVID-19, but one thing’s for sure: it’s no longer business as usual.
What can business owners do to give themselves a fighting chance in the new normal? The FilePino team offers the following advice:

Agility wins the day

In the new normal, being agile is more crucial than ever as this pandemic has rewritten everything we know about doing business. Hence, entrepreneurs must learn to read the landscape and adapt their operations accordingly. Whether that’s shifting to a hybrid work setup or accepting cashless payments, business owners need to keep up with the times if they want to succeed in the new normal. And the better your company is at anticipating the changes ahead, the better poised it will be to emerge h2er than ever.

Safety is a top priority

With more Filipinos getting vaccinated against COVID-19, more and more people will be back in the office. To calm any doubts about safety, entrepreneurs must take extra steps to disinfect and sanitize workspaces. This is especially true for the business process outsourcing (BPO) sector,  where two or three shifts report to work every day. Office managers must reinforce safety precautions by taking employees’ temperatures upon arrival, providing hand sanitizers throughout the premises, and promoting social distancing on the work floor. Yes, these steps will incur additional costs, but the financial impact of halting operations due to an outbreak is far greater.

Digital savviness is a must

While the pandemic has brought many businesses to their knees, there is one segment that undeniably thrived: digitally-driven enterprises. For example, e-commerce players saw growth that would make any entrepreneur envious, pandemic year or not. Perhaps the most important business lesson that this epidemic has taught us is that digital is no longer just a channel — it’s now a pivotal component of how to set up a business in the Philippines. Business owners can take a cue from e-commerce players and make their goods available for purchase online, too. Likewise, tools like chatbots and apps make it easy for clients to transact with a company and allow them to forgo in-person visits. Even your own employees have to be more digitally savvy, as they will likely communicate with you through digital platforms like Slack or Zoom while they work from home.

Innovation wins the game

You can’t keep playing the same game when the rules have changed. If you fail to innovate and keep up with the times, you’ll be left behind. That’s why it’s important to take a look at your business operations and look for ways to make things faster, better, and smoother. How can technologies like artificial intelligence or automation help drive your business forward? How can you streamline hiring so there’s a fresh crop of talents in your pipeline? What can you do to better cater to clients’ needs during these topsy-turvy times?

Identify new opportunities

Keen entrepreneurs know that challenges and opportunities are two sides of the same coin. While the pandemic may have affected one part of your business, it could also open up possibilities you never considered before. If you own a contact center, for example, you may offer your services to e-commerce platforms and food delivery services whose customer calls have no doubt ballooned because of the lockdowns. This may be outside of your wheelhouse, but it might just be the pivot you need to grow your business during this tough economic climate.

Crisis planning takes the spotlight

Businesses were caught off-guard by this health crisis and paid dearly for their lack of foresight. Take the time to review your company’s crisis plan so you’re able to respond to any and all disruptions. More specifically, plot out different workplace setups in case another emergency prevents your staff from reporting to work. In a similar vein, review your financials and set aside a buffer to help tide you over during difficult times. Most importantly, have a game plan for how to keep your company profitable (or at least afloat) even in the face of crises.
Change is always intimidating, but those who have the right mindset will find plenty of opportunities to exploit. We hope the tips above allow you to make the most of this new business landscape we find ourselves in.
If you’re planning on starting a business in the Philippines, allow FilePino to be your expert guide. With years of experience helping foreign nationals establish successful BPOs and call centers in the country, we have the skills you need to get ahead of the game.
To know more simply call +63.917.892.2337 or send a message here.