The world of business has changed since the pandemic hit the world economy. No matter the kind of industry you were in, you will have to enter the new world of business, which is even more competitive and creative, and now with people coming up with a whole new set of challenges. The COVID-19 pandemic has shaken the world, affecting almost every aspect of life and business.
Governments struggle to maintain stability while ensuring the safety of their citizens. Small businesses around the world have faced financial difficulties and have been pushed to change how they sell. There are several ways that businesses can plan their strategies to take advantage of their circumstances as we navigate the pandemic and get ready to face a whole new set of challenges.
Neetish Sarda is the founder of Smartworks, India’s largest Managed workspace platform. He is one of the most promising entrepreneurs and an inspiration to the leaders of today and the new generation to soon enter the workforce. Due to the pandemic, when the economy came to a standstill, Neetish Sarda leveraged the opportunity to develop workspaces that were interactive, innovative, and tech-enabled, which resulted in safer, seamless, and more collaborative workspaces.
Neetish Sarda shares tips that can help you keep your business afloat in the changing business environment.
Adjust Your Finances
The pandemic has inevitably taken a toll on every business of every kind. Neetish Sarda believes that although the vision that you want to go ahead with plays a huge role in the kind of success you are looking at, it is also true that your finances are the most crucial part of your business. Take some time to understand the financial state your business is in, what cash flow is coming in and what is going out.
Neetish Sarda suggests that business owners create business models that are more sustainable and can increase the cash flow of the business. He shares that to keep your business afloat, you should be able to keep going with the core operations that can help your business in the long run.
Reevaluate Your Offerings
The business world is changing at a vast level, which has not just changed the way we operate but also the demands that are coming in have changed on a much larger scale. Neetish Sarda suggests that it is crucial that you take the time to go back to your drawing board and make sure that what you are offering is altered to the needs of the current customer and that your product is paving the way to modern-day problems. To move ahead with an example, Neetish Sarda shared that while Smartworks has always been tech-oriented, he made sure that all the workspaces offered by Smartworks was digitally enabled because a safe workspace was going to the demand of the coming workforce and business owners.
Communicate With Your Customers
Neetish Sarda believes that a constant relationship with your current and potential customers is extremely important. When you are communicating with your customers, they are hooked on what new you are bringing. Your customers need to believe that they are the centre of everything that you are doing or planning.
Neetish Sarda shares that every business needs to streamline clear communication with their customers about the new processes that are coming, especially in the post- COVID scenario, when customers are now entering the market with a changed mindset and focus.
Start Planning Ahead
You will have to Your company might have been caught off guard and hurt if you didn't have a disaster strategy in place before the epidemic. There is never a better moment to begin planning than right now. Neetish Sarda emphasises the importance of leaving space in your strategy in case of the scenario changes in any way. Look at how your business is currently performing and identify any weak areas since while we all want to increase sales; we also don't want to lose any revenue. Start by auditing your company before implementing your plan. Where are you shedding customers, where are you gaining customers, and where have you reached a standstill? Consider the effects of COVID-19 on your company and the sector as a whole before taking action to lessen the harm.
Adjust Your Marketing Strategy
When the pandemic started, one of the first things you ought to have done was go through your current marketing messaging and remove anything unsuitable or irrelevant. Look over all of your scheduled campaigns, social media postings, and email marketing if you haven't already to see what needs to be updated or removed. Consider how you may preserve the relevance of your present marketing while incorporating distance or health safety. The tone of your messaging goes beyond the content. We might be able to return to our typical tones as the pandemic draws to a close, but you should still be mindful of how you communicate with both new and current clients.
Neetish Sarda believes that we are heading into a more transparent and dynamic business culture. Business leaders need to make sure that they are shifting their business strategies to fit into the evolving needs of the consumers.