The year 2020 was nothing like I imagined it to be. It was full of surprises and hardships that could have compromised Techugo’s success. When the Covid-19 Pandemic spread, the fear of not being able to survive strengthened its foundation in my mind and of many others like me.
This situation pushed me to a position where the future was unclear. Taking a step back from there would mean compromising a company that all of us had held together through thick and thin. And taking a step forward would mean stepping ahead with a blurry vision. Both of these choices helped me realize the importance of strategizing our processes in a way that can boost the sustainability factor to an unmatchable extend.
So I did!
We came up with a plan that helped us not only to sustain in such a strenuous situation, but it actually helped us expand our horizons. In my decade long career in mobility, the Pandemic made me witness the power of a good strategy, team, and vision. Of course, it was not easy, but it was also not impossible.
Businesses all over the world, currently are lagging behind because of the deadly outbreak of Coronavirus. Hence, it is my duty as an entrepreneur to share my experience and my vision, so that others in need can take advantage of it.
My main purpose for writing this blog is to tell you more about the steps Techugo took to overcome the adverse effects of Covid-19 on business. I truly hope that my plan helps you to cope up with the problems that your business might be facing currently.
Here’s How We Defeated The Pandemic!
1. No need to panic, just plan it out!
It is better to take time to observe before you take any drastic measures. With a continuously changing situation, you don’t want to rush into things. You don’t need to implement all the solutions in one go. Prioritize your steps and act accordingly. Companies can benefit a lot from a good brainstorming session. Connect with people facing similar problems and share each other’s thought process to find an effective result.
Your team holds complete power. Solutions often come from those closest to the problem, and from the team members who have a vested interest in a better outcome.
2. Stay motivated!
It is indeed tough to stay motivated when the economy is continuously depleting, but it will help you get past the negativities surrounding you. So try to keep the spirits high, and motivate your team as well. Emotional imbalances are pretty normal during the pandemic, therefore, as a leader, it is crucial that you extend your support to your teammates. try to take out time and have a heart to heart conversation with them. Ask them to embrace the current vulnerabilities and transformation. Let them know the value that they are bringing to the company. It’s a cliche, but walking hand in hand through this difficult situation will help you resolve all your problems.
3. Don’t cut salaries!
Yes, you heard it correctly. Running a business during the pandemic is tough. Every day we learn about some top-notch brands cutting down the salaries of their employees or down-sizing the team. These steps are 100% catastrophic to your success during the tough times. Firstly, it demotivates your hardworking team, and secondly, you start to lose your star performers.
Our core team was facing the same problem a few months back, but instead of cutting the salaries of our teammates, we decided to let go of our non-performers. Don’t get me wrong, as I’m not asking you to fire them without a warning. Have a one-on-one conversation with them, try to motivate them, but if you still are not satisfied with their performance, then it is necessary that you let them go.
4. Save as much as possible!
In order to contain the spread of coronavirus, we decided to operate from home. Currently, 100% of our teammates are smoothly working from home. It is necessary that you allow ‘WFH’ not only to contain the spread but also to save on the additional costs.
If your business is facing difficulties in making both ends meet, then I recommend that you start saving on the additional cost. For example, WFH would allow you to save the amount you would spend on rent, electricity, office supplies, maintenance, internet, etc. This will help you to get a grip on the current situation.
5. Cross-selling and up-selling
Cross-selling is when your brand sells clients services that complement/supplement the purchases they’ve already made. Upselling is when your brand increases a client’s value by encouraging them to add on other services that you deliver.
These two strategies helped us to accelerate our profits even during the pandemic. So you too can ream benefits from the same. But under all circumstances, always remember to deliver value to your clients.
6. Look out for new opportunities!
Capitalizing during the Pandemic is not usually recommended, but it is the right time to evaluate the internal and external processes of your business. Take decisions that will help you to get through the transformation because of Covid-19. Study your customers’ behavior. Run your business with a motive of reducing the gaps present between your process and your customers. Welcome the wave of digitalization and offer your goods and services online.
Technology can help you in multiple ways. From the globalization of your process to sempiternal revenue growth, there is nothing you cannot do with tech.
7. Boost the cash inflow!
Now there are several ways you can ameliorate the process of cash inflow. Here’re my tried and tested suggestions-
- Hold on to your existing customers and look out for better opportunities.
- Excellent customer service can help you a lot during this difficult situation.
- Double down your efforts with digital marketing.
- Leave no stone unturned to boost the sales of your company.
- Analyze your complete business from a customer’s perspective.
- Switch to digital platforms.
- Trigger your activities on social media platforms, and provide valuable content to them.
As a leader of a company, it is your responsibility to be proactive and responsive. So deal with what is in front of you. Rather than worrying about the Pandemic, you must work in the areas that you still have control over.
Remember that nobody wins, if a business fails. Stay motivated and keep hustling!