In the general context of the Covid-19 epidemic, the world economy is suffering from a decrease in economic growth. After Covid 19 requires businesses to reshape and develop new strategies to recover from losses and grow later. Here are 8 strategies that businesses should exploit and prioritize to grow their businesses.
1. Maximum cost reduction
Cutting costs on operational expenses means that businesses are now able to invest in tools that will help them gain a competitive advantage, like employee monitoring software. but it is always the most basic and important strategy in a prolonged crisis with supply chain and supply chain difficulties. All cost items need to be thoroughly reviewed and cut to the maximum extent. Switching to the online working model can help cut space rental costs, administrative costs, and basic costs of indirect operation at business .
2. Domestic supply chain development
Just over 2 months after the outbreak of the pandemic, many large businesses have to face severe supply shortages due to frozen input markets and limited trade between countries. To be proactive in production and business activities, it is necessary to actively develop and exploit the domestic supply chain during this period. Besides, also avoid relying too much on some input markets, instead should take advantage of the investment from outside.
3. Disseminate the application of technology in business activities
Digital transformation in business is a topic and strategy that has been mentioned a lot in recent times, but perhaps it is not until the Covid-19 pandemic that the importance of this strategy can be seen. Online business models, e-commerce, working online, even using robots in factories have also played a prominent role during this time. The digital transformation needs to have a specific, long-term, and comprehensive strategy and orientation, but it will certainly bring high efficiency to the community of large businesses.
4. Transforming the business model
In just 2 months of the epidemic, consumers’ purchasing methods and consumption habits have changed. From direct to store, consumers now mostly choose online, order online, and have fast delivery with the help of technology applications. This also suggests that businesses should research new approaches to the market, invest significantly in R&D activities to find the most effective business model in the crisis and post-crisis period.
The redirection of users through online purchases brings a lot of benefits to businesses. They can grasp the needs of customers, thereby making appropriate marketing strategies. For example, when customers shop online, they can offer discounts, offer discount codes, coupons to attract customers. Saving money on purchases thanks to discount codes will make customers very happy and thereby increase revenue for the company.
5. Support and protect your personnel in the new context
Many organizations have adopted flexible and prudent forms of protection for their employees and customers. Many businesses have switched to working from the home mode for the majority of employees, although working from home mode also more or less affects work efficiency because most employees will not be able to concentrate like at work. . Therefore, business leaders need to enhance online communication, balance business needs with expected goals as well as stabilize the morale of employees so that the staff is always aware of the happiness and well-being of their employees. Their well-being and well-being are the top priority during these difficult times. Enterprise leaders should also change working standards, issue new standards to adapt to the remote working environment,
6. Monitor pandemic indicators
Closely monitoring factors both inside and outside the organization is important to understand the evolution of the pandemic and thereby devise flexible response scenarios. Referring to the scenarios of the pandemic affecting the macro-economy from research agencies and policy-making agencies is also necessary for this period.
7. Taking into account the possibilities after the Covid-19 pandemic
After the pandemic, customers’ online shopping habits have been formed, businesses should implement digital transformation of business forms. Should focus on selling online, using reasonable strategies such as giving discount codes, coupons to attract customers. The convenience, as well as many incentives of online shopping, will attract more customers to you. Continue to research the market and react quickly in any possible case.
8. Development of the Operations Center model to plan for the next phases
It will certainly take a long time to recover the economy, restore production and business activities of the business, and the purchasing power of consumers as before. Experiencing a period of crisis and uncertainty such as the COVID-19 pandemic, consumer spending, and consumption habits will change, some forms of shopping will also be different and new forms of shopping will emerge. . Capturing those trends to ensure businesses can quickly position themselves in the post-pandemic market is an important part of the Operations Center’s mission.
Covid 19 has been leaving many severe consequences for businesses. It requires businesses to quickly reshape as well as have appropriate business strategies for economic recovery. The above article has some small suggestions for your business, wish you success.