The Covid-19 has impacted every business globally - albeit in different ways. While some of them noticed sinking revenues and reached rock bottom, few others experienced a surge in consumer spending and enjoyed increased profits.
Even though some are still measuring the pandemic's impact on their revenue, the pace at which they will bounce back will depend on several factors such as the basic needs that they serve and the shift in consumer patterns.
In this article, we shall discuss ways by which you can come up with a lifeboat strategy for your business
and prepare to survive in these times.
An alteration to your Business Continuity Plan -
Some businesses like digital payments, essential commodities, grocery shops etc. saw a surge in demand while other industries like travel, hospitality, event management, aviation came to a grinding halt. Some of them like essential commodities retail and online learning saw a complete shift in consumption pattern with large-scale online-service demand.However, despite the differences and trends, every businesses' goal remained the same - to survive.
How to achieve that?
Experts suggest that every business needs to alter its Business Continuity Plan and embrace the new normal.
While completely reinventing or altering the current business model may not be necessary for many businesses, a temporary change in the core business or a permanent pivot can be beneficial. For example, if you own a retail store, this is the time to take your business online and set up a delivery facility so that you can provide services to all those buying essential products online.
Some other ways you can bring about a change in your current plan is to collaborate with other enterprises and leverage their talent or expertise. That can allow you to uplift your venture as well as help other struggling businesses