The worldwide hit of Covid-19 followed by social distancing and lockdown has compelled many businesses to either shut down their operations till everything gets normal or required them to restructure their business models, plans & policies according to the current scenario to survive in the market. It is a tough phase for businesses struggling to keep their financial stability amid the global pandemic due to less revenue generation and the uncertainty in global economic recovery. But our financial expert Mr. Ngulminthang Lhanghal says that there is no need to worry. The good news is that there are a few ways that can help businesses keep growing and surviving in the threatening world.
Read on to learn.
Survival Tips For Businesses To Keep Their Business Afloat During Covid-19
1. Keep An Eye On Expenses Against The Revenue Generation — This is probably the first thing every businessman needs to do during the global economic recession. The businesses need to conduct a proper check of their fixed and variable expenses along with the overall revenues so that they could know about their financial situation and figure out what they should do to bring financial stability in the current unpredictable market.
2. Move To Online/Virtual Services — For a software company or an eCommerce firm, it will be easier to move their processes online but for some businesses that were traditionally conducting face-to-face business operations, it is time to think again to move their business to an online portal. Mr. Ngulminthang Lhanghal says that only those businesses that have adopted digitization can survive in the market by getting people’s eyes on their products & services. Though this can be challenging for businesses relying on in-person, being trendy & creative will prove a knight and shining armor for them.
