COVID-19 hasn’t been kind on lives and businesses. And even though the situation seems keep to be recovering gradually, no one knows about the ultimate cure. And that also means businesses still can’t make a compact plan for the remaining half of 2020, to capture new markets and make aggressive sales. The only objective right now for businesses is to stay afloat and function.
Business strategies by Robert Trosten
Every entrepreneur is expecting that the situation will improve exponentially keep in the next month. That might not be the truth. However, it is necessary to stay hopeful so that you can implement business continuity plans. Robert Trosten, a financial expert who takes a keen interest in business revival strategies, suggests the following ways:
- Assess the burn-rate in crisis and standard situations
Evaluate where your brand is spending more money. That will let you know the costs that you can avoid at this moment. Take a look at the pointless rents and marketing expenses that you can hold on to. It is the time to operate with efficiency and not think of ways to outshine your business rivals. Trim down the excesses and make smart use of money. It will help you to save for a crisis, just in case it was to occur.
Know the areas to optimize the burn rate and put good thought onto it. As a business owner or a CEO, you need to think of ways to run a business without compromising on the quality, during this phase. That will get you more business opportunities.
- Adapt to the current market trends that work for you
You will find it even more complex to predict the market trends in the coming years! But you might make it work to your benefit. Take time to read and research about the market condition now. It will help you to leverage the trends in your favor. You might be able to offer your products/services remotely and help people. Perhaps, the time’s correct for a brand repositioning as well. Once the situation gets better, you can make the product launches that you’ve planned for 2020. If you want to transform your business in 2020, you need to go with the market trends and take smart steps, instead of uncalculated risks.
- Assess the competition and learn more
The pandemic has made a few business sectors suffer more! For instance, the hotel and restaurant industry has suffered immensely. Hence, it’s time to look at the direct and indirect competition for having a clear understanding of how your position is in the market. Also, check out how other market players and your competitors are placed. Are they in a better place than you? If yes, then try and understand the business survival strategies they could be following. It will help you to develop positive and ethical business practices. Not all strategies might apply directly to your business. In such situations, make modifications as you deem fit.
Businesses today need to adjust to market trends and develop a macro strategy keep that works for them. Following the steps mentioned above will help your business to keep operating in such testing times and make gradual progress as and when possible.