How to move forward in the COVID-19 environment is a dilemma most companies are facing.
What should you be doing now to ensure revenue streams continue? How can you plan for the future, both for the next quarter as well as for the next several years? These are daunting questions for any business, but they’re even more pressing during this time of crisis. Across the globe, this one question is keeping businessowners awake at night: “How does my brand move forward in the COVID-19 environment?”.
Luckily, Forma can help. Below is a list of actionable steps that you can begin taking immediately.
Concrete steps you can take now:
- Survey your current and potential customers. What are their concerns now? What are their customers’ concerns? Determine what value you can provide that will help solve immediate problems.
- Take steps to ensure the infrastructure you have for facilitating remote work is efficient and robust. Computing power and on-line collaboration tools. If there is anything you can do virtually, do it.
- Shorten your time horizon. Plan for one to two quarters out, and be prepared to pivot.
- At the same time, dedicate some resources to maintain your long-term view. Disruption creates significant opportunity if you can discern where it lies and prepare for it.
- Secure your supply chain. Domestic sourcing will become valuable.
- Staff wisely. You might be able to scale back in some areas, but you will regret losing capable staff simply because they are in the wrong functional area. Reassign and train.
- On-line marketing has suddenly taken on a much greater role. Develop your capabilities in this sphere.
- The tradeshow industry has been forced to go virtual. Traditional tradeshows might not return until a vaccine is available. By that time, virtual methods might be developed that we find are more effective and efficient at generating new customers and discovering new suppliers.
The good news for medical device companies is that their output is still vital, and there is and will be unprecedented demand for new technologies and solutions for the way we are having to live now and in the future.
- The adoption of telemedicine technologies and methodologies is increasing at a much more rapid pace.
- Data analysis has been big for several years, but has become even more important and useful now. Data analysis capability will be even more important in the future, especially as it can be harnessed to improve population health.
- Population health in itself will become a focus of healthcare. Solutions for monitoring, tracking, predictive analysis – all will be in strong demand.
- Rapid testing and point-of-care diagnostic devices will be in demand, not just for the coronavirus but in anticipation of other new pathogens as well.
If your company’s focus is on any of the above areas, now is the time to put investment dollars into research and development. If you’re not directly involved in those areas, can you develop a strategy to better position your organization to take advantage of the shift in demand?
If you’d like to have a conversation about how we can help elevate your business during this time of uncertainty, don’t hesitate to contact us.