In light of the new developments, businesses have been forced to make necessary adjustments. These measures are highlighted below.
1. Adoption of Cloud Computing Service
Due to social distancing protocols, employees have been asked to work from home. Thus, they are resorting to online facilities like SaaS service, cloud computing collaboration, etc. To conduct important meetings, they are also taking the help of robust platforms like Microsoft Teams.
The companies that didn’t have Project Management Solutions are also adopting Scoro, Basecamp, etc. In addition to this, steps are being taken to acquire Customer Relationship Management Software and ERP SAP solutions and Digital Transformation platforms. When these solutions are used in conjunction with IoT and Big Data, it yields important data. Based on this, companies will be able to forecast logistics, sales, revenue generation, etc.
2. Assessment of Variable and Fixed Expenses
Amid this contagion, it is predicted that the global economy is likely to suffer a recession worse than the Great Depression of the 1930s. Thus, businesses need to evaluate fixed and variable expenses. In addition to this, they should assess actual revenues and cut down unnecessary expenditures.
Some of the aspects that they need to focus on include credit cycles, sales, collections, shares, potential bad debts. Upon detailed inspection, they will be able to figure out the present status quo of the business financially. The entrepreneurs will also be able to figure out which business model would be feasible in this disconcerted market.
3. Sprucing up the Websites
Consumers will be spending more time on the Internet during the quarantine. They will be relying on online retail stores for purchasing essential commodities and services. Thus, it is of the utmost essence that companies focus on website development. First impressions are ever-lasting. To entice customers, products and service need to be adequately showcased along with their price tags.
Furthermore, the companies should optimize the websites so that it is compatible with desktops, smartphones, etc. Businesses need to establish a modified brand image amid the COVID-19 pandemic and keep a tab on the SEO analytics. Based on the analytics, they will be able to amend the necessary sectors. If you are writing business law case studies, do not forget to highlight this point.
4. Communication with the Customers, Stakeholders
People are bound to lose their minds amid the tough situation. But businesses should handle discrepancies and issues professionally. Communication is the key, and they should be transparent to the customers about the business process in the current situation. The companies should also embrace criticism and not over-react.
In addition to this, businesses should maintain cordial ties with suppliers, vendors and apologize for the inconvenience, if need be. Moreover, it is up to the senior officials to keep the team engaged and boost their morale. Another area where the companies should focus on is communication with the stakeholders. The concerned authority should consult with experts or investors before they state their views on the matter.
5. Securing Investments ASAP
Capital is an essential element for every business. It helps in resource gathering, purchasing state-of-the-art equipment, and funding each activity. Now the question that looms large is from where will the entrepreneurs manage capital? It isn’t easy to answer. But they should not get too worked up about it and be patient.
The new investors would likely be more vigilant and tread lightly amid this uncertain time. One thing that every business owner needs to keep in mind is that businesses have bounced back before under immense adversities. What companies can do is they can approach existing investors for additional funding. They are more likely to extend their helping hand as they are already invested.
6. Video Streaming
New age issues call for new-age solutions. With the advent of social media platforms, it has become easier for businesses to stream live and voice their opinion. Companies can connect with consumers by sharing their latest products or discounts and other features. They can showcase company events, organize live webinar and much more.
As per the statistics, Snapchat’s calling feature has seen a dramatic increase of 50% amid the quarantine. Now, the companies are trying to make the most out of the Instagram Live, Facebook Live features. It also opens up new opportunities for the business as they can garner further leads.
As you can see, the options are plenty. One has to be willing to adapt to the new conditions. Those who do will survive while others perish. Meanwhile, if you face issues with business law case studies, you can always hire professional experts.