Learn How to Rebuild Your Business
- BY Jaspreet Kaur
Feature Writer, BusinessEx
- Jul 02,2020
- 14 Mins Read
A handful of businesses were actually prepared to face the pandemic. Many businesses were recovering from the moderate market of the past year and had great hopes for 2020. However, the pandemic invaded the countries and devastated markets across the globe. Unplanned laid offs, bridge rounds and temporary business shutdown had become mainstream in every economy. After two waves of Coronavirus, when companies are returning to the office, they are in a dilemma from where to start the business anew.
It is time to rebuild the business during this adversity and endure the damage. Several business minds are trying to stay relevant and aiming to get off the ground. New developments made during the pandemic are still prevalent in the corporate world. 'New normal' is one of such developments that has modified how employees and employers coordinate as well as perform work.
As corporations are embracing the new normal concept effortlessly, a set of norms and social practices have also surfaced. Small businesses, which are grappling to stay buoyant, are actively seeking to rebuild themselves and acclimatize to the new landscape. Here are the tips to rebuild business effectively.
1. Assess Business Infra
As businesses are resuming everywhere, it is time for organisations to restart their processes. Important processes like HR, business operations and product quality require a thorough calibration. The corporations also are required to modify delivery processes, make changes in workforce working remotely, and do alteration in the product line.
Another important activity has taken place during the crisis; business issues emerged prior to the pandemic have intensified now. These issues have ultimately yielded desired or undesired results, thereby, creating big changes within the organisation. As the economy is coming back on track, it is the right time for companies to review the newly emerged business landscape. Also, businesses should assume that new variations caused by the Coronavirus and begin accepting them for permanent.
2. Create a New Financial Scheme
As businesses are fully operational now, it is time for ideating new financial strategies. The corporations should view their portfolio and accordingly, frame new financial plans. Plans that were made in the pre-pandemic world could not be implemented with sans modification. As future ambitions are changing and altercations taking place everywhere, there is an urgent need for financial planning.
If businesses are facing liquidity crunch presently, then there are various ways to amass capital. Reaching banks, and availing MUDRA loans are some of the available options. Besides this, companies can opt for a credit guarantee scheme of the government if they are existing borrowers.
3. Change Marketing Plan
Companies that have battered due to the pandemic are mainly the ones possessing an omnichannel. The organisations concentrating primarily on social media, referral system and paid adverts are seeing hurdles, thereby, receiving less leads in the changing environment. In the new business landscape, it is vital to have a diversified marketing strategy wherein the company would not pivot on one marketing source entirely. A company should not depend on one source to grab up over 25 per cent of business leads. Besides this, it has to search for new ways to promote its brand.
It can contact social influencers who have a wide following and are engaged in various communities. They will help promote the products and services, and garner a chunk of leads through its fanbase. Although, networking events are being ceased right now; companies can go for online events and begin connecting with other entrepreneurs. A large nexus helps give a good piece of advice and aids in tiding over this hailstorm.
Referrals are another form of marketing that should not be undermined by the companies. If clientele are satisfied by products and services, then they should be encouraged to appreciate those offerings openly and asked to recommend them to others. Word of mouth is essentially more effective than any other marketing resource. To enable this, offer discounts and gift cards to the customers for promoting the products. In this way, various marketing sources will emerge from where business leads can come.
The above mentioned tips should be followed to reconstruct business in the Unlock phase. Old traditional manners of business are not viable in the new business landscape. It is time to adopt novel strategies to survive in the market.
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