3 Tips to Keep New Revenue Streams in a Post-Pandemic World
Since the coronavirus outbreak first began, your business may have had to explore new revenue streams or ways of meeting customer demands and fulfilling orders. Business owners with a physical location were forced to closed doors to the public and many started offering at-home services for the first time. In response to the shifting situation, many businesses created or expanded a fleet of vehicles to start delivering purchases directly to their customer’s homes or offices.
While your business may be thriving now that it has adapted to the coronavirus crisis, more changes are often warranted as the U.S. economy continues to adjust. For instance, developing a strong supply chain management system, learning how to efficiently manage company vehicles, and finding ways to boost customer retention can all help keep your business going strong. For some tips on adapting to these changes and making the most of new revenue streams, read on.
1. Develop or Strengthen Supply Chain Management Systems
A strong supply chain management system is vital as your business adapts to the next new normal. As The Houston Chronicle points out, by developing an effective supply chain management (SCM) system, you’ll eliminate many quality-control issues, reduce overhead costs, and make smarter, more efficient decisions overall. Additionally, you’ll be better able to stay on top of your orders and consumer demands.
Like most things, however, supply chain management has its share of challenges. To overcome some of these challenges, communicate with your partners and suppliers on a regular basis — as this will help to mitigate potential delays along the supply chain. Additionally, automating your data and supply chain processes can help your business to mitigate delays. Even proper shift scheduling can make an impact. By keeping staff and management on the same page, you ensure smoother sailing. Explore every angle for best results
2. Manage Your Fleet of Vehicles
In order to meet customer demands during the pandemic, you might have created a bigger fleet on the fly — maybe even for the first time if your business wasn’t already offering delivery or other at-home services. While this may have helped your business stay afloat during local stay-at-home and shelter-in-place orders, you need to ensure that your vehicles don’t turn into money pits now that restrictions are loosening throughout the U.S.
Comvoy recommends investing in GPS fleet tracking software if you haven’t already done so. These tracking systems are essential to monitoring the activity of your drivers, improving fleet productivity and efficiency, and protecting your vehicles and assets from thefts and other potential losses. Additionally, performing preventative maintenance on each fleet vehicle will help to keep mechanic bills and other unexpected costs down.
You can better track maintenance tasks by investing in computerized maintenance management systems (CMMS). When choosing CMMS software, be sure to account for usability and the company’s reputation, and check that it’s compatible with the asset tags used by your company.
3. Retain Your Online Customers After the Pandemic Ends
Acquiring a new customer costs five times more than retaining existing customers, and this still rings true in the age of the coronavirus. As such, retaining the customers you’ve acquired and served during the pandemic will be vital in keeping costs down in the long term.
To retain customers in a post-pandemic world, PracticalEcommerce offers the following tips:
- Remain upfront about inventory counts and lead times, and avoid order cancelations whenever possible
- Provide customers with tracking information immediately after orders ship
- Personalize your communication with customers by sending follow-up emails and updates about order statuses
- Extend your company’s exchange and return period, as most customers cannot mail or ship items as quickly as they once could
- Aim to assist as many customers as possible, even those placing small orders
The Bottom Line
To keep your new potential revenue streams from turning into money pits as your business adapts to post-pandemic life, you’ll need to strengthen your supply chain management system, manage your fleets appropriately, and make an effort to retain your existing customers as stay-at-home restrictions loosen and in-person shopping and ordering resumes. You’ll likely face a few challenges as your business adapts to the next new normal, but these tips will help you keep operating costs down while fulfilling orders and meeting changing consumer demands.
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