Coronavirus has affected the business across the globe. It has brought economic slowdown and decelerated the international markets. So, to meet the demands and survive the hard times, different businesses, including induction light manufacturers are mapping out strategies. They are re-assessing their business plan and curating better action plans to sail through the crisis.
In this blog, we have shared business survival strategies that could avert the risks and help small and large industries to cope with the impact of Covid-19.
Keep an Eye on Business Expenses
During this COVID-19, it’s necessary to log your finances and examine your variable and fixed expenses. As a business entrepreneur, you should be wary of where your organization stands financially and what your equity position is. Tracking expenses is useful to manage the budget and recognize critical changes that might improve your financial status.
Consider Revision of your Business Model
In the current disintegrated market condition, re-assessing the business model is the need of the hour. Take one step back and think of your business model’s feasibility in the current context. Further, check if your business can maintain its sales and growth. Map a clear course of action and assess all the possibilities that may happen.
Create a Concrete Action Plan
A clear action plan helps you achieve your targets and obtain the desired growth in a given time frame. Of course, in this pandemic, you need to think out of the box to make better right decisions. Assess your income resources, give up on your fixed expenses, prepare backup plans, and manage consistent growth. Do proper analysis step by step.
Make action plans for 3-9 months and beyond. After getting every landmark, check where you stand and where did you lack financially. Detect the loopholes of previous action plans and ensure you do not repeat the mistakes. Also, revisit action plans as per the market situations.
Do not Compromise on Transparency.
Coronavirus has hit every business. So, maintaining transparency and keeping your customers informed about what you are going through. Tell them how your business is impacted and inform if there is any change in the supply, policy, or manufacturing conditions. Please communicate with your clients and help them to understand the coming changes in the market. There is an observation that companies that have maintained transparency and informed their customers had gained confidence from their customers.
Remain Calm with Funds
To expand a business, funds play a critical role. Without funds, you cannot accomplish your financial goals or survive in the cut-throat competition. Good financial health is a need of any business, and in this pandemic situation, you need it badly. However, be patient as new investors will be more vigilant. They will take time, and therefore, don’t panic. Instead, approach existing investors as there is more chance they will come out to help you.
Focus on Workforce Management
Managing a large number of employees can be overwhelming. However, instead of laying off, plan to cut the wages of employees with high salaries. Also, manage the staff that cannot leave your company or affords to lose their jobs. Be an exemplary employer and implement policies with compassion and empathy. Offer compensation when needed and ensure your actions will not negatively affect employees’ morale. Moreover, ensure government directives and make sure no one violates any law to suffer a legal action.
Engage your Team
Any business is constructed on its employees. Thus you must take care of their requirements and ensure their morale does not go down. During lockdown due to Covid-19, employees may surround themselves with lots of fears and anxieties. They may struggle with mental stress and living in frustration and profound anxiety. Therefore, stay connected to them and talk with them. Communicate with them via Zoom, Skype, or other digital platforms so that they may feel motivated and inspired.
Bring Changes All at Once
Don’t delay to bring changes. If you desire to survive in the current economic situation, redesign your business strategies, and implement your action plans. Do not make assumptions or wait at the end of the Covid-19 situation. This coronavirus may or may not end in the near future, but if you wait for situation change, you might end up losing your finances.
So, listen to the wake-up call and come out of your comfort zone. There are odds that you will be forced to make some painful decisions or take steps that oppose your business model. Take the chance and do your best to survive in the Covid-19 crisis.
Coronavirus is an unprecedented situation. With social distancing and mental health, there are certain things that we need to take care of. In this tough time, do not lose your patience; instead, stay positive. We all are together. So, empower yourself and implement ‘never say never’ attitude.