Gearing Up for the COVID-19 Economic Downturn
by Vincent Low
COVID-19 has brought about many challenges for business owners. I think you will agree with me that staying competitive during an economic slump while keeping business afloat is no easy task.
I want to share some of my personal insights with you on how to directly (and indirectly) gear up your business for the post-COVID economic downturn and hopefully, this will help your business survive the tough times ahead.
Focus on the things that matter
It is not uncommon for business owners to want to expand their product offerings into different segments of the market. It’s normal to want your company to grow. However, one downfall of this is that you might be spreading your resources too thin. During this downturn, choose to scale back and focus on things that matter. This way, you align your management and employees so that they can concentrate on delivering to your customers.
Build multiple revenue streams
Most people know Canon as a company which provides quality hardware, renowned for pioneering cutting-edge cameras, copiers, and laser printers. But we saw the need to expand our area of expertise and hence, our business has growth far beyond today to include various digital solutions such as CONES and FACTS which companies can adopt to improve their online workflows and productivity.
What I’ve realised is that the more you diversify your income streams, the more resilient and recession-proof your business will be. So, business owners, why not try to work towards building multiple revenue streams today?
Never undermine the importance of having a strong customer relationship
Would you rather shop somewhere where the service staff is rude? Or somewhere where you feel valued and taken care of? For me, choosing the place with good customer service is the obvious choice.
This is why it’s important to maintain a close relationship with your customers. By communicating with and listening to the needs of your customers, you can improve your customers’ experience when shopping your products.
Streamline processes and cut costs
Keeping a lean team and reviewing your existing processes is necessary to maximise efficiency and minimise spending. This means having to replace manual and labour intensive processes with RPA.
Doing so allows you to move your staff towards more meaningful, higher value work. After all, our people are our greatest assets and we should not waste their talents by delegating them menial, repetitive tasks.
Surviving the Economic Downturn
The second half of 2020 and possibly first half of 2021 will be a challenging time for businesses. Aside from using these insights to navigate through the pandemic-induced economic downturn, consider investing in your business with digital solutions for COVID-19. Hopefully, these tools will upgrade your business and allow a better chance of survival. I hope my tips have been useful and all the best for moving your business forward!
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