Reviving the Business – Sailing through the Pandemic

March 6, 2020: Though the impact on the business is not measurable in this pandemic, however, revival is not impossible. Entrepreneurs have to be mindful and need to adopt a new thought process and rules. The first step is to reinvent, that explores the options available, and formulate the strategies for the same. There has to be a need for alterations in the way of functioning and the execution of new ideas.

Priority must be to keep your team engaged will boost up the morale and the spirits. There must also be a process-driven to check the feasibility of the existing business model. One needs to be active on social media so that they can reach out to many people also to know what is trending currently. Connecting to the stakeholders with the new strategies is a must. A strong relationship with the in house team and the existing stakeholders is crucial to sustaining the crisis. 

Revenue is a concern when we run a business. In the current scenario, a detailed and in-depth analysis of the expenses and the cash flow is a must. Assessing the fixed and variable expenses will give a clear picture of where the company stands financially and understand what best we can plan for the strategic functioning. Planning policies for functioning is another vertical which needs to be addressed.

Considering the situation there must be an implementation of employee-friendly policies. Work from home must not be a problem until productivity is unaffected in this pandemic. There needs to be a renewal of employee policy every 3 months depending on the status of the pandemic. If the pandemic continues beyond 12 months then the fixed expenses like rent salaries etc, need to re-negotiated. Negotiation must be with the salary of higher-paid employees. Here understanding the employee as well as the employee understanding the gravity of the situation is important. An alternative to run the business is that the entrepreneurs must convince and workout so that the existing investors can do additional funding. 

There must be transparent communication between the company and the customers because fake commitments to the consumers will lead to the loss of existing customers as well. Since the pandemic has hampered the customers will empathize in the crisis provided the transparency is maintained.

There must be relaxation available for the stakeholders as well. Care must be taken that you don’t pressurize them or ask them to commit to any date, rather ask them to provide a date to reach out to them for service or to collect the payments.