Six business lessons we should have learned from CoVID-19 Crisis – COVID-19 has changed our lives in different aspects. We are not only fighting with the deadly virus impact on our health but also fighting with the critical financial and business lessons taught by the virus. Completely locked down in the nation from the last four months has hit the industries and business very badly. Now it has become more difficult to do the business without having proper resources and adequate funds.
Tens of millions of people worldwide scrambled around to get set up to work from home. The salaries of the employees have been cut to 20%- 30% margin. The companies are working on loss which leads to reducing the staff in the company. This destructive and troubled global pandemic has taught us many business lessons as per accepting the new reality. Business tycoons are opting for new management tools for the growth of the company.
To survive over this pandemic, now organizations have to work with new business models and learn to adjust to the current scenario. Most of the people are heading towards digital platforms to digitally operate the business ventures. No doubt that the digital platforms are providing a great platform to the businessman. To keep the economy stable, all the organizations and industries have to work as per the lessons taught by the COVID-19.
There is no doubt that the small scale business has been hit very badly. But we cannot change the situation of what is happening around. All we can do is to find some solutions to deal with the situation and try to grow from it. It is very easy to say but when it comes to implementation it is very challenging. Start observing different aspects of the business. Think where we can mold the things and bring some changes in it.
Major Six Key Lessons Which COVID – 19 has Taught Us
Here is the list of six business lessons that we have learned from the COVID-19 outbreak.
Opt Modern Technology Options – This virus has made us switch from traditional to modern technologies to carry out the work of the companies. As per a research report, it has been stated that 67% of the companies have opted for cloud-based communications, collaborations, etc. In a nutshell, we can conclude that digital tools and collaborations are the new normal.
Most of the companies are organizing meetings through video conferencing calls.
Attendance of the employees and other important information related to the work has been provided through the zoom and skype.
Plan for the Unexpected Situation – Earlier, many companies do not think and plan about the unexpected situations. Be ready with backup plans for such situations. This pandemic taught us that nothing is constant so keep back plans to cope up with the situation. It is one of the important rule in business that you have to be prepare for everything which comes your way.
Build a Crisis Management Team and Teach them Regularly – Crisis Management team is prepared to cope with all the crisis which comes the way of the company. They have given special training to cope up with the situations. Be firm and polite. At the time of crisis, including clients, even employees and business partners started worried about it. Take all of them with the company’s welfare. Politely tackle them and tell them that we all are trying from our end. Give them assurity and in this way you are taking all of them in confidence.
Be Available for your Loyal Customers – Customers make the business venture successful. Make sure that the customers who are with you in every thick and thin deserve your services first in comparison to other customers. They have shown their loyalty even in the bad times too. Serve them because they were with you even at an unexpected time. Every tough situation teaches us something new. So this is the time to pour some kindness to your true customers.
Daily Communications with your Clients – Being a business company you may have several clients who are working with you. You never know when and how tables turn in the business industry. Interact with your clients daily, take updates from them on what is working in the industry, and what is not. They will always remember you and keep you in your good books for further business deals too.
Give Timely Payment – Always have some backup when it comes to money. The whole process of the business works on the money. From purchasing raw material to exporting the products, everything demands money. If you fail to provide timely payments to your business associates and employees then they will start looking for other options. All the small vendors, employees live on your payment so give them timely pay. For timely pays, you have to be ready with some back plans.