, How The Coronavirus Forcing Businesses to Adapt New Strategies

How The Coronavirus Forcing Businesses to Adapt New Strategies

The pandemic has totally transformed the way, business is being done, which will change the lives of many people. There are following ways that will the way business will operate in the new normal.

Rediscovery of the business

Entrepreneurs have to reinvent their business model in order to sustain the damage done by COVID. Key elements of the business such as customer relations, resource management, revenue, cost, etc have to be redefined accordingly.

Lean startup

Customer need has to be brought into the picture and a continuous process of catering to their need to be implemented, leaving behind the unnecessary tasks. A leaner business model will ensure fast and timely delivery to the customer.

Focus on Business Automation

More emphasis should be given to the Enterprise Resource Planning (ERP) tools that will help reduction in more face-to-face conversations. Various interactions such as meetings, in-person interactions, events, and conferences can be done remotely through this tool maintaining the productivity of the employees. You can also take the help of MSME loan to buy high-tech equipment to make your business smart.

Artificial Intelligence & machine learning

 For accurate decision-making, artificial intelligence and data analysis becomes an important pillar. Data warehousing is next to impossible if made manually, hence in order to process so much data, AI and MI help companies in the collection and extraction of the whole gamut of data.

Insights gathered from the consumer research becomes more accurate by identifying the behavioral and personality pattern of the consumers

Extend business operations

If markets have been thoroughly explored then the lucrative markets need to be tapped in quickly which has greater reach and earns good profits. The Digital approach will help the business to cover these markets quickly and extensively.

Risk safety

It has become important for the companies to safeguard the health of the people, hence multiple health insurance needs to be taken to avoid unwanted health risks. More specific policies need to be prepared to cover the unknown risk extensively.

Reduction in cost

 Companies have to move towards cost reduction measures through automation or outsourcing few activities at a minimal cost. Limited but quality human resources should be maintained who are efficient in multitasking. The hierarchical system should be abolished with very few people at the top level. More inbound marketing techniques should be included such as IVR, social media, blogs, CRM, etc which are comparatively very cheap and targeting those customers who are relevant to the business.

Limited Hiring

The companies have to teach their employees to multi-task and carry out inter-departmental work. It like shooting two birds with one shot, where the scope of the person will also enhance and the company will have to pay a little more remuneration than incurring a huge cost on hiring a new resource.

Focus on innovation

Companies need to innovate at a greater speed to remain relevant and sustain in the pandemic. After the pandemic, each business will try its level best to come back to its normal situation when it was earning revenue, and if it is unable to do it then the business will perish. Rapid recovery will strengthen the value of the brand and make the company more competitive. Register your business for Udyog Aadhar and take benefits provided by governments.

Respect the human resource

An employee is the most important asset for any organization and without good employees, the business will not survive. A company should also take care of the mental health of its employees. Flexible working hours should be implemented. Provide awards and recognition on time to time basis to motivate the employees to work with passion. Provide various health benefits and other gifts so that the employee feels that he/she is being valued.

The companies will have to understand that the change is inevitable and they have to climb the bandwagon and adjust themselves according to the change, otherwise they will be left behind as a result they will cease to exist. So the companies have to mug Darwin’s law which is the ‘ survival of the fittest. Because after Corona, only those will survive who are sharp, innovative, adaptable, and have the propensity to learn.

It is writing on the stone, that after this lockdown, companies will be bound to adopt new methods and mechanisms of doing business. It is important that the companies should tighten up their socks in order to sustain this pandemic.

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