The novel corona virus has caused major disruption across the globe, leading to various health, and economic crisis. Businesses are going through turbulent times. Many are forced to shut down, some are forced to layoff, customer demand is falling, the supply chain is disrupted, and suddenly we are in the midst of a major recession.
Who would have ever thought of a situation like this?
Well, but this pandemic has given rise to a whole new set of ideas, the companies have turned to innovation mode. “Desperate times call for desperate measures”. The head of the IMF has announced that the global economy has entered a recession that could be even worse than the major crash of the late 2000s.
Though the impact is tremendous, we all must come to face the reality, we need to learn to live with this pandemic and live must by continuously improvising and finding out innovative ways to ensure that the business continues, keeps growing. The corporates must take various measures to prepare for the post-COVID-19 situation.
Here’s how the business can prepare –
- Manage the finances properly
Businesses should understand their current financial health and cash flow and should get a hold on their financial numbers. To survive in the post-COVID recession, the business should properly monitor and forecast their cash flow, revenue, and costs.
- Understand the market trends
The business should keep an eye on the changing market conditions, customer demands, and needs. This will help the organization to develop a proper and accurate strategy to enable in standing out of the crowd.
- Start innovating and find new ways to increase engagement
Businesses are innovating. The educational sector is moving to virtual learning, corporates are promoting work from home, restaurants are offering home delivery, etc. This is making clients communicate through various channels. So, the business should try to keep up with changing trends.
- Build customer relations
According to the reports, 1/5th of the companies didn’t survive in the last three global recession. Having a strong CRM is the most crucial thing for any business, whether there is a recession or not. So the business should try to build strong relationships with the customers during this period so that they do not switch to some other company. The business should focus on adapting as per customer needs and focus on improving customer satisfaction/engagement.
- Cut down the unnecessary costs
It’s time to analyze your expenses and cut down wherever possible. This will help save funds and ensure that you are left with sufficient cash to deal with whatever is urgent and important. This will bring more efficiency into the system and be better prepared to deal with the post COVID situation. Remember, “Cash is the King”.
- Build a flexible workforce
According to the studies, organizations that can scale up and down, with the help of freelancers, independent contractors, etc. can stand in a tough situation. The flexible workforce makes the company more agile and responsive.
BFAG wishes the fast recovery to the world. And hope that no business gets affected due to this pandemic. Stay healthy, stay safe!
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