Coronavirus outbreak, a tragedy that affected thousands of lives and took the global economy to its worst position.Everyone is locked inside their houses and worried about the future impact of such lockdown on their businesses.We can’t ignore the fact that the outbreak of COVID-19 has significantly impacted the global economy including every section consisting of economic trade, supply chain disruption, etc.Since, the disease is such and its course so unpredictable that policy will ALWAYS be EVOLUTIONARY. Day to day monitoring is required in changing strategies will be the order of the plan.With Different businesses have been effected differently because of Coronavirus.
According to the latest reports due to coronavirus nationwide ban imposed on public congregations like cinema halls, food courts, restaurants and religious places. No parties or gatherings allowed. Marriages, birthdays or any kind of celebration not permitted until and unless the number of increasing cases of Coronavirus starts sinking. Schools will remain closed for quite a long time.Logistics, tourism, metals, drugs and pharmaceuticals, electronic goods, , auto , MSMEs and retail among others are the worst effected sectors.Only shops selling essential goods will be allowed to remain open.
The prompt and timely action by the government through the nationwide lockdown has not only helped to reduce the risk of community transmission but has also provided the much needed time to prepare for an unforeseen spike of infected cases that would have been overwhelming for the healthcare systems thereby leading to huge morbidity and mortality in our population.
Now-a-days, businesses are facing lot of issues due to lockdown, therefore there must be some amendement in the existing strategy, which must aim towards bringing about a fine balance that not only maintains economic and social activity and but also normalize the disease from spreading. The planning and steps that can be taken during lockdown are given below:
- One should be in regular touch with his/her employees, workers, suppliers and Customers/Clients during the lockdown period.
- What if any supplier or employee is not available immediately after lockdown?
- Future Cash flow Management
- Financial Issues
- Keep your eyes on Governments moves related to your business
- Utilize the time for digital Marketing
- Shift to digital Business (If possible)
Most Big business houses have already shifted and are shifting to digital marketing services very quickly during this lockdown period. NoFikkar Technologies is a Digital Branding Company in India providing various aspects such as Online presence, Digital Promotions, lead Generation, Website Designing, Mobile App Development, Software Development,E-Commerce Services, Social Media Services ,Brand Building and SEO, PPC. NoFikkar handles the Social Media of different brands and managing their Brand Value & Customer Relationship.
All the businesses out there who have good business idea to promote are suggested to electronically advertise your business during the lockdown.This include the Social Media Marketing, Email Marketing, Blog writing etc. This will help you to keep your business alive during this lock down also. Example: Schools, colleges and Coaching classes etc have already resorted to apps like zoom app to provide online education to children. Just like the above, businesses like Gyms, Dance classes etc may use digital media and make a group video call and work out/dance together. The gym owners may send their daily diet charts and exercise charts to their members and keep pushing them to exercise at home so that their businesses do not come to a halt.
Hence the focus must be shifted towads the following factors:
- RESOLVE Address the immediate challenges to business i.e. Workforce, Customers & Suppliers
Prioritize the activities to get the workforce back to work immediately.
- RESILIENCE (Capacity to recover)
Ensure that all the resources are in place to make a start afresh. Make sure that your plan for improving liquidity and cash flow are executed.
Focus on cash flows for the short term profitability.
Take necessary steps to shorten your cash cycle.
Don’t withdraw money from the business, reinvest the profits for the growths.
The Mantra of successful business is to sell what is needed i.e. diversify your business according to the demand.
What a discontinuous shift looks like and implications how institutions should reinvent?
There may be a small or a huge difference between the normal before Covid-19 and normal after Covid-19, Business has changed forever due to the coronavirus. A business which was normal before impact of Corona, may be impossible after Corona, therefore, one should imagine the new normal,
and should act accordingly to achieve that. For Example: Suppose normal sale of a business per day is Rs. 30 thousand before lockdown but after lockdown of 2 to 3 months this sale can’t be imagined in starting due to diversification of Customers, at that time sale of 15 to 20 thousand can be treated as normal for initial period. So finding the new Normal is equally important to reform your business
Be clear about Regulatory and Competitive environment. The Law, regulations, economy all might change drastically after Corona, the new laws and regulations are likely be more supportive to the business, which is good for a businessman but the supportive laws may also encourage more people to start their businesses and which will raise the Competitions.
Therefore, the planning and actions should consider the Govt policies and regulations so that goal could be achieved and new surprises could be avoided Please be clear and prepare yourselves to gear up your business after Lockdown.