For an optimist, the future is always bright and sunny. Yet, one year after the COVID-19 pandemic that shut down businesses across the world, forcing consumers to alter their buying behaviours, the second wave of covid-19 still keeps the stakes and uncertainties high. However, a certain degree of preparedness will ensure companies do not crumble in disarray this time round. Here are the top 5 strategies that companies must look into for long-term survival in a ‘new-normal' market scenario.
Omni-Channels – Particularly in retail, traditionally a brick and mortar type of business, the industry has evolved like never before. Digital shopping experiences have delighted consumers who can shop from pin to penthouses with the click of a button, in the safety and comfort of their home. It is about time for businesses to jump on the digital bandwagon and create an e-presence of their stores. While research says that 65% of retailers base decisions on brick and mortar performance, in truth a more omnichannel approach is the recipe to success. Long-term business strategies need to be determined keeping in mind both traditional and digital formats.
2. Tighter Huddles - The second wave will have strong effects on customer demand and company supplies. A volatile market needs constant monitoring and micro-management daily. A quick assessment of opportunities and threats can help scale operations up or down quickly and reactively to cash on windfall gains and eliminate sudden losses through overproduction. This is the time for re-imagining operational excellence and tighter huddles and group meetings will create the ideal environment of transparency and collaboration.
3. Trust Technology – Businesses need to embrace technology like never before. This is a crucial factor in profit growth and accelerated revenue in the long run. Going digital will not only help weather the second wave but also stay relevant and competitive in the future. Following technological dabbles are a must for all businesses looking to thrive through tough times-
a) A functional website
b) A digital marketing plan
c) Tools like ERP, CRM, Cloud-based project management software, shared cloud storage and secure video conferencing capabilities to conduct remote meetings.
4. Focus on Cash Flow – Unpredictable situations demand a close watch on the company cash flow. Cash flow planning remains the top priority for every scale of business. Companies must look at 4 aspects to remain cash-rich and buoyant in the highly unpredictable second wave of a pandemic;
a) Plan to keep in mind the unpredictable scenario
b) Review spending on capital intensive tools and risky projects
c) Use technology optimally across the enterprise
d) Tighten credit control
5. Re-imagining Operational Excellence– Being productive is everyone’s responsibility. Using data mining sensibly can do wonders to the operations of any organization on every front. Data generation has been the buzz word for the last decade but data on its own does not add value. It needs to be deciphered and understood for decision-making and process visualization. Leveraging on data collection, mining, and sharing creates a competitive edge in every sector and assured long-term business success.
With vaccinations in progress, companies and businesses across the globe are looking at survival critically in the upcoming months. Managing risk and digitizing operations, we at the Montage Group have geared up like never before to combat the challenges of the new normal and optimize the new opportunities it presents.