Months have passed since the COVID-19 swept us off our feet, interrupted our regular lives and derailed our business plans. Companies of all sizes have taken multiple steps to reorganize Slot online and alleviate the crisis. Unfortunately, the pandemic is still going on, and it’s still threatening businesses across the world, particularly small and medium-sized companies. It’s not surprising that many business owners are still trying to figure out the best path to follow in these uncertain times.
Are you one of them? Have you tried some strategies but still feel unsure regarding the immediate future of your company? Then you need to stop for a moment and better analyze the current situation of your business to define one of the two best possible solutions you have at your disposal: an offensive strategy or a defensive one. If you fail to do so and keep doing things just to survive, your chances of making it through the crisis are slim.
Let’s review how you can make an initial assessment of your company and then explore offensive and defensive strategies to help you define which is the best approach for you.
Taking the first step: Analyze your data
It’s hard to keep the head cool when your business is being threatened by the biggest crisis of the last few decades, but shooting in the dark isn’t precisely a great strategy to deal with it. You have to make an effort to stay calm and assess where you are standing. If you’ve reached this point and are still open for business, then you are on the right track, but that doesn’t mean you can relax.
You have to keep planning your moves carefully, and there’s no better way to do so than strategically planning everything from an informed position. How can you reach that position? By learning all you can about your client contracts, leads data, sales and providers. You should also take a look at technical information, such as your website traffic, engagement in social media, your conversion rates, and even your SEO reports. Naturally, check your financial status and pay special attention to your burn rate (the amount of money you might be losing on a specific period).
Being as thorough as possible when looking at your data is the only way you can better prepare what step comes next. If you have a data science algorithm in place, even better, your quest for insights will be far more efficient and manageable. But if you don’t have that, don’t worry, you can arrive at similar insights, provided that you are rigorous and detailed in your analysis.