Updated: Dec 21, 2020
COVID has been a culprit to a great deal of casualties this year and it continues to plague us. We know how heartbreaking it can be seeing your painstakingly nurtured business withering away. To that end, instead of laying off your staffs to cut costs, we are here to tell you that it is possible for your business to thrive in the midst of COVID.
If your business is having trouble, learn how to ensure your business survives by clicking on this article first.
Once you have managed to set up a frame to ensure continuity, how do you lead the market and go above and beyond your competitors, not just breakeven, but flourish during these times of turbulent markets?
Migrate to The Digital World
Flaunt your stuff online. Instead of having physical presentations, consider having virtual roadshows or promotions to really establish your online presence. Bearing in mind most people will be roaming the virtual world now more than ever, broadcasting using Facebook live is a course of action you might want to consider to market your products or services.
This means you will have to get tech upgrades and digitize your systems to ensure working remotely will not be like trying to stay afloat on the raging seas with only a raft.
Enhance Affinity with Customers
On top of that, remember that your customers are worth their weight in gold, since you depend on them to keep going. Provide round-the-clock support for them whenever they face problems which can show how much you value them and this can further amplify their loyalty towards you.
Ascertain the Challenges.
Note that now more than ever, you should strategize. In order to thrive, you need to first have a grasp of the various challenges - and develop solutions and strategies to overcome them. Go back to the drawing board and brainstorm the current challenges and logical solutions with your team. If need be, seek professional consultancy to get fresh ideas.
Don’t Overlook Your Employees
Remember that you and your employees are a team. It is vital to care for them, now more than ever. Your employees play a crucial role. Listen to their ideas and feedback and don’t undervalue them. Even in the worst case where pay cuts are required, ensure proper communication is carried out to lessen the blow.
They may be more well versed in customer behavior or what is going on in the industry and are able to give you back the edge to be the top in your industry while also maintaining a rapport with your employees, which is ultimately what will help your business to prosper. It is an important cycle like having well-oiled gears to ensure the smooth running of your business.
Poke Your Nose into Other Businesses, But Not Really
Find out the manner your competitors are handling this situation. Approaches taken by your competitors provide a good reference to the effects of certain strategies. They may be taking the approach of laying off their staff or implementing pay cuts. It doesn’t necessarily have to be that way.
Keeping your employees motivated can improve productivity in these difficult times. These employees are valuable to your organization, especially if their work involves some sort of special skill or knowledge. You, more than anyone knows how daunting it is to replace them. For this reason, laying them off should be your last resort.
Is there a business you’ve always wanted to partner up with but have been putting it off? Your window of opportunity has opened. In order to make strides and add value, offer your customers something complementary that your existing customers may want to add on to your current product or services.
The hardest but most powerful way for you to stay ahead?
Persistently Working- Preferably Even More Than Before.
This would put you ahead of everyone else who are hitting pause during the pandemic. While most places are in lockdown, take this opportunity to grind. In view of the fact that travelling is a mega taboo now- be it for business or travel, use this time to work instead.
This is the time when you should really go the extra mile as there are less distractions. This is how you can ensure your business blooms amidst this pandemic. By doing this, you will be a few steps ahead of your peers, enabling your business to continue growing, even during these rough times.
FINTECH RAKYAT helps businesses migrate to the next generation of the Digital Age. Our Business Operating System: HIVE BizOS is a comprehensive package of custom back-end and front-end solutions, designed to allow you to modernize your business quickly and effectively.
Click here or chat with us to know more!