- June 22, 2020
- Posted by: ThistlePraxis Consulting
- Category: Articles, Business plans
Is it possible to make and sustain a profit while still in a global crisis? The answer is a big “YES”.
Most businesses had to accept poor organizational performance due to the coronavirus (Covid-19) pandemic. They come up with understandable excuses to tell their stakeholders for not being able to deliver.
What if I told you, you could still climb back up and become more sustainable and proactive to manage long term effects on your business. You can achieve being sustainable only if you are ready to put in the work and strive to remain sustainable.
Marketing of your product and services should not stop because many of your customers may conclude that your business is not open for service. Relating marketing to solutions that can help your customers to access your service or product while in lockdown. Creating a solution or supply chain to get your products to your customers, especially if it is a product that requires a physical connection, the solution will make you keep up with your competitors and make you relevant in the market.
Getting customers now will not only increase your customer database but help you to meet up with additional costs incurred in the process of strategy. Businesses should also be thinking about what post-covid-19 will be like. Assuming everything will come back to normal is not a great idea, rather businesses should adapt to the system and make sure it is effective now and post covid-19. This will ensure your products and services remain relevant at a later phase. Let’s take, for instance, you are a B2C business, and your customers entrust their loyalty to you because they trust your brand, but due to a long period of lockdown, it would make your customers switch to remote services.
As a business, it is very much important to identify your challenges, it is the only way to create strategies for your business. Identify challenges ranging from competitors, customer challenges, supply chain, communication that could affect operational effectiveness.
Come up with alternative solutions to maintain daily operations. Unforeseen challenges can come up like; policy to disrupt traveling arrangements with clients or recruiting staff or communication. These challenges may be a hindrance to stop operations, or you can choose to make it work. If an arrangement for a meeting was set for a time and place that requires traveling, and a policy arose to cancel it, you can turn to a facetime meeting.
Implementing technology to business operations at this time can make work and communication easier and effective for remote workers. Upgrading to technology, for example, Asana will help collaboration and easier communication among team members.
Let’s strive to be sustainable at times like this. It is also okay to ask for help and collaborate with professionals as a business. We are all in this together, and we are positive we will see through it.
Written by Ozuem Williams.