The world today has been throttled by nasty attacks of the COVID-19 virus on humanity. Eventually, the global economy has arrived at the threshold of the unprecedented crisis influenced by the pandemic. Within a span of some weeks, we see a catastrophic impact on industries such as travel, transport, leisure, hospitality, and consumer retail.
It sounds bizarre but stands to be true that the lock-down strategy nevertheless will save the lives but will also create a deep-rooted negative impact on the economy in the long-run. Several economists predict it to be the worst economic downturn after the Great depression.
In such formidable situations, it becomes inevitable to adopt correct practices leading to sustainable and viable business strategies.
Let us have a glance over some of the most important ways to survive in the upcoming global economic downturn.
Cost optimization strategy
In a crisis, re-construct the financial strategy to check on with the expenses against the revenues. For individuals and business startups, get adapted to cost-effective means to promote your brand.
Capital conservation will contribute as a savior once the impact of pandemic settles down.
Build adaptive business-models
The global catastrophe will serve as an opportunity to re-assess the business models and set them in tune with the expected future economic crisis.
The world will transform extensively, post the impact of pandemic subsides. Re-evaluation of sales figures, revenues, credit, and debt cycles is advisable.
Also, human resources available for operations and marketing needs to be reconsidered.
Tap your existing investors
The current investors are the best acquaintances to rely upon for pumping in more funds during difficult times. New investors are more vigilant with stringent norms.
The consequences of the crisis shall subside as time passes by. The current phase serves as the testing time to turn your business working into one of the most favorable strategies.
Maintain trust with the stakeholders
The customers and employees always look forward to resourceful communication. They add value to the business as much as investors do.
At present, it would be wiser to sustain customer satisfaction through customer engagement strategies. For employees, cut-down in salaries if required should be opted instead of lay-offs.
Get adapted to new trends
Embrace this transition phase wherein most happening trends are seen such as online delivery, cloud kitchen, and work from home patterns.
Top business models such as TCS have hired employees who shall permanently work from home during their work tenure.
Health barriers such as anxiety and depression take a toll on the efficiency of the workforce in such difficult times. Spare adequate time to withdraw yourself from these tensions and practice mindfulness. Prioritize into looking towards the attitude and find ways to cope up with the terrible struggle and survive in the crisis.
The difficult phase gives a sign to reflect upon ourselves and unite to fight the battle against the virus. Ironically, this time stands to be the best opportunity to set new trends, bring innovations, and initiate best practices into your own ecosystems.
As Leon C. Megginson quotes, “It is not the strongest or the most intelligent who will survive but those who can best manage change”.