Nip It In The Bud!
It is almost a year since our world has changed as a result of the Covid-19 pandemic and now every problem that confronts our businesses is being blamed on the pandemic. The rhetoric is as if everything was perfect before March 2020. However, if we are honest we will realise that many of our problems are not new. Many of the current inefficiencies existed previously, but were swept under the rug and are now exacerbated. A close examination will reveal that many of the businesses that folded over the last 12 months were already struggling long before 2020. The quality of their goods and services were already gradually falling and sales were visibly on the decline. In many instances, a large percentage of these businesses were merely hanging on by a thread, and without warning, the pandemic came and dealt the fatal blow. It is a life lesson for all that will not easily be forgotten. In order to survive in this business environment it is critical that businesses identify and address their current problems with immediate effect and prepare for the unexpected.
Without argument there are some relatively stable businesses that are currently taking a beating. Although these businesses have some fight left, they must fortify themselves and strengthen the areas in their operations that are weak in order to outlive this pandemic. First, this can take the form of nurturing their brand advocates. There was never a good excuse for shabby, second rate goods and services and certainly that has not changed with a pandemic. Therefore, businesses must ensure that their customers are happy and satisfied. Happy customers remain loyal and freely advocate for your business verbally and on social media. The opinions of customers speak louder than a business’ marketing efforts.
Second, the key to making it through any crisis is to be adaptable. Each business must develop the capacity to cope with and capitalise on change. The year 2020 has proven that life and business can change in a heartbeat and the only absolute is change. Therefore, your survival is dependent on your ability to ‘roll with the punches’ and consistently provide excellent goods and services irrespective of what is going on in the business environment.
The present uncertain environment compels businesses to be prepared for the worst by dealing with the small issues before they become big issues.
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