changes in business post coronavirus

COVID-19 Impact: 5 Tips to Help Your Businesses Recover from Coronavirus Pandemic

Businesses have been severely impacted by the COVID-19 pandemic and are now limping back to normalcy. The Indian economy is now expected to see a faster turnaround with less disruptions to business operations as it opens up gradually. The coronavirus lockdown forced several businesses to shut while consumption slumped, investments took a hit and jobs were lost. In the time of crisis, it can be hard to stay calm, be optimistic and find ways and means to drive your business. For entrepreneurs and business leaders, being calm and working under pressure is part of the job.

In this article, we’ve put together some ideas that will help you in business recovery. Your business recovery may not happen overnight, but you can make it achievable by trying and not giving up.

Here are 4 Tips that can help your Businesses Recover from COVID-19 Pandemic

Strategic Marketing Plan

The pandemic and the lockdown slowed down the world. However, this time can be utilised by business leaders to strategically think about different ways to establish themselves in the market again once things get normal. An entrepreneur need to think of ways that can help them establish the brand identity again in the market. You need to understand your competitors and work on the leads.

Expect Delayed Payments

Businesses have witnessed a lull amid the coronavirus crisis. As businesses struggle to get back to normalcy, you can expect any restart to be a little sluggish. Almost all of us are going to be in the same boat. As you are struggling to re-establish a healthy cash flow, it’s highly likely your customers will be grappling with that too.

Look For New Sales Channels

As people now prefer being home as a precautionary measure amid the pandemic, this gives an entrepreneur a chance to establish and look for new sales channels to sell their products. Find out ways to serve your clients and customers via alternative sales channels. If you have a retail business and the pandemic has hit you hard and there is no footfall, trying looking for e-commerce offerings. If you are into hotel business, majority of people are trying and avoiding meeting at public places, in such case, you can be open for takeaways meals instead.

Review Your Website and Enhance Digital Marketing

As the economy opens, this is an opportunity for you to review your website and update the information with latest trends and demands. Take a look at your competitor’s websites and try to understand if you can add more value to your content, which will help you stand out from the rest in the market. Go digital and promote your website on social media platforms like Facebook, WhatsApp, Twitter among others. Try to build a marketing strategy if you are not already doing so. Having a plan and campaign ready as social media marketing campaigns can connect your targeted audience with a marketing message immediately.

Communicate Openly With Your Customers

‘A Customer is the King’ is an age-old business mantra which shows the importance of customers in every business. Businesses that treat their customers as king have reported higher returns than their competitors who puts little to the value of the customers. Hence, be open and clear with your customers and understand their demands. Don’t just sell your product, but provide solutions to them. If this your mantra, no force can stop you from succeeding and taking your business to another level.

What Will Change For Your Business Post Corona Virus Lockdown?

Business post-Corona: Changes that every company needs to follow

We all know that the world will change post the Corona outbreak. There will be change in business and all of us will have to adapt to a new way of living, working, and building relationships. Here are 10 things that will change for businesses when life returns to normal:

1. Business Model Reinvention

Entrepreneurs will reinvent their business model and other functions to adapt to the changes the pandemic has left behind
The first step to business reinvention is deconstruction- a new framework will be drawn for key elements of the business. For e.g. Customer relationship, resource management, key partners, revenue, cost, etc., all functions will need to be looked closely and tweaked accordingly

2. Leaner Business Models

All tasks & functions that have no value to the customer will be eliminated and a continuous process of testing your assumptions about sales and revenue will be put in place
A leaner business model can lead to greater productivity and smooth functioning. Since the wasteful tasks will be eliminated, the focus would now be on the important and revenue-generating functions and hence would lead to smooth running of the business
Faster delivery options can be explored leading to increased customer satisfaction

3. Business Automation

Technology & Business Automation will be the backbone of every function that we conduct in a business
ERP tools will be used more than ever to automate tasks leading to a lesser human face to face interaction and updates
Meetings, personal interactions, and even Events and Conferences will be facilitated with remote work tools without any loss in productivity of employees

4. Artificial Intelligence (AI) and Automation

AI & Automation will happen faster than ever imagined. With the help of AI, Business Automation, customer engagement and data analysis will form the basis of many business decisions
Role of Machine Learning to process data- For e.g. you have a manufacturing unit and your machines are connected to the network. Constant data about production will be fed to a central location. It is not possible for a human to process so much data, hence AI & ML will help companies collect this data and also extract important information out of it
Predicting customer insight will become more accurate. Patterns of what a customer will buy, identifying quality and safety measure and personalized targeting of digital ads will be done using AI more often

5. Risk Insurance

Post Coronavirus outbreak, businesses will have to take several insurance to safeguard against unknown risks
Currently, there are 2 major insurance covers-’Event Cancellation insurance’ offered by usually big firms and the other is a more general cover for ’Business Interruption’
Businesses will move from ’standard policies’ to more specific ones that cover unknown risks extensively
Employee health insurance given by companies will have costs related to epidemic illness and death covered as well

6. Expansion into New Markets

The possibility of more profits, more reach, and more impact is enough to get anyone excited and decisions related to expansion into new markets will be taken faster.
Prioritize and select your markets and assess internal capabilities in terms of which core competencies can be leveraged.
Going digital will help enter newer markets faster

7. Cost Reduction

Companies will be heading towards cost-cutting & cost reduction measures for various functions that can either be automated or outsourced as and when required
Hiring across organizations will be lean with more of scope of work being defined across lesser employees
Companies will become less hierarchical leading to cost reduction with lesser people on top
Businesses will approach more inbound techniques of marketing like social media, blogs, CRM rather than costly marketing practices. This will help them target relevant customers at half the cost.

8. Hiring Freeze

Due to the Coronavirus outbreak, many businesses suffered with absolutely no revenues but they were still paying salaries to their employees
Post Corona, we will see most companies going into a hiring freeze with current employees carrying out inter-departmental functions
For e.g. a marketing professional in a company can also handle its branding strategy, external & internal communication rather than just focusing on building marketing plans

9. Invest in Employees

An employee is the most important asset for an organization and without good employees, the business will be alive on a ventilator sort of situation, so invest in employees
Put forward a peer-led rather than leader- or boss-driven model with increased communication and engagement within the group of workers
Revisit your sick leave policy
Implement flexible working arrangements which can be mapped
Mental wellness will become a priority for companies for their employees to function well
Provide certain facilities/benefits to employees that make them feel wanted and cared for.
Rewards & Recognition for good performers, a celebration of milestones and enhanced learning opportunities for employees that have potential

10. Focus on Innovation

When a business tries to bounce back, your business idea and model form the foundation of getting back into the groove
Companies have to innovate at a faster pace otherwise they should be ready to perish
Every business post-Corona will try to bounce back and get revenues in place. It will become a do or die situation for many
Put in place lifeboat plans for three-month, one-year and three-year downturns
Faster innovation will help you become more competitive and build the value of your brand
Focus on innovation will help companies scale up their structure and eventually lead to increase revenues

Change is inevitable and a global pandemic like Corona is setting the ground for change in business as well. Act with compassion and take each and every action NOW, as you don’t want to miss the bus.