3 Ways Businesses Can Overcome the Covid-19 Crisis

3 Ways Businesses Can Overcome the Covid-19 Crisis

Sandeep Barve 05/06/2020 1
3 Ways Businesses Can Overcome the Covid-19 Crisis

Most businesses are going through a difficult period, where leaders and employees are anxious. No one knows how long the Covid-19 crisis will continue.

Here are three ways businesses can handle the current crisis in an effective manner. 

1. Prepare Your Tactical Response

Going back to the office has to be predominantly operational by looking at some key aspects. 

Liquidity Management

For now and for the foreseeable future as no one knows how long the impact will persist, your business needs more liquidity and contingency funds. 

Short Term Demand Generation

Reach out to customers; existing and old ones to explore sales continuation. 

Taking Care of Your Employees

Look over your workers and plan their schedule to smoothen operations when the lockdown is over.

2. Change Your Culture 

It's time to rethink your culture by providing more flexibility to your workers. Your leadership team has to change and evolve in the digital era.

You need to strengthen your digital marketing and sales departments.

Simultaneously it is critical to know what got impacted and the changes that are essential. 

3. Accelerate Digital Transformation

Accelerating your digital transformation is a must. Reinvent your business and operating models.

By now, everyone would have realised how critical is digitalisation during this crisis. So it is essential that you quickly get back to fast digital adoption.

But that's not all. As a leader you must also focus on business reinvention.

Reinvention will help you rethink and completely redesign your business; right from your offerings, the way you create value and customer experience, to the way you produce, sell and make money.

It will be a true test for your management. Those who stay focused and carve out effective responses will win this battle and gain future competitive advantage.

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  • Scott Andrews

    Stay safe !!

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Sandeep Barve

Management Expert

Sandeep is the Co-Founder and Managing Director of In-Unison Pvt.LTD;  a company engaged in business strategy, leadership & business transformation of different firms across diverse sectors, size & scale. He is an expert in leadership & organisational transformations having successfully completed many enterprise scale projects for multi-national companies and has consulted many firms in successful transition across business life-cycle stages. Sandeep holds a Bachelor in Banking & Finance from Osmania University and an MBA in Strategic Management from the Indian Institute of Management, Calcutta.

   

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