Main Factors to Ensure Business Continuity During COVID-19 Crisis

Jun 01, 2020
Main Factors to Ensure Business Continuity During COVID-19 Crisis
Main Factors to Ensure Business Continuity During COVID-19 Crisis
Jun 01, 2020

The COVID-19 crisis is affecting businesses tremendously all around the world. As for business owners and decision makers during these hard times and when it comes to tackling the effects of the crisis on their businesses. The main goal for many businesses is survival at the current situation yet dealing with the uncertainty is the biggest burden for business owners. Keeping this in mind, here are the factors that businesses should be keeping an eye on to ensure continuity during COVID-19 crisis: 

• To Cut Down Expenses 
All businesses should think about restructuring their costs and expenses based on the current situation. For instance, to keep the focus on marketing activities that are related to existing customers instead of spending on marketing and advertising activities that targets new customers. Another thing businesses could do to restructure their expenses is to cut down on the locations or branches they are working from in order to reduce operational costs, and instead, try to encourage working from home or to serve from areas that are in centralized hubs. 

• To Utilize the Digital Space 
This is the best time ever to utilize the digital space for any business, having an online point of sale and being accessible to customers remotely has saved many businesses from inevitable losses. Hence, transforming businesses and its operations towards being accessible digitally is an important solution that will help businesses to battle against the crisis and it’s negative scenarios that might occur. Nevertheless, building a digital strategy will not only help against this COVID-19 crisis, but it will also help the business toward sustainability. 

• To Focus on Deliverable Products 
While COVID-19 pandemic resulting in people staying at home as much as they can as a precautionary measure, all businesses need to figure out ways to move the accessibility of their products away from points of sale and to focus on delivery service instead. From a different point of view, services can also be delivered using video-conferencing platforms as business professionals are able to work remotely and keep their business running.  Transforming products and services on a delivery methodology can create new revenues streams that might reduce the negative impact of the crisis on their businesses. 

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