strategies for business to survive in pandemic situation

Survival strategies for businesses during COVID-19 lockdown

The Covid-19 slump followed by social distancing and a nationwide lockdown, businesses are experiencing major impacts no matter how established they are and are having to re-look at how they manage and operate their business including re-visitation of their business plan.
It has become challenging for most businesses to keep their financial wheels turning during the lockdown period due to less revenue churn and the general uncertainty in the global financial environment.
Unfortunately, the impact on startups or small businesses can be way more brutal as they have scarcer cash reserves and a smaller margin for managing sudden slumps. The ripple effect of this shutdown will have a key impact on India’s economy, as all business sectors get affected resulting in low revenue generation due to an eventual halt/slump on the sale of products and/or services. It is expected that India’s growth rate in for year 20-21 will be down to 2% from a range of 4.7%-5.2% as was predicted.
So, during such testing times, startup entrepreneurs will have to adapt to a new set of rules and be mindful of the following aspects to alleviate risks and to survive the slowdown caused by the impact of COVID19.
During this contagion, it is of utmost importance for businesses to conduct a proper assessment of their fixed and variable expenses as well as the actual revenues. This assessment will give a clear picture of where a company stands financially and help the entrepreneurs in planning ahead in the current disconcerted market. This strategy can be implemented even when the pandemic effect settles.
Plan policies for next 3 months/ 9 months/ 18 months

Since, it is difficult to gauge how long this epidemic will last, it is important to be prepared for all scenarios. If we consider it as a 3-month problem, an instant halt on variable expenditures like hiring, marketing, travel, etc. can help. However, if the crisis continues for 9 months to a year, entrepreneurs will have to reconfigure their business strategy to reduce the variable expenses, renegotiate fixed expenses.

·       Communicate transparently with your customers

·       Maintaining healthy relationship with contracted parties

·       Managing employees & related optimization

·       Keep Your Team Engaged

·       Communication to stakeholders

In these difficult times it is important to stand united and help one another in whatever way we can. Stay safe and stay healthy. Please remember that some of the best initiatives are built in trying times. Like all difficult situations, this too shall pass!

 

 

 

 


Comments

Post a Comment

Popular posts from this blog

Why Indore is the best city in India

Image
I did my Internship in Indore and I feel it’s the best city in India. History of Indore Indore traces its root to its 16th century founding as a trading hub between the deccan and delhi. the city and its surroundings came under the maratha empire on 18th may 1724 after maratha peshwa assumed the full control of the malwa. People & Culture of Indore culture of indore is an exclusive mixture of different cultures makes it a best destination across the country. indore has welcomed people from all cast ,creed, color.                                  Food In Indore  The diverse culture of indore is quite visible even in the eating habits of people, due to the good flavor, taste as well as variety of food in indore, it is praised by food lovers all across the country.
Read more

3 Business Ideas for Students

Image
A Confidence Coach can help you generate profitable business ideas. 3 Business Ideas For Students 1.) Tutor :- If you have expertise in a specific academic topic, you could offer your services to other college students as a tutor to help them get through specific courses. 2.) E-book author :- If you have enough vision or expertise to write a book, you could self publish your own e-book  and sell it on platforms like Amazon. 3.) E-commerce reseller :- You can also pretty easily set up your own e-commerce business on sites like Amazon or E-bay   and then sell a variety of different types of products. by these business one can gain a large sum of amount by giving some time and efforts to this field, with the relivent skills you can make them primary option for your business and it will give much more profits.
Read more

My favourite food in the world

Image
A plate of hot pancakes drizzled with Buckwheat Honey might be the most loved food item of the planet. I love Indian food. Indian food is my favorite. Because it has a world of unique, powerful and taste enhancing spices in it. They all, together when consumed makes you taste buds feel that you are in heaven of delicious food. India is known as  "County of Spices"  for the same reason as well. For everyone who’s grown in an Indian household, one thing that they can relate to is a magic box that grandmas and moms use in the kitchen. It is that magic box that makes food tasty and brings out the flavors of Indian cooking. The mystery box is a pandora of the spices sourced from all over India. India is one of the spice capitals of the world. Hence, spices are the heartbeat of Indian cooking. Spices just not add the heat, it rather enhances the flavor, making each dish aromatic and an experience in itself . My personal favorite is  Chole Bhature .A favourite dish in Northern...
Read more