The covid pandemic has been an unsettling event like no other! With the global supply chain constrained, businesses worldwide have suffered from limited operations and losses. Many enterprises have suffered losses and even given up hope due to the financial downturn and transitioning customer requirements. But, on the contrary, businesses that stayed more agile and accommodated their methods to suit the times have been able to meet the demands and even expand.
If your organisation is one, you may be curious to know how to keep afloat during this global recession. Rather than retreating, we advise you to concentrate on building your company from within. So let's have a glance at a few options.
There are methods to make this shutdown function easier for you, no matter what industry you're in. Of course, minor annoyances will occur, but you can emerge stronger with good planning. Let's look at four techniques your company may use to get through this issue.
Because most businesses have a "Work From Home" culture, they require solutions to let them assign jobs and connect with their coworkers via remote technology solutions. Because some organisations may not be able to afford them, several companies are presently giving their services for free or at a discounted price for a limited period as a gesture of goodwill. Here, trade finances can act as a saviour for small businesses in the global economy.
Whenever things have settled down, the goal is that individuals who have been using the service for free will develop a feeling of devotion to the company and buy to utilise it. B2B enterprises may improve brand recognition and assure long-term success by risking a short-term deficit in delivering premium products and facilities for free.
For instance, throughout this catastrophe, e-learning firms are pushing their clients to gain new skills each day by providing free courses online. The secret to this strategy is to stay away from hard-sell tactics. Alternatively, you'd want to express your gratitude. Several of the services you give out in this period of need should, in theory, convert into a cash stream after the market stabilises.
To make your finances stable, search for offline visitors.
Even if internet sales are your primary source of revenue, you can typically find offline ways to keep a constant flow of cash until things improve again. The greatest place to start exploring these answers is on a local scale. Local producers of products and services have now become increasingly crucial in an environment where many people are being pushed to minimise their travelling and physically distance themselves—especially if you deliver. In this regard, currently the Russia-Ukraine war is also affecting global financial systems. Read our blog to know in detail:
Related Read: Global Financial System Threatened By The Russia-Ukraine War?
For one, if you own a bakery and your manufacturing is still functioning, seek new ways to sell your products. Find neighbouring eateries that still supply to their clients and strike a contract with them to sell your baked products or perhaps become the store's bread or other essential commodities supplier. This collaboration might pave the way for a slew of new commercial options in the long term. You will have made a good connection and become a valuable community member.
Thanks to last-minute panicked shopping, all local grocery chains are seeing exceptional demand, and pedestrian traffic is still strong compared to other retailers. So collaborating with them can also help you sell more of your goods, specifically if you give them stuff they need.
Even if partnerships don't give you quick money, these local ties are vital to creating. For instance, consider donating them rather than tossing out things approaching their expired date. Several local governments have developed bunkers in most communities to ensure that the poor have access to nutritious meals. Donating meals to such facilities is not only the moral thing to be doing, but it will also boost your brand's reputation.
Determine how your products or services may help your customers solve their existing challenges. Considering the work-from-home environment, even the simplest task may be difficult for them at this time. In cases like these, delivering assistance may improve your product and boost client satisfaction.
In particular, keeping your consumers up to date on your rewards programs and company news is crucial. Consumers were still cautious to purchase meals online even after the government designated online food delivery firms as important companies. Ensure to interact with your consumers on social media as well. Concentrate on stories and information that will benefit your consumers. How you handle your consumer in times of need accounts for 75% of the purchasing behaviour.
It's just the proper thing to do to make sure your workers are taken care of. Furthermore, many people are paying attention to which firms are serving their employees properly throughout this turmoil, and those businesses will very certainly be recognized by new consumers for their devotion.
Motivate your staff to assist with courier companies if you operate a restaurant and they have nothing to do. Assign separate tasks to different members of your team. If you may not have enough work for customers, assist them in finding courier/delivery firms that are in need of more personnel at this time. It's a win-win situation for both you and your employees.
Likewise, many businesses can come up with innovative solutions to keep their operations functioning and viable amid a crisis. The most crucial thing is to prioritise your workers' needs. It's wonderful if you can prevent laying people off while still paying them. If it's more cost-effective to lay them off so they may qualify for government assistance, do so instead of retaining them but providing them no hours. Finding a means to collaborate toward a shared objective will assist us to get through these trying times.
Related Read: How Trade Finance Reduces Global Trade Payment Risks?
This global epidemic is having an influence on many companies, particularly brick and mortar, as well as changing customer behaviour. Because people are restricted to their homes and shun public places, some shops are seeing a large increase in sales, but they are forced to promote their services online. Customers also prefer shopping and pay for their purchases online.