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Regardless of whether your organisation has a product that is essential or more of a luxury item, customers must remember your brand name, suggests Kunal Sood. Prepare now.
The global pandemic has made it difficult for businesses to run smoothly and many feel it is going to be next to impossible to return to business as usual.
Nationwide lockdowns followed by strict social distancing norms and the economic slump have forced businesses to re-visit and re-evaluate their business models for a post-COVID world.
Even the most influential business owners around the globe are talking about a new world order is about to begin.
Global entrepreneurs can beat the odds and thrive if they focus on these 10 steps:
1. Exponential technology will rule
In a post-pandemic world, exponential technology will have the biggest influence on an organisation’s growth.
Businesses will have to be more adaptive.
As we move towards the singularity, it is not an exaggeration to say innovate to die is a mantra of the digital era.
Technological innovation will not only help in tapping new opportunities but will also solve both the small and big challenges that most entrepreneurs face in times of economic crisis.
Disruption is a good thing for exponential growth.
There is a new playing field and as the circumstances change, so should the way of doing business.
Entrepreneurs have a choice to either sink in the crisis or innovate in order to bring customers to their brands while at home making the most of their time.
2. Develop an exponential mindset
Steve Jobs in his famous graduation speech at Stanford University gave the graduates timeless wisdom about what it means to always have hunger to innovate and not feel like you're the expert.
We must harness the power of vulnerability and develop a mindset that allows us to become fool-proof by staying hungry and foolish enough to try outrageous ideas that become billion dollar solutions.
Long-term vision is an asset only when combined with an exponential mindset which is about continuous growth.
This could be one of the most trying times for a startup. Your mindset is key to both your short and long-term success.
As an entrepreneur, one must learn to stay mindful, integral and resilient through the storm of change.
Innovative ideas need a healthy environment to grow, so it is the business owner’s responsibility to stay clear of negative thoughts while creating the conditions for the future he or she envisions.
It might appear to be impossible to think about innovation and building the brand while going through the COVID crisis, but adversity is a gift when combined with imagination and focusing on finding solutions. Now is the ideal time to take a step back to refocus, share your ideas, and not be afraid to be bold.
3. Your physical and mental health comes first
Regardless of whether through meditation, working-out, or both, trying to perform an activity that best clears your head and leaves you feeling the most revived can give you a sense of clarity, vision, and purpose.
Figuring out how to improve your well-being will positively translate to the relationships you have with your core team, clients, stakeholders, and future customers.
Furthermore, when your core team feels regarded and important, they'll make a solid effort to handle customers better and be an asset to the future of the exponential organization. Therefore, creating exponential well-being is vital to the success of the company.
4. Plan for boldness
Adaptability will help the businesses to survive.
Entrepreneurs must be prepared for the worst-case scenarios.
My father always says to hope for the best and prepare for the worst, then readjust as the situation becomes better.
With everything at a standstill, businesses will face issues in getting receivables delayed, customers asking for discounts on products and services, and contracts may get canceled at the last moment; all of this is possible, so as an entrepreneur one must be prepared if this happens to ride the wave.
Think about the big picture and plan for bold action for the future of the company.
Having regular communication with your core team to discuss expenses, operations, and cash flow will be helpful, and it is always important to always have a contingency plan in place.
5. Effective communication
During circumstances such as these, it is fundamental that the channel of communication is streamlined.
Sharing concise, clear information helps the whole team do their job purposefully instead of guessing.
A clear communication style can be successfully and effectively managed.
Being open and accessible to the fears of everyone, including clients and financial specialists, turns out to be critical to keeping up the relationship with the business.
Much the same as having a financial reservoir makes business operations run smoothly, clear communication likewise ends up being a supporting step in lifting the business from a difficult period.
6. Managing cash flow
A feasible business approach should be followed, wherein all the assets, especially financial, should be utilised conservatively.
Overseeing cash flow for a couple of months post the new normal will pave the way to sustainability.
More profound speculation of fixed vs. variable cost components ought to be completed to get ready for better money management in the coming months.
Patience is required in raising funds in this environment. Even though investors will eventually make their calls, it would still take a long time.
7. Understanding customers
Successful businesses are those which value their customers needs and demands.
COVID-19 will change numerous organisations and customers lives for a long time.
Seeing how these changes will re-shape your customers needs, demands, and dynamic standards will be vital.
Foreseeing how you will innovate and change your services and products, or manufacture new ones, to convey value will be vital to your goodwill.
8. Invest sincerely
Invest this time in re-strategising your business or evaluating new plans.
Work on those website glitches you've been keeping aside, expecting to address later yet never had the opportunity to fix.
Likewise, upscale your knowledge about digital marketing and analyze spends on pay-per-click rates and how to re-adjust them.
Regardless of whether your organisation has a product that is essential or more of a luxury item, customers must remember your brand name.
Prepare now. The brands that are promoting themselves well online are going to have a solid customer base in the coming months.
9. Build a strong relationship with the team
As an entrepreneur, you may feel like you're the person who is the most affected by unexpected situations.
During times of financial, social, and political challenges, help your employees remember the vision and the goals of your exponential organisation and why they decided to be there.
If their confidence is low, take charge and empower the spirits of others and help them get back to work.
Transform what feels like a difficult time into a workable time with your team. Employees benefit most from optimistic leaders.
10. Never stop thinking bravely
During these difficult times, it very well may be hard for some individuals to see the positives and it is vital to think bravely.
Business challenges, particularly the ones followed by the economic crisis, present an incredible chance to brainstorm ideas that could save your business.
Put time aside with your core team to discuss how to transform.
What services or products does your team bring to the table that are unique to the new normal?
A bold future is possible. Surround yourself with people who lead with courage, optimism, and the desire to make the impossible possible for a better world.
Kunal Sood is founder, XFellows and #WeThePlanet. He can be contacted on ga@rediff.co.in.