The rapid spread of the novel coronavirus (COVID-19) has caught the global economy and industries of all types largely off-guard. Businessmen, professionals, corporates, and daily-wage earners alike now find themselves in a period of unforeseen uncertainty and volatility. The signs indicate that we may be staring at a new global economic crisis.
This is exactly why businesses need to show signs that they are ready to adapt to new working models and improvise on existing processes across the board covering the domains of finance, marketing, operations, and even new product development. Businesses, which can evolve and adapt themselves in these times will be the ones likely to show some forms of sustainability and growth when this situation settles. Here are some action points businesses could consider to keep their performance on track –
Employees Are King
With most businesses on a complete hold at the moment, management and leaders should consider adopting employee-centric business practices. The chances of operations being carried out smoothly are bleak if employees feel exploited or insecure in terms of their pay, employment, or health. The key to smooth functionality is motivated employees – crisis or no crisis. Practices such as work from home, flexible working hours, counselling, regular sanitation (essential businesses) or even simply reassuring employees of their value can go a long way in navigating the crisis.
Review Inventory Management
Inventory/warehousing expenses are major costs for most businesses. While operations are on hold, businesses should consider re-evaluating expenses diverted to these fields and see where they can be reduced. With extra time on hands, strategies should be devised to reform inventory management and warehousing to be cost-effective even post the pandemic.
Robust Digital Marketing Strategies
With nearly all offline activities at a standstill, now is the time to expand marketing strategies to digital platforms (if you haven’t already). Recent developments in innovation & technology and ease of access has led to a steep rise in the number of social media users, especially during the crisis where everyone turns to social media to fulfill the need to interact with each other. Effective digital strategies can be developed and employed to connect with users, offer them insightful and trustworthy information, as well as help build a brand identity and connect. This may not be too beneficial in the short run during the lockdown but will help you retain your existing customers when normalcy sets in.
Explore New Business Opportunities
While the global lockdown has spelt bad news for the majority of the industries in the international economy, there have been a few beneficiaries. Education industries have been forced to adapt e-learning/ online teaching, while the gaming industry seems to have re-established its position in entertainment, the demand for sanitizers has given lesser known pharmaceutical organisations to diversify and move into a new domain, along with innovation-driven communication platforms which are being used for both commercials as well as personal reasons. These are just a few examples that may just remain relevant due to our reliance on them right now, which is why brands should consider to experiment with new product/service offerings.
Consider Financial Loans
Cash flows have been hit hard and the immediate future seems unrelenting. Revenue sources are scarce at the current time, which is why businesses should consider funding to tackle this period until operations return to normal and the cash flow is restored. A few industries (travel, aviation, and hospitality) seem to be hit the hardest, most industries could expect revenue and cash flow to restore in a few months post the lockdown. Quick business loans offered by Clix Capital could be viable short-term options to tackle the lockdown until normality is restored.
We at Clix Capital are striving to assure that our employees are safe, along with measures to help our customers. While there may be a slight delay in our operations due to lowered capacity, we assure you that we are available to address all your queries. Write to us at firstname.lastname@example.org or call us on 1800-200-9898.