With the cases of COVID-19 on the rise and the entire nation in a lockdown is facing a serious crisis. With the outbreak, the global economy has been impacted explicitly. No major trades are going on and the entire supply chain stands disrupted throughout the world. The increasing pace of the infections and economy being badly hit due to the lockdown, everyone is thinking about their businesses. Whether they would survive or not? If they do, how are they going to resume and recover from the economic shock!
There is not a single business that has not been hit by the impact of the pandemic. The article aims to give a perspective on the ways the business owners can recover and resume their businesses after the lockdown. How they can prepare themselves to face and get through the post-pandemic economy.
1. Plan Your Business in Lockdown
First, get this out of your heads that you are wasting your time and losing on your business and money. The fact is you are! But, in a situation like this, staying safe and living a healthy life thereon is far more important. Instead of brooding the whole day, utilize this time to plan. Planning is an important part of any business. Take the time (which is plentiful these days) and plan right, consult your business coach to chalk out the right plan to proceed with after all this is over. Talk about the various hurdles that would arrive and how you can face them.
2. Keep in Touch with Employees, Customer & Business Associates etc.
During these disparaging times, don’t forget about your work family. Keep checking on your business associates, employees and clients. This will help to keep the connection alive and running. Wherever possible motivate themselves and yourself too. Pass on the message to be positive and make use of the time at hand by upgrading or revising some skills.
3. Make Backup Plan with Alternate Resources.
While making a plan, do not restrict yourself to plan A. Instead ask your business coach or image consultant to help you make plans B, C and so on. Try to have a contingency plan and solutions ready at all times when trying to recover from your business post lockdown. One might have to work with lesser employees or different suppliers and contractors. The key here is to understand everybody’s situation on humanitarian grounds. This is a phase where no one is at fault per se. yet everyone is suffering and experiencing losses.
4. Plan Your Financials.
While you make plans for your operations when normalcy is achieved, also try to plan and manage the finances. Try to carve out rational plans to manage the funds and stock. Try to seek the advice of your business coach to carve out a plan not just for this financial year, but the next year too. This will help in analysing the cash flow in various scenarios. Try to ponder over the fact that the lockdown might extend or businesses of your segment might not return to normalcy as soon as the lockdown is lifted. Your business coach will help you in planning the ‘go-ahead’ of your business effectively, gauging all the contingencies that can present themselves after the situation normalizes. This will help you to be prepared to face the crisis in the future, if and when they arise.
5. Upgrade Your Business Process.
This is a good time to review and reflect upon the practices you followed to run your business. Analyse them and come up with the ways that you would want to change the processes of running your business in the new world. A business coach is of great help here. They help you in looking at your practices, reviewing and analysing them and finally help in refining the processes and ways that you run your business. They are the solution masters in times of such crisis.
6. Utilize Time for E-marketing of Business.
A good action plan in such times is to make the use of social media and e-commerce websites. For all those businesses advertising holds an important place, try to use various social media handles to advertise. This is the right time to brush up your skills for digital marketing – social media, email, etc. and use it for your benefit once the lockdown is lifted. Look at what your competitors are doing in the social media space and get inspired. Try to make the most of the digital space during the lockdown, which can lead to a continuation plan post lockdown. The digital space also gives us a chance to identify and network with prospective clients, stakeholders, suppliers, etc. During this precious lockdown duration, try the various platforms and connect with people. One is supposed to follow social distancing norms and not social media distancing norms. Connect and network, this will help you in bringing about changes to your practices and make you ready to embrace the new world with full vigour.
7. Analyse your Business Past & Present.
Entrepreneurs should also try to gauge the difference in customer / client tendency or attitude. What sort of changes could happen after the lockdown, depending on the type of business and type of clientele / customer base? This would help in reinforcing the plan that your device to resume with your business. All of this boils down to analysis and measurement of the past and present, basically the journey of your business, to be able to set and pursue future goals. Analysis of the practices, methods, resources, inventory, cash flow, employees, customers, so on and so forth. After analysis you would be able to reflect on the desired goals in the future, keeping in mind the changes that the world would go through post-pandemic. The entire process is made easy with the help of a business coach or an image consultant. They are there at every step to guide you and take you forward with your planning and execution. Try to take their help and stand firm when the crisis is over to face it all and overcome all the challenges that the business world throws at you.
The key to get through this phase is to not let negative thoughts get the better of you. Take this lockdown as a golden opportunity given by nature to reboot and resume your business with 2X power and motivation.
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