Are we learning a lesson from Covid-19's global economic impact?
What opportunities this slow down is bringing?
Shall we have fear or take it as a learning lesson to make a strategic plan to combat such a scenario in future while assessing our current business health and formulating strategies for improvement once everything is normal?
Covid-19 is taking human lives and impacting many worldwide, people are scared and many small business owners are facing its impact. We, entrepreneurs, love globalisation, manufacturing our products overseas to cut down cost, outsourcing services, trade internationally, growing sales but not many of us thought of Covid-19 and I am sure not many had formulated "what-if" plan in case business activities halt for a few weeks to a month or so.
Now, if your business plan does not have a contingency plan, financial reserve or access to credit to meet liabilities, expenses or overcome losses then most probably you would be stressed in facing impact of this pandemic. It is late but still you can plan and act on it.
What the current slowdown is offering :-
- Time to be strong and analyse business operations
- Time to conduct SWOT analysis
- Time to plan business delivery models not much affected by pandemics
- Time to create a fight-back strategic plan once everything gets back to normal
- And an opportunity to formulate contingency plan for similar situations in near future.
If you are working from home and clients are not willing to meet you or buy your product/service right now, then utilise your time to analyse your business and formulate improved operation and financial strategies.
Ensure you utilise this slowdown phase in an efficient manner to analyse, plan, formulate strategic plans and act. You remain busy with business operations during normal days, let's utilise this time to improve our business operations and stay connected with existing clients through electronic communication or phone calls..
