Here’s How to Survive During Business Downtime
- BY Jaspreet Kaur
Feature Writer, BusinessEx
- Jul 10,2020
- 9 Mins Read
With the onset of the pandemic, obstacles have increased for businesses even more. Many companies, who had planned expansion and investment in machinery, are reluctant to do proceed with business plans. Survival has become the primary objective of every business right now. While large corporations are adapting to the changing business landscape, there are individual entrepreneurs and small firms that are striving for sustenance.
Here are some of the tips that can help small businesses and individual entrepreneurs survive the crisis.
1. Be Proactive
Time is considered one of the most vital resources. During the crisis, an entrepreneur has to utilize time as much as possible to convert the problem into an opportunity. He has to attain organizational objectives and brighten his organization's future. Also, this time should be employed to upskill employees and teach valuable lessons to them.
2. Imbibe New Things
This crisis is a period when the entrepreneur has to let go off traditional ways of operating business. To survive and succeed in the future, he has to imbibe new skills, thereby, take some online courses.
Assessing his niche, he can opt for a suitable course and begin learning it. In this manner, he will widen his knowledge spectrum. While doing so, he can implement the gained knowledge practically, thus, modifying the company's products and services.
For survival, becoming adaptive is crucial for every entrepreneur is today's time.
3. Stay in Touch with Clientele
During this time, an entrepreneur should stay in touch with the past as well as existing clients. The clientele is a source of revenue; thus, it is important to keep this source buoyant throughout the adversity. For doing so, begin contacting previous clients and remind them of the company's presence. Share the latest offers and schemes with them. Also, inform clients of the current status of the company as to how it is dealing with the crisis.
Although, old clients aware of the company's presence in the market, they would forget about it if they do not avail of the company's services frequently. Thus, it is the company's responsibility to promote itself from time-to-time.
4. Review the Business Strategy
The adversity offers an opportunity to check underpinnings and recreate them again. Blueprints of the business model should also be considered at this point. For better understanding, a company can create a new business strategy, which helps sustain the current downturn and also aids in thriving in the future.
The above-cited suggestions have to be implied by the entrepreneurs to utilize the current time effectively.
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