covid-1

What are the best practices to cope with the current economic downturn ?

For business revival and cope with the current difficult times, every business organization has to focus on the three key elements.

BUSINESS PROCESS TRANSFORMATION:

  • Recalibrate -> Sales Target, Revenue. Profit as per current demand/ supply cycle and Customer current needs
  • Rationalize operating Cost and save money
  • Manage Cash Flow & Pay Employee Salary and Vendor payments
  • Look for New Service/ Project Opportunities
  • If needed change/ adapt your current Business Process to suit current situation/ circumstance / business environment.

MAINTAINING EMPLOYEE MORALE:

  • To get best performance, under current situation, Trust and empathy are key elements. Having clear communication about current economic scenario and company’s current financial status, builds trust in the employees mind.
  • This helps them gain the confidence that the company can get through this period with their support and that the company has enough resources to meet their salaries and current operations and project / service delivery
  • Encourage employees to have good – Sleep, Diet , Exercise routine to take care of their Physical &Mental wellbeing
  • Arrange motivation lectures to boost their morale for their Emotional Wellbeing and Spirtual Wellbeing.
  • Keep them occupied through learning activities or new project / services research activities.

MAINTAINING CUSTOMER RELATIONSHIPS:

  • Through constant communication and continuous engagement, you can understand the NDP (Needs, Desires and Problems ) of the current customers.
  • To help them with timely payments, can you provide option of Staggered Payment, Part Payment etc.
  • Based on the identification of current issues, see if you can innovate, co-create, collaborate and develop new solutions/ services for your customers.
  • If you take good care of your current customers, in their moment of need and difficulty, that ensures the relationship is maintained and thus when the economy revives, they call you first for their project/ service / product needs.