- 27/06/2020
- Posted by: Thamizharasu Gopalsamy
- Category: Business Growth
The COVID-19 pandemic is wreaking havoc on the global economy, but we have to overcome the crisis by staying calm and optimistic. It’s hard to stay optimistic under great pressure. Fortunately, business leaders and entrepreneurs get support from business coaches or business advisors to stay optimistic in such tough times. Put your business in a more secure position and recover even faster once the crisis subsides. Get the right support to overcome the crisis and show unique signs of economic recovery.
Let us use this opportunity to grow faster and attain aggressive growth like never before. Check out some simple steps to overcome the COVID-19 crisis,
Reduce Expenses:
Implement systems and manage your business better with perfect financial projections. When the business is in a crash zone, think of re-negotiating rental from Landlords or real estate companies. Companies should focus on reducing costs wisely rather than implementing norms according to the current situation. Every reduction should have the ability to generate revenue and keep your business on a successful note. An expert business coach would recommend variable pay by reducing wages and fixed pay with performance incentives.
Improve revenue:
Entrepreneurs and business leaders focus on improving revenue by following the Pareto principle. Pareto’s principle recommends an 80:20 ratio of Cause to effect. The principle predicts that 80% of the effect comes from 20% of course. Companies should concentrate on the top 20% of the customers and achieve excellent ROI from the cream layer of customers. Also, focus on improving employee productivity by achieving more revenue from top employees.
Pre COVID-19 Vs Post COVID-19
COVID-19 has become an era right now! Companies and management should consider certain pre-COVID and post-COVID measures to achieve success in future ventures.
- Organizations should consider certain revisions before reopening their business plans. Take necessary restrictions in the post-COVID stage to keep your employees safe from this global pandemic.
- It’s essential to improve the overall structure, system, process, and people before implementing the new revisions in the post-covid stage.
Apart from the restrictions and revisions, it’s significant to come up with breakthrough ideas for successful accomplishments. For e.g.; consider if you own a textile group, according to the current need, invest in the manufacturing and production of quality face masks, or any other personal protective equipment. It’s simply industry-specific, whatever the industry it may be; make some unique advancements in the post-covid stage.
Automation:
It’s time to get automated in the present COVID-19 economy. Automation helps to improve team management on a positive note. Get fresh ideas in Sales, marketing, and customer service with the help of automatic tools like integrated CRM and Chatbots. This creates a consistent communication platform between you and your customers. Chatbots are perfect to answer your customer queries 24×7. Using automation is perfect for increasing overall efficiency and revenue management.
Business experts focus on building up long-term strategic planning and put more energy into lead management. Let us break the impact of COVID-19 on business and come back with great innovations!!
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