The world has been facing a lockdown. The business has faced a standstill. Things seem to be on hold. We have been facing the harsh reality for a while now. We are wondering if we will sail through this time and come out victorious. It sure seems tough but not impossible. There is a lot of positivity that can come out of this lockdown and I’ll try to list them here. These steps will make you reinvent your business to come out stronger than ever before.
More and more businesses are embracing the digital economy. Small businesses are trying to go digital. Their products and services need to go online during this lockdown. Businesses are aiming at improving their current online presence with knowledge sharing. The current crisis has made the business world rethink their strategy. Their channels to generate revenue need to adapt with the digital age. It’s time to embrace the change and move ahead with the trend.
Your business comes with resources and yes it has assets as well. The lockdown has crippled a lot of them and made businesses stare at an empty dark tunnel with no light at the end. This is the time to look the other way and make the best of your current resources and assets. Your people define your business. The lockdown gives businesses the much needed time to improve team communication. They need to embrace tools to manage resources better than before. Training will help teams grow during the work-from-home period. They need support and encouragement along with the knowledge to remain relevant.
The lifeline of every business is its customers. At the same time, customer retention is the most difficult task during this pandemic. Businesses need to reinvent methods to engage with their customers. The lost spark needs re-ignition. Get connected with your customers and keep the relationship going. Prepare the mailing list and collect data from past interactions, chats, invoices. It’s also time to focus on your digital presence through your website, social media and more. Prepare a digital engagement strategy to connect with your loyal customers. Tell them that you remember them.
How will businesses running on operations survive? The answer is through collaboration. This is the time to focus on networking. Creating the much-needed collaborations and partnerships will help your business. Strategic partnerships will help you survive any crisis. Business models need to change to incorporate business tie-ups. Collaboration helps you reach clients that were earlier not possible.
It’s time to think out of the box. Imagine the changes that will revolutionize your business and your industry. Prepare a blueprint for this big change. This is time to build technology for growth. It’s time to try out a shift from our old business ideas. It’s time to go fresh. Most people have ideas stored in the back of their heads with no time to put in place a plan for execution. This is that time. Start building a different future for your business.
Relationships need trust. This applies to business, friends, family and your teams. It’s a fact that the world is looking at an economic crisis. Business growth will be slow. Cashflows will diminish. Many businesses have started minimizing losses. Layoffs have begun. Some have initiated salary cuts. This is the perfect time to have a heart to heart conversation with your people about the ground reality. Honesty is key to building your team at this point.
Businesses have been integrating technology at a speed far slower than required. The current crisis has caught a lot of them off guard. Industries across the world face a challenge of survival today. Even technology companies have been facing the heat at this point. It’s time to take a serious look at our IT infrastructure and make amends.
Most businesses grow their business and are content with where they are. Then enters the lockdown. All hell breaks loose. Sales are touching zero and it’s not in your control. It’s going to be a challenge to move ahead and win in the business world again. The key to this is to go multi-channel. Businesses were already doing this before the lockdown. Some have succeeded in saving their business from complete closure. Some have tried new channels post the lockdown. Some have started gaining the much needed positive results.
The Coronavirus pandemic has made us realize the Human side of Business. It’s not about performance, productivity and sales. It’s a lot to do with the emotions, respect, trust and empathy. Businesses should bring back the human touch. Their people, customers and the world at large need to turn human-centric. It's time to bring empathy back into the business. Contributing to society is much needed at this point. This can be through free services and help to other businesses too. Not everyone is as fortunate as you are right now. The help makes us who we are.