Potential Opportunities for Businesses in the Wake of COVID-19

20
Apr
2020
Shred Truck, Mobile Shredding, Onsite Shredding, Onsite Shred Purge, Onsite Paper Shredding, Shredding Tallahassee
93 Views

Silver Linings Playbook: What Opportunities May Lie Ahead for Businesses In the Wake of COVID-19

In my original commentary on the threat of COVID-19, I ended with a quote about letting crises refine an organization rather than define it. We as business owners have found ourselves in a whole new environment – working remote, an abrupt halt to business travel, and changing focus from managing growth to managing costs, to name a few. At the beginning of all this, our leadership team had a saying: once this crisis passes, we never again want to hear, “we haven’t had time for that.” We saw this as an opportunity to get caught up on a backlog of projects and to make process improvements that would help our company navigate the crisis in the short term while building equity in our business long term. Below, I share some of our decisions 

 Adopt new technologies  

For years, we have discussed the benefits of using a workflow software such as “Microsoft Teams,” but we hadn’t gotten around to implementing it. By the end of the first week of remote work, we had Teams up and running, and we have found it an extremely effective way to communicate and organize initiatives in each department. It keeps my inbox uncluttered and ensures that all relevant parties are up to speed on each initiative. The video chat also makes it easier to collaborate from afar – even though some well-meaning 2-year-olds occasionally make an appearance! We have also leveraged GroupMe chats to stay connected with team members who do not have company email, and we have continued with our monthly all-firm meetings virtually.  

Automate and Streamline 

With typical processes interrupted both for our staff and our clients, we have looked for ways to streamline and automate critical processes related to our cash flow. From automating invoice payment to digitizing deposits, we have improved our accounts receivable process. We have also streamlined our client onboarding process to reduce friction for new clients. The paperwork process used to be cumbersome and create roadblocks for clients. Employees, in turn, would spend hours of their time chasing down missing paperwork. By digitizing the process, we now receive important information for setting up an account within minutes rather than weeks. Clients appreciate the easy-to-use interface, and we are able to begin service quicker

Discover clients’ new problems – and solve them  

The uncertainty of our current environment has disrupted our sales pipeline as many prospects put capital spending on hold. However, innovation is a core value, and we’re always looking for ways to improve. As a result, we are looking for the new problems our clients face in this environment and asking ourselves, “how are we uniquely positioned to solve this problem?” We have several examples:  

  • Sourcing PPE – After hearing about one healthcare client’s emergent need for PPE for their staff, we were able to leverage our network to help them procure hundreds of thousands of protective masks within days. We didn’t supply them, but I was able to leverage my contacts to forge that connection and ultimately solve the problem.  
  • Healthcare Logistics Services – we’ve begun helping healthcare providers within a ~ 100-mile radius of Thomasville, Georgia, including the communities of Albany, Valdosta, Moultrie, Tifton, Bainbridge, and Tallahassee. We are providing medical supply storage, inventory management, and transportation to hospitals and primary care physicians as needs arise. HLS is designed to relieve hospital staff of logistical and administrative burdens and solve the problem of limited space for storing critical supplies. 
  • Scan on Demand digital delivery – Many businesses have delayed transitioning from hardcopy to digital records. Now that they are working from home, the inefficiencies of their current storage system are coming to a head, as staff have to go onsite to find and interact with others for access to records. We have helped professional offices navigate the current crisis by managing their hardcopy records and scanning files to remote workers as they are needed. 
  • No Touch Shred Service – We have made changes to our service procedures to reduce contact between our staff and our clients. We provide a 96-gallon bin to clients to serve their own internal collection bins, then meet our driver at their door to have the material shredded. This eliminates any unnecessary entrants into the office, thereby lessening exposure of clients’ office staff and our drivers.   

Look for inorganic growth opportunities  

This time will be challenging for everyone, and the unfortunate reality is that many businesses will not make it through the crisis. Businesses with a healthy balance sheet and access to credit will find it a ripe time to grow by acquisition. In 2019, SRS made its first with another shred company, ShredEZ out of Adel, GA. While we are interested in continuing to grow by merging with other companies in our core service lines of document management and shredding, we are also interested in leveraging our values and management team to grow into other service industries. Criteria for businesses with whom we want to partner include the following:  

  • B2B 
  • Service-based 
  • Reoccurring revenue model 
  • Growing industry/need for the solution 
  • Businesses with less than $5M in revenue. 

We believe we will be able to take a business to the next level by leveraging our values, management team, technology and service expertise, and financial resources.  

What silver linings do you see in this economic environment? Do you feel your business will be poised to take advantage when the time is right?  

 

LEAVE A COMMENT

Our Latest Consulting Insights

How to find the best shredding service in Tallahassee

For nearly 17 years, Secure Records Solutions has provided shredding and other document management solutions to businesses in and around the Tallahassee area. Many businesses have previously done their shredding in-house but have grown to a point where they need to outsource this service. Here, […]

Read More

scan

Should Healthcare Facilities Scan Old Records to EHR?

Physicians and doctors’ offices today are busier than ever. An article from The Washington Post cited a study from a 2012 article in the Annals of Family Medicine that noted the average primary-care physician has about 2,300 patients under his or her care. And more than […]

Read More

Why CPAs Should Schedule An After-Tax Day 2020 Purge

CPAs and Accountants have had a very busy 2020. In the wake of COVID-19, the Federal Reserve and the Internal Revenue Service pushed back Tax Day from April 15 to July 15. Despite the extension, there is no rest for the weary for CPAs, most […]

Read More

What are the risks of managing a scan project in-house?

Outsource your scan project to avoid a DIY disaster Companies looking to do a scan project may consider keeping it in-house; however, we recommend outsourcing to our experienced, professional team. Several years ago, “DIY Disaster” was a popular show on HGTV/DIY Network. It chronicled first-time renovators […]

Read More

The “COVID-19 Paradox” for Healthcare Workers

 Navigating the New Normal: Healthcare Industry  In this next post for our  “navigating the new normal” series, we dive into what has been called the “COVID-19 paradox” for healthcare workers. In an interview with The Rural Monitor, Brock Slabach, the National Rural Health Association’s Senior Vice President […]

Read More

Is your business prepared for hurricane season?

On Monday, June 1, hurricane season 2020 officially begins. With the start that 2020 has had – Australian fires, COVID-19, and record unemployment and wild stock markets with nauseating, historic daily lows, all bets are off for this year’s hurricane season. The Weather Channel recently […]

Read More

Pandemic & Pivot – Thriving in the New Normal

Part I: Five Questions to Ask Before Managing a Big Pivot I was honored that Leadership Tallahassee recently asked me to lead a webinar for their “Tallahassee Leads Here” webinar series. This series is a great example of Leadership Tallahassee’s important role in our community. […]

Read More

What is the best way for my law firm to go digital?

Navigating the New Normal for Law Firms Adopting Digital Strategies   During the first week of May, the “shelter in place” and “safer at home” orders in Georgia and Florida expired, and businesses are beginning to look to a post-COVID existence. We are months away from […]

Read More

SRS Celebrates 2020 Earth Day

Today, April 22, 2020, we celebrate the 50th anniversary of the founding of Earth Day. While some companies don green attire and take part in a recycling or clean-up project in their community; we at Secure Records Solutions practice recycling and sustainability 365 days a […]

Read More

Shred Truck, Mobile Shredding, Onsite Shredding, Onsite Shred Purge, Onsite Paper Shredding, Shredding Tallahassee

Potential Opportunities for Businesses in the Wake of COVID-19

Silver Linings Playbook: What Opportunities May Lie Ahead for Businesses In the Wake of COVID-19 In my original commentary on the threat of COVID-19, I ended with a quote about letting crises refine an organization rather than define it. We as business owners have found ourselves […]

Read More