Reinvigorate the Business: Amid the Dark Era of Pandemic
Niketa Mohabey and Prachi Misra, PG Students, Symbiosis law School, Nagpur
(Image Source: Knowledge.insead.edu)
During the secured phase, businesses will conventionally focus on generating stability that will impart proliferated capability and lucrativeness. Nevertheless, catastrophic times, such as a time during this serious pandemic, rises much striking turmoil’s in the environmental zones both externally and internally.
We all are well- informed about the fact that the existing pandemic condition accompanying social- distancing and cordon off has knocked down the business market. In addition, the distinguished ones need to re-think about how they can administer and run their enterprise in order to bounce back and revive their businesses.
Moreover, it is unfortunate that the start-ups and other small businesses are savagely hit by the situation as they lack sufficient funds to handle the catastrophe. With the unforeseen alteration in the market, the enterprises too needed to alter their insights on entrepreneurship.
The entrepreneurs with a positive mindset can twirl these obstacles into a significant transformation. This can be executed on implementing heterogeneous strategies meant for upgrading the business and reviving it again to compete with the corporate world.
In this article, we will talk about the repercussions created on businesses due to the current situation and to realign and reinforce your business we will discuss variegated tactics that will help you in future as well.
Impacts on human business during the times of Covid-19
Let us see some of the repercussions on businesses affected due to this pandemic:
1. Impact on various strategies- Many businesses are facing competition and unchartered waters due to the wake of Covid-19. There has been a challenge of reinvention and reopening which is directly affecting their recovery strategies. The companies have to outflank and study the scenarios around them and then reinvent their course and then act accordingly.
2. Impact on customers- The outbreak has changed the customer preference, which has ultimately changed their buying necessities regarding a particular good, which has directly affected the consumer goods industry. These emerging new behaviors have led businesses to opt for new business lines so that to serve the customer in a better way. This will eventually help the businesses to grab the new opportunities, which are available and capture such customers through their lucrative services.
3. Impact on personnel- There has been an unprecedented destruction when it comes to personnel. They are trying to function properly along with this outbreak, which is creating a devastation. With the emergence of new businesses by the companies, there has been an increase in the continued employment so that there can be individual growth as well as economic growth.
4. Impact on functioning- To grow in today’s scenario it is important to back with the latest technologies, a proper purpose, and a proper decision-making to do the business. There is a need for flexibility to grow. An intelligent organization will adapt to everything to flourish its business.
5. Impact on Finances- Due to the pandemic there has been curbing of finances in the market. There needs an immediate action regarding cost, generate funding and find new opportunities such as M&A. The actions, which shall be taken now, can help the survival of the companies in future.
6. Impact on technologies- There has been a sudden increase in the need for new IT inventions for the need of the business to grow and survive. There is need of immediate recourse of the businesses to adapt to more new IT inventions to survive.
7. Impact on the industry- Each industry is impacted when it comes to businesses, for some the situation is extreme for some it is normal. There has been a change in the needs of the customers, supply etc. and each state and government is adapting to such changes in their own way. Each business should adapt to a new business plan and should be prepared with such uncertain market conditions.
Strategies to keep a track on your business amid pandemic with a concrete plan of action
Let us look at various strategies so that you can avoid market ailments and grow:
Adjourning the yearly process of planning until the pandemic period winds up could imply the termination of your venture. It is challenging to strategize during the current circumstances, but its cardinal than anything else.
If you are one of the entrepreneurs who have switched off their planning process due to this challenging journey, to bounce back, you need to have a good set of tactics to keep a control on your business.
It is high time sitting on your sofas and dreaming about your business to grow. To upgrade your enterprise even during pandemic, you need to work towards your goal and an organized planning can be a first step. Wake up! And get it done!
No doubt that it is tougher to plan with such uncertainties, but plan anyway, maybe your business will not be having good level of profits, or you may not be having a larger staff as during normal days, but sitting ideal is not the solution.
Following are some of the ways to get going and revive your business-
1. Primarily, even though you fear the probability of the occurrence of the second wave of Covid-19 to come through in 2021, pre-planning on how to manage the business working from home would be beneficial, holding a plan already would assist in making use of what you possess. As it is said,
“something is better than nothing”.
A precise plan will aid you and your employees in the following ways-
Company’s status should be checked thoroughly that would aid in finding out the lacunas in order to get prepared to deal with future challenges and risks.
The comparative analysis shall be undertaken which is concerned with the annual income, profits, and dealings with customers since the commencement of the pandemic that is since March 2020.
Reschedule the procedures by adjusting according to the situation and establish new ideas concerned with the services or the products as per the needs of the changing course.
The business owners who are already planning as explained above will be able to stay relaxed and face their challenges without getting panic about the situation as they are keeping themselves ready with a concrete strategy.
2. Secondly, smart entrepreneurs believe in the calculative prediction, plan accordingly, and eventually end up growing their business largely.
Such planning involves-
Conducting an analytical discussion session with the employees to explore ideas and execute the best ones accordingly in a well- organized manner keeping in mind the current situation and the challenges they are going through.
Bringing forth a series of plans or a couple of plans to go ahead with in accordance with the changing needs and circumstances. If plan A does not work, plan B is ready.
Changing the methods of marketing strategies as per the situation and coming up with the ones best suited for promoting the business.
This type of planning can aid in avoiding the larger risks in the future events and help in running the business smoothly.
3. Lastly, once you are familiar with the changes that took place during the pandemic, the needs of the changing trends as well as the new ways the business has adopted to keep it moving.
Now it is the time to plan for what is next and new to the business and the situations in the market. As we know that 2020 is about to end, so planning for the coming year 2021 is mandatory.
In addition, employees, plays an especially important role in furthering the business, having a hardworking and trustworthy staff will help you face any kind of challenges coming forth.
Following are some of the aspects to keep in mind concerned with your employees-
A good set of employees and their support even during the worst times is the only way to run your business for a long-term.
Employees who seem to take the consumers or their tasks leniently has to get their employment terminated and a fresh staff shall be hired as soon as possible.
Employees with strong integrity, honesty, professionalism, problem-solving skills, ambitious towards their goals and career, responsible, the ones with positive mindset, quality of teamwork, generosity, willingness to learn etc. assist in gaining huge profits and in the growth of your company to the next level.
At the same time, you as the business owners need to keep your employees motivated, as they are the assets of your company and assist in the improvement of your business growth.
Moreover, new tactics relating to the use of the advanced technologies could be adopted to have a good digital marketing for your enterprise that include creating appealing websites of your company, advertising about your upcoming services or products through social media to reach thousands of people on one go and the like.
Thus, it can be concluded that the business to grow and flourish like a rising sun, it must calculate all the risks and look after all the uncertain situation which prevail in the market and fight those uncertainties and ailments and give a head start to their business and grow. Formulate your 2021 concrete plan today, avoid procrastination and keep your business working for a longest-term.
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