Lockdown seems endless. Are you confused about what to do?

Koteswara Rao VBSS

We’re living in uncertain times, and it will be a while before we’re able to return to complete normality. Hit by the Covid-19 droop followed by social distancing and lockdown across the country, organizations are encountering significant effects regardless of how settled they are and are having to re-look at how they manage and operate their business including re-visitation of their business plan.

It has become tricky for most organizations to keep their financial wheels turning during the lockdown time frame because of less revenue roll and the general vulnerability in the global financial environment.

How do you try and grow your business during lockdown?

  • Strengthen your brand :

Branding is crucial for any business and this is just as important when your business operates largely online. The objective of any brand is to tie together all your various products and services under one umbrella, such that your customers and clients associate your logo with a certain quality and a certain experience.

If you designed your logo years ago, or if it just isn’t as instantly memorable or as simple and elegant as the competition, you might want to consider upgrading it or redesigning it.

To strengthen your brand, you need to make sure that you take advantage of every opportunity to promote yourself through social media and other means. That means having a presence on Twitter, on Facebook, on LinkedIn, on YouTube and everywhere else. 

  • Up Skill your team :

As your team is working from home, now is a great time to explore new and more efficient ways to make the best of them. When organizations invest in employees, they are investing in much more than just their salaries.

Over time, these costs can add up and affect the corporate bottom line. That’s where upskilling training can come in as an alternative to bringing in new staffers. 

  • Manage your Finances :

Right now, everything looks very different from how it did at the start of the year. You’ll need to adjust targets, restructure your team, and even negotiate any leases you may have to maximize revenue. And you need to do this sooner rather than later, so you’re prepared.

Ensure your own financing remains viable. Don’t assume the financing options you previously had available to you will continue to be available. Undertake scenario planning to better understand how much cash you’ll need and for how long.

  • Plan a strategy in advance :

Given the deteriorating conditions across the globe, you must make sure that your business is going to be in shape, after lockdown too.

To begin with, you can analyse your revenue for the past month. Then comprehend what product and service will have a higher demand post the lockdown. A point by point comparison of the product offering and features with their competitors can help in a better market position. Along with that, it is the ideal time to take a shot at any redevelopment on your products, services, and strategies to serve your consumers better. 

Let’s be honest. It’s time to prepare for turbulent times. Maintaining a business isn’t a cakewalk-it takes precise abilities to be able to manage a business effectively and take it to expanded productivity year on year. While a few people are prodigies, not every person has the knack to maintain a business. However, this is a talent that can be learned.

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