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There is no denying that businesses have been hit hard by the COVID-19 pandemic. And now, as economic restrictions begin to lift on various sectors across Canada and in Nova Scotia, business owners are being forced to think through how to rebuild and thrive in an altered environment that comes with a raft of new health and safety protocols.

While curbside pickup, store lineups and physical distancing are by now old hat to most, new practices required to prevent the spread of the virus are sure to change the way businesses operate and have an impact on customer experience.

We asked Dan Shaw, director of MBA Programs in Dal’s Rowe School of Business, to share his thoughts on how businesses can adapt and succeed in light of current hardships and what opportunities exist to market and grow a business now.

What challenges and opportunities do businesses face now that they are permitted to open with new regulations in place?

I think it’s helpful for businesses to start with a stakeholder analysis and to ask, 'How has COVID impacted us as an organization and how it has impacted our stakeholders?' I think that in addition to that, they need to think about getting some data, particularly on their customers to understand how their situations have changed. Businesses need think about how customers’ spending and worldviews may change with regards to their products and services.

I’d also add that they have to think about how their business model may have to change as a result of, and understanding of, changes in the market. A review of the regulatory landscape is also key, assessing what government programs can be tapped into, and developing action plans to take advantage of the programs that apply. They need to assess if their positioning strategy and value proposition still apply in the post COVID world.

What lessons can business owners learn from this experience when marketing and operating their business?

I think that we have to make sure that we try to build resiliency and getting some competency development in change management is really important for organizations. Also, contingency planning is often something that we don’t focus on. This is key. We always have to be scanning our environment for opportunities but also for risk as well.

Other countries are further along in reopening than Canada. Is there an example of a company or a sector in another country that has really risen to the challenge in a smart way?

Good question, I was in Hawaii when the pandemic was declared, and some businesses reacted quickly. We had the top restaurant on the Big Island on our list of places to go, but felt it was too expensive. However, within twelve hours of the pandemic being declared and restrictions being implemented, Merriman's Big Island, had abandoned its full-service restaurant and has traded down considerably. They had come up with a completely new menu and service offering. I couldn’t believe how quickly they flipped the switch. They also started to hit different price points, for example what would have been a $400.00 a meal menu (for a family of four) was now a takeout restaurant offering meals at about $100-150 (for a family of four). They set up a sheltered outdoor eating area and hand washing station, which was forward thinking given how early in the crisis it was. They totally changed their product offering, value proposition, service offering and positioning.