The fourth quarter of 2020 has begun, and in India, people are preparing for the Unlock 4.0. With the Unlock in swing, the businesses, too, are changing to adapt to the rapidly changing world.
Whether you are a B2B or B2C business, the last couple of months have been a tiring strain. Apart from the COVID curve rising, the business sector’s growth has suffered a downward slope.
Some experienced it for a brief period while others are still finding it difficult to go back to the original shape. Be it any, here is a plan on how to step out of this black swan situation and walk hand-in-hand with this new normal.
With the lockdown getting lifted and people stepping out of their homes, the chances for businesses to prosper rise. As the hope for prosperity rises, new strategies are required as much has changed since the beginning of the year.
We will not only give you an analysis of what has changed in the mode of doing business and consumer behavior but also on how to bounce back on the path of growth.
Stepwise Recovery Path for Businesses
You must have drafted plans, made presentations on how to tackle the present environment. This guide will help you affirm whether you are on the success path or not. There will be many takeaways, so keep scrolling for this is the time to work hard.
We will tell you the things that should be taken care of, but how you implement them will be your own vision. These points are junctions you have to reach through your efforts.
The First Junction
The government is allowing people to set out for essential activities – to recover the economy. With Coronavirus becoming the deadliest pandemic, Work From Home (WFH) seeped into the Indian work culture.
Rarely have businesses in India had any set-up like this before. Now that businesses have this opportunity, make use of it wisely. Calling the entire staff will put everyone at risk. It will prove to be counter-productive.
Therefore, pick your team. With digitalization kicking in, you can understand the teams and posts that are indispensable and are physically required for smooth functioning.
Call limited staff for everyone’s safety and even set goals. Make sure to make the most of the few hours that you will spend in the office with the core team. Regulate the people you call to the office according to their needs.
The Second Junction
The pandemic adversely affected almost the entire population.The consumption pattern of people has changed, the saving habits have changed. There is a need to bring change in the approach towards production.
This is an elaborate point that can be broken down into two parts. First, re-understand your target audience. Second, the tactics to reach out to the consumers – marketing strategy.
With the consumer getting tilted towards an increased propensity to save, the evaluation of the current pricing model needs to be done. People would like to save more now as the necessity to save has been highlighted during the pandemic.
As a business, you should even look into your resources and utilize them wisely. Allocate your resources well, change your strategies for something that worked in 2019 and might not be in the present 2020.
Conduct market research on the demand for your product – the prices people are ready to pay, the demand for the product in the market, the target audience, the consumer’s preferred mode of purchase, etc.
Businesses have been closed down for months now, and with work from home, people are accepting digitalization. People are becoming considerably more open to purchasing online.
Earlier, a consumer was afraid to purchase from an online store but now they are buying luxury items like cars and jewelry by just looking at it on a screen. Here is the right reason for businesses to establish an online presence.
After establishing an online store on the right platform, approach your target audience carefully. Hire skilled people to create websites that are easy to access and interactive. Use platforms like Shopify to display your product or create your own site.
Engage your audience and increase your base. Make a detailed blueprint of your marketing strategy, formal or informal, whatever approach suits your audience and product.
If you are reopening your offline store, then take all the necessary hygienic measures, the consumers are conscious nowadays. Consumers will visit a store that makes it feel safe. You can start an online store either on a platform like Shopify or develop your own website using online tools.
People have been sitting at home for a long time but the desire to step out and go shopping, or eating, or on vacation is concrete as ever.
The Third Junction
The next step should be in the direction of your strengths and weaknesses. A plan of action will only work if it suits you.
Customize your action plan, acknowledge the areas where your business is lacking and fix those leakages. If you are a business that has not had much digitalization, then make it your priority.
Consumer attitudes and preferences have changed, and where the consumer is the king, you have to bring a change. In the previous point, we explained the need to examine the consumer thoroughly, here we ask you to examine yourself thoroughly.
Make a long-term plan to fix the loopholes and to stand firm if any such circumstances arrive again. Restructure your different teams if required and adopt a new vision.
Open your arms to change for no longer sit in the comfortable chair of your office. You will need to get your hands dirty and look for the holes that need to be mended.
Online meetings have taught people patience. Implement that in the business now, don’t rush into things. Listen to other’s opinions as you need to have a different and more creative viewpoint.
The Fourth Junction
This point will be the implementation of all your hard work so far. You can do it, set targets that can be attained and bring about small or big improvements.
Regularly check whether your achievements meet your targets or not, are you on the timeline that you planned out or not. If not, then look for better advancements in that area.
Businesses have not only dealt with pandemic stress but also pressing issues like climate change and black lives matter movement.
Do not have a catatonic tone, and consumers are much more active today. Adopt a responsive approach. Make clear stands on issues that affect you all and that resonate with your consumers. Incorporate such goals into your mission and vision.
Button up the Blazer
The success roadmap is above, pack up your bag and set out on it. For businesses who fared well, or even those who did not, it is time to test your potential.
Another important question that comes to light here is whether it is the right time to be an entrepreneur or not. Is 2020 or 2022 the year to start any business or not? Will it be profitable or not? How long should you wait to start one?
The answer is – It is always a good time to be an entrepreneur. Do your research well, there are many unexplored fields that need thoughtful insights. The digital sector, the medical sector, online services, and many others are booming areas to the eye.
If you step into the right field and follow the above plan, you can be successful, even in 2020. An entrepreneur is, after all, a risk-taker.