The consequences of the CoronaVirus Pandemic have brought quite negative impact to the global economy which, by then, cause a lot of companies, even big copts, are on the edge of bankruptcy. The situation becomes even worse after Europe is becoming a second hotspot for viruses. Under such circumstances, many countries have partially or completely looked down their borders. All of the actions are directly or indirectly damaging the local business.
What are the solutions for companies, especially small business at the moment? Which strategies that businesses should apply to be stable in their life?
Here are some strategies for you if you want to survive in this global pandemic. Feel free to apply for your businesses!
Let’s digitalize your businesses
It must say that digitalization is the future for all industries. However, the transformation from offline to online is still a huge issue for many companies because of lack of information, experiences,etc.
The outbreak, on the other hand, is a great chance for firms to have decisiveness in reshaping and implementing digital strategies for their long-term growth. Instead of selling your products offline or passive online, let’s start bringing them directly to purchasers by using various useful steps: personalize recommendations based on users’ interest, transfer by drone or autonomous robots, etc.
Do risk management to keep business stable
Doing risk management or cutting down the unnecessary cost is also a suitable strategy to keep your company survive. To do cost control, company can operate more sustainably. But the question is “how to do it right?”. Is laying off people to be considered as the best option for the time being ?
The conclusion is that laying off isn’t a best choice. Your business still needs to operate to overcome this critical time so that let’s your employees can work from home with basic income instead of lay off is better option than let the employee running out of job. Moreover, please focus on your insurance and multiple sources of income, also don’t forget to integrate your online and offline business to maximize profits and minimize cost.
Invest smartly in new businesses or change your business model
The pandemic has brought not only the cons but also the pros for global businesses which means some new businesses are opened with high-value. Instead of sticking with the old business model, let’s start thinking about new solutions. You can either invest smartly in new businesses or change your business model to warrant your revenue stream during the crisis.
One of the highest potential businesses that you should invest is AI and Robotics because of their effectiveness and practicalness in reshaping human beings' future. It's when people would love to focus more on main action to bring valuable results rather than basic tasks. It's also when people would love to spend time relaxing on their own way rather than similar experiences.
Some companies in the hospital industry, hotel industry start investing their funds in Robots because they realize the long-term benefits and the future return on investment. How about you? Are you ready to do some investment?
If the answer is yes, just pick up the phone and we can start discussing. Please feel free to check our information at https://superflash.io/.
Be smart, be brave and be active to get over the hard time!