Six Business Lessons I Have Learned from CoVID-19 Crisis – With the uprising of the situation of the corona virus pandemic, the whole economies were affected majorly. Due to Covid-19 they have been major economic crisis faced by various countries that blocks all the world trades, life and businesses. This crisis is a global humanitarian challenge the world is facing currently which is not only a threat to the live but also to the livelihood. India has dealt with the current situation by opting for the right measures at the right time that somehow help the curve to flatten.
Such situations cannot be e controlled or changed but rather we have to learn from the crises and understand the needs of the hour. Below are six business lessons that one can learn from the Covid-19 crises.
The market is dynamic and the coronavirus outbreak has also majorly impacted the working of the business after the lockdown. The benefits of operating in the crisis can only be availed by the businesses that were prepared. It depends on how quickly they can adopt the new trends that will decide the future course of the business. The outbreak of Covid-19 started to take a strong foothold in the month of March leading to greater demand for certain essential products that led to a boost in the pharmaceutical sector. During such a crisis, certain products fall under the category of shortage. Therefore, the demand is more and the supply is less. The high prices lead to hoarding back of supply and other such problems making the market risk.
Price fluctuation is a daily challenge that is faced frequently by the people during crises. So the businesses which predicted the situations correctly are able to decide whether what kind of products, trends they can adopt in order to continue their business even during the lockdown and post lockdown. This analysis of the market situation plays a very significant role and one must keep them updated with the latest trends and products to win over the market.
The spread of coronavirus can be prevented by taking precautions such as proper sanitization, hand hygiene, using a mask, maintaining social distancing etc. The demand for essential products like hand sanitizers, masks, witnessed a sudden rise in the demand. During this time the businesses were supposed to serve the people, rather than planning at the critical points. Marketing strategies play a very significant role and the businesses that have the right marketing strategy and who kept revisiting them were able to involve new trends and capture this opportunity with the sudden changes. In order to be a great player in the field, one must be prepared for the opportunity that comes in the way.
Money plays a very significant role in any business. With the lockdown getting uplifted one of the major problems that the business is well face will be regarding the method of payment. Without money it is difficult to sustain any kind of business therefore the whole chain of suppliers will lack money in case there is a chain of credit that is being created. Each type of industry have its own terms and condition with the relation to the credit limits and it forms a normal part of the business. The customers who have been loyal and have made timely payment to the company will be preferred over the ones who have a bad payment record. It is important for individuals to make timely payment so that whenever face any kind of issues during pr post such crises, they do not suffer.
In case you are a small scale business then it is very difficult to sustain yourself alone in such crisis as the entire transports shutdown. In case the customer wants to buy something the whole vehicle has to be provided and as a small business one might not have large customers or distributors who can pay the whole vehicle at a single time.
By joining hands with other players in the industry, you can collaborate and deliver the goods through one vehicle and further divide the freight. This is a professional networking and having links in the industry plays a role in reducing the cost.
One must always keep in touch with the clients irrespective of whether they are big or small clients. One might be a normal client before the crisis but later on with the rising demand for hand wash and sanitizer that particular customer started to demand more and became a very significant purchasing client of the business.
Multiple numbers of times there are situations when you are only left with limited stock in hand. So now the question arises to whom should the goods be provided? To the one who is paying more or to the one who has been a regular, loyal customer of the company? Definitely one must consider providing goods to the regular customers who have been supporting the company.
There are many times when the situation is completely opposite of what we expect but there are always chances that we will learn from that and take the best measures thereof. We, Biocorp Life Sciences is always here to support you for genuine business opportunities across India.