A proper review of business at the end of the year is a healthy job for any business venture. The year-end review shows the challenges faced in doing business throughout the year and presents the work required to meet the challenges. Also, it shows its impact on your business and gets an idea of what you are thinking for future years and what you plan to do to overcome business bottlenecks.
With the sudden outbreak of the coronavirus epidemic, no business was aware of how to deal with it. All we’re worried about the idea of dealing with it as well as the sudden global lockdown. Apart from a few essential occupations (medical, grocery, Kirana), all the businesses were struggling. Thus, some businesses preferred to work online and shift business to online. And some brick-and-mortar shops closed due to lack of resources and budget.
So, now the question arises as to how to enable your business, which will deal with future challenges and their consequences. In this blog, we will see that –
✔ What are the significant challenges in any business during an epidemic?
✔ At the same time, we will also take note of the measures taken by Business Person to save the business from this epidemic.
✔ And will also suggest solutions for any such disaster in the future
What are the significant challenges in any business during an epidemic?
In 2020, there is no doubt that the COVID-19 pandemic creates more challenges in front of businesses or every size. For owners, it becomes difficult to operate business as usual. It creates uncertainty in various business directions. It complicates the management of communication and crisis response planning. Amidst these constraints, maintaining the continuity of business operations also becomes a difficult task.
According to a Facebook survey, 31% of small and medium-sized businesses closed in just three months at Covid-19 Pandemic.
The situation was similar for individual businesses as well. A report stating that about 52% of businesses closed. About 43% of hotels, cafes, and restaurants closed. And services such as wellness, grooming, fitness, or other professional services remained at 41 percent.
Thus, it was visible that businesses were closing their doors and facing an uncertain future. Most of the businesses were not in operational mode or were unable to engage in any revenue-generating activity. And many small or medium-sized businesses were unable to provide employment. In this way, the business persons were trying their business with the following challenges –
- With no knowledge of the end of an uncertain pandemic, think about keeping your budget and avoid being evacuated.
- Were also not able to maintain the management of their customer dependencies.
- Businesses that were still using manual moderation were finding it difficult to move to digital mode and contact-less mode.
- Another challenge for any business was to set up their work from home.
- Along with this, setting up work from home facility to provide the business facility to its employees and to maintain the business was also one of the important challenges.
Survival strategies for businesses during COVID-19
After the worldwide Covid-19 hit, businesses suffered prominently due to the severe effects of a nationwide lockdown and recession. Regardless of how the businesses were set up, they are re-looking their business journey and managing it, and business owners are rethinking again. The motive behind it was to keep their financial wheels turning and also keep their business safe in the global financial uncertainty.
- Measures taken by Business Person to save business during the Kovid epidemic.
- Companies began to insist on contactless delivery to provide their services and strategically started to keep the business running.
- To maintain service in this epidemic, the business model was changed and asked to learn new skills to support employees.
- New sanitary streams were adopted, such as the use of hand sanitizer.
- Security measures were set up between employees and customers.
- New technology processes were adopted that could run your business from home.
- To stay on top of the rapidly changing compliance landscape, many business decisions were made.
- Such as, how to optimize business, how to work budget, and how to establish work from home facility.
- Due to the epidemic, the emphasis was on how we maintain the business and ensure that we can deliver this service reliably no matter what the circumstances.
- Business owners had to implement various procedures to handle the influx of new customer requests.
- Businessmen introduced live chat/video conferencing/video chat on the website to help customers online without any contact service. In this way, people can easily get the answers they are looking for.
- Other major changes that the company has made to keep employees safe if they must work in the field.
- Also, the company plans that after the epidemic ends, what efforts they will continue to make and what they will add to fully automate customer service.
Year-end review-based solutions to protect businesses from uncertainty such as trade, markets, and epidemics
If we review the year 2020, we have seen various business challenges presented by COVID-19. First, businesses had to focus on protecting their employees, and job security was at the fore. Also, businesses needed to secure their financial stability while maintaining the flexibility of supply chains and strengthening all challenges for remote work and online trading.
First. You need to develop an infrastructure suitable for remote work. For this, you have to make a plan to create infrastructure/tools for establishing communication between employees and with a customer remotely. You need to train your business managers and employees for such a system.
Second. You have to re-think extreme unfavorable cases or any operational setbacks to evaluate the business strength. You should have two-three months’ cash/budget on hand so that you can survive better in the peak of any crisis. Also, you need to try to reduce your debt or other expenses.
Third. You need to try to get an understanding with your suppliers and other stakeholders about an unexpected event.
Fourth. You need to left the conventional methods of doing business. Also, you need to measure approaches to protect employees and minimize financial and operational risks.
Fifth. You need to invest in technology/software solutions to support remote work and virtual collaboration capabilities. With this approach, you will be able to deliver the best service to your valued customer and increase customer retention even in any uncertain business situation.
Sixth. You need to develop more personal engagement with your customers so that they never lose faith in you.
Seventh. You need to develop a strong communication strategy using advanced technology systems and social media platforms.
Eight. You need to establish a crisis management plan, review it, and facilitate seamless engagement with local, national, and global authorities.
Wrapping Up
You must have done hundreds of business reviews. But year-end reviews are important. And for this year (2020), it becomes more vital. This year taught us a new way to do business. It tells us to leave the conventional methods of business and integrate them with a technology solution.
Depending on your business context and management process, we recommend you to adapt management processes that provide significant business changes in the changing organizational environment. For more help, you can contact with SWIL team.
