Where there is uncertainty around the globe apropos pandemic and Entrepreneurs Do Vis-à-vis. Become business success, be the inevitability for the demands of the clients!
In the wake of COVID-19 pandemic businesses have stooped down. Business models are being recreate and calculations are being made for how the revenue inflows are to be stabilize. There is a dire need of recognizing the do’s and don’ts for entrepreneurs. So, that they may not only survive in this crisis but also become successful. Here are some strategies that entrepreneurs must follow:
- Use the stumpy advertising costs as an advantage
In the course of economic crunch like this, what entrepreneurs often do is they cut off their advertising costs which is straight-forward blunder. Instead, they should take this as an opportunity and get the benefit from it.
In fact, an economic downfall does not cut the necessity to advertise but will definitely diminish the cost of the advertisement. By following the supply-demand rule, now is the right time to become successful by advertising more in less cost.
- Adapt according to contemporary market trends, but in a corresponding way
Contemporary market trends might be difficult to predict and understand but this can work for your own benefit. You would re-optimize the positioning of your business if you could understand the recent scenario of your own market.
It’s possible that your business may deliver its products more tenuously as compared to your predictions. If now you can capitalize on this, then new revenue inflows would be awaiting you when the lockdown would end completely.
The business can transform from that of focusing entirely on in-person into a new level known as two angles which focus both on the in-person and online as well.
- Evaluate your competitors—what can you mug up from their working
There is some kind of businesses which are suffering much more than the others in the current situation. Mug up those businesses which seem successful in making it this downfall. Evaluate what those businesses are doing differently from others.
Analyze your direct and indirect competition so that you may get the best understanding of what they are doing. What are those strategies which they are following and seem more effective.
Innumerable opportunities exist in macro strategies for the adjustment and positioning of the business for better matching the competition.
If entrepreneurs could realize how their competitors are positioning themselves throughout this crisis. After this downfall, then entrepreneurs would definitely have the benefit that business is going to be at its normal working again.
- Expansion of business by using the means of social media
As most of the customers are stuck in their homes and are reluctant to go outside for the purchase of various products. So, it is the need of the time to provide them your products at their doorsteps.
When the customers find the opportunity of getting shopping done through online means than most probably prefer to buy online. Such a move will increase the revenue inflows and will lead the entrepreneurs towards success.
On the other hand, concerning business operations, the entrepreneurs can expand their business in this crisis by providing the opportunity to “work from home”.
For this, there are various means which can be use for conducting meetings like ZOOM meetings. It allow the employer and employees to connect simultaneously and conduct discussions vis-à-vis various issues.
- Expand the market share
Most of the businesses are suffering from increased overheads and decrease profits due to the fact that customers and employees both are quarantine at their homes . They have slowed down their operations to crawl level.
Such entrepreneurs are spending a low amount of costs on research and development also known as R&D and on the innovation of products as well. This means that these businesses would be ramping up.
But instead, this is the time for such businesses to figure out the actual needs of the customers right now and to find out which they demand the most in the short and long run. Then according to the research, they must adapt their products and services according to the demand and bring innovation accordingly.
This will expand the market share for the business and will help them out to become successful in this crucial time.
- Be altruistic instead of hyper opportunistic
Being a good businessman you must want to avail every possible opportunity. But remember, there is a hell of a difference between taking advantage of the current situation and exploiting such climate.
Raymond Kroc gave an idea that contribute towards the huge success of McDonald’s and the idea was, “Put the customers as a top priority”. This stance should be adopt by the entrepreneurs now if they want to become successful now and afterward.
The business should give an essence of everlasting humanity. This would lead to a stronger relationship with the customers on an emotional basis.
If you focus more on Corporate Social Responsibility (CSR) the more your goodwill would be. Entrepreneurs should utilize the current crisis in the best way to improve this emotional relation. Then analyze where the business is fitting in the current situation and then how the customers could be serve to a deeper level.
Entrepreneurs should remain genuine in providing services and products and should not expect immediate results. Where there is uncertainty around the globe apropos pandemic and business success. This healthy relationship would absolutely help businesses to become successful.
- Evaluate the current burn-rate both in ‘bear-bones’ situation and in the normal situation
Analyze accurately about the current business expenditures and evaluate which expenditures are avoidable. Businessmen should consider the excess rent, marketing, size of business & other expenditures which can be reduced without disturbing the quality of business.
To achieve efficiency in business operations it is compulsory that you cut off the unnecessary costs. So, that the variance between the budgeted output and actual output may lower down.
To become successful in this pandemic. It is the need of the hour to reduce the expense as much as possible so that the percentage of hearing loss can be brought to the low level. But the main key to follow is never sacrifice the quality level.
- Remain open-minded, think out of the box & stay positive
Right now the world is depicting itself to be a scary place. Everywhere, you can watch and listen about bad economic situations. Some are comparing this current situation. The great depression of 1929 which start from America and some are taking this crisis as the worst of all time.
But the main thing is how the entrepreneurs react to this pandemic. Running a successful business is a “game of nerves” meaning how you take the difficult situation and how you plan to face it.
So, entrepreneurs should not get themselves jumble after hearing all bad about the current.
Situation but instead they should think out of the box and should plan strategies about how to create new opportunities to become successful.
Entrepreneurs have to remain positive whatever the situation is and should always keep on thriving to achieve success. They should have a firm belief that everything will get better. These tough days will end soon and there is a silver lining in the dark clouds that assures not to lose hope. Entrepreneurship is a hard nut to crack and is always jam-pack with challenges so, the current situation is not different. Take it as a challenge and face it as you have faced other roadblocks. There is just a need for appropriate policies and here you go!
Keep your neck up & then just keep on keeping it on!