5 tips to keep your business afloat in hard times
MONEY & CAREERS
By Esther Dianah | November 22nd 2020
This year has been difficult for business owners due to the ravaging financial effects of the Covid-19 pandemic. But all is not lost. Here are five important things you can do to keep your business afloat during and after the pandemic.
1. Do not ruin quality
Maintaining a grip on the cost of a product during hard times is difficult. As a company, you are most likely to be pushed to the wall to make some changes on the cost of production by compromising quality. If not done properly, this might fail. Instead, the changes should be carefully done to maintain customer satisfaction. In making the changes, see to it that the quality of the product is not completely lost.
2. Pay efficient staff
Every business is careful to save on costs, but payroll is one of the top costs in most businesses. When it comes to productivity, it is wise to hire a worker who costs more than an average worker, but works more efficiently. Seeking to review workers’ resumes during a hard time like a pandemic is important in making the necessary changes to improve on efficiency.
3. Adapt swiftly to change
Hard times come with unique dynamics. This can be used to the advantage of any business that can be able to identify the shifts brought about by a crisis, and incorporate them into their business. Identify what the market needs and deliver the products to meet these needs.
4. Get inspiration from your competitors
It is definitely advisable to look for inspiration from your competitors, regardless of the industry you are in. Some businesses might remain closed but have sought ways to interact with their customers. Whatever is working for another company might be just what you need to improve your own or stay afloat.
5. Plan ahead
Taking a clear look at consumer’s future preferences towards your product or service is good for the business. If your business is particularly dependent on people coming together, spend time thinking about what you are going to make in order to stay in business.
Look at the long-term effect of the crisis on your business than the immediate demands from customers. Business may go back to normal after the pandemic, but that is not a guarantee, so adapting is better.
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