REVIVING YOUR BUSINESS POST LOCKDOWN

The Covid-19 crisis and consequent lockdown across the country, for over 5 months now, have led to a severe decline in business demand, revenues, and profits of both big corporates and also amongst the unorganized sector. Micro, small and medium enterprises (MSME), automobile & ancillaries, construction materials, travel & tourism, real estate, logistics, and hospitality have all taken a beating.
The ongoing pandemic has thrown up multiple challenges to businesses on profitability, the ability to meet current cash requirements; and continuity of operations i.e. the ability to sustain revenues. So how can our condition revive from this downfall?
1. Creating a detailed relaunch map
The crisis has shattered many of the assumptions and tools that business leaders rely on for decision-making, but for the restart, they will need to define a solid framework for action in a highly volatile environment.
The best approach is to develop a detailed relaunch map in order to prioritize recovery opportunities. This map will guide production, supply chain, and marketing and sales efforts, and help determine a recovery timeline for each site. The map should have a baseline reopening scenario as well as alternative scenarios that incorporate variables of high-impact market conditions—in particular, the risk of renewed contagion.
2. Providing customers with safety guarantees that restore trust
Emerging from lockdown, clients will be more vigilant about health and increase their demands on safety. Companies will need to provide products and services that adhere to the most rigorous health and safety conditions and be able to show or explain them to clients.
3. Reviving demand
Figuring out the best alternative marketing strategy to revive the lost demand is a crucial task to do post lockdown. This can be done by manifesting your business as a customer-oriented one. Make sure to establish the demand for products which might be a necessity amidst the established economic scenario.
4. Minimising operational costs
Finally, this may be the right time to identify and focus on core competencies and try to reduce costs as nearly as possible. Bringing out the opportunity cost that best suits the marginal profit kept is important.