1. Digital Marketing: The area that will grow rapidly in the coming days is digital marketing. This is because traditional marketing will be unable to provide solutions to many of the problems faced by businesses. What Covid has taught businesses is to be active in the digital space, like blogs, social media, and websites.
As the world is getting digitally connected, companies are leveraging social listening' to connect with their customers. You can show pictures of your products on social media sites like Instagram or Pinterest.
2. Products: Companies should focus their energy on creating great products at a competitive price. It is said that crisis brings out the best in people. When Steve Jobs created the MacBook and iPhone, Apple was going bankrupt.
Many companies are focusing on the health, touchless, and hygiene segments to meet the growing demand in this sector. Smart products that make people's lives easier are another important area.
3. Supply Chain: Businesses are facing a two-pronged problem when it comes to the supply chain issue. On the one hand, there has been supply disruption due to the pandemic. On the other hand, customers are demanding more just-in-time product deliveries, especially in fast-moving categories like fashion. Companies that source their products from distant countries like China are bearing the brunt of this problem.
To mitigate this problem, businesses should have two or more suppliers in different countries for their raw materials. This will enable them to mitigate their risks.
4. Quick Decision Making: Another important function of management is to streamline the decision-making process to make companies more agile. This is because markets are demanding faster and swifter action. Areas where organizations need to adapt quickly include product diversification, improving human resource function, or changes in business models.
Other tools that the IT department can implement are AI technology and data analytics. This will help improve operational efficiency.
5. Work from home: A large part of the workforce in India is working from home full-time, especially in the ITES sector. Employees are getting the benefit of more flexibility and free time and less commute time. Companies are getting more productivity and better employee morale.
Businesses should work towards providing employees access to remote working tools and implementing work-from-home solutions. Companies can track the face time and sign-in and sign-out times of employees to monitor their productivity.
No change is easy for any business; it requires hard work, commitment, and perseverance. We hope the business revival strategies we have mentioned above will be useful to you.
Note: Download the top companies database given below.
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