Don’t Panic: A Business Person’s Guide to Surviving the Pandemic

2020 has seen us through a lot of tough adjustments. For any business owner, financial crisis and market slowdown can be frightening. Especially true for those businesses that do not have investment capital and rely on incoming revenue to sustain. The COVID-19 pandemic has completely changed the way people live, and thus how businesses operate. However, the core principles on which a business owner can run a successful company still hold true. Here are some of the ways through which business owners can pivot during the pandemic.   

1.  Agility is key

Businesses need not be rigid in how they operate and what they serve. They need to agile and keep updating in sync with the market trends. Having foresight and concrete planning is wonderful, but being flexible and adaptable will help you maneuver through difficult times in a better way. Ships have sails for a reason. It helps them guide and move in the desired direction, depending on the winds. That’s how business owners need to be.

They need to be on the toes, be flexible, and make necessary changes to stay ahead of the competition. 

2.  Pay attention to your customer expectations

One of the strategies that business owners can form is to develop a community of loyal and diverse set of customers. These customers can be contacted to gain critical feedback regularly, even during a crisis. COVID-19 has completely changed the business dynamics and customer expectations have also shifted. Hence, it becomes critical to know what exactly do customers’ demand or needs.

Having a loyal set of the customer base will help you keep a track of your customer’s pulse and keep adapting to meet their needs and fulfill expectations. Even if it during the crisis, knowing exactly what your customer needs can be a differentiating factor in surviving or thriving in the crisis.   

3.  Your people are your asset & much more…

The core principle that reflects any company’s values is in their approach towards its people. Companies where people feel valued & honored fare much ahead and earn great respect among the communities. People are like stewards of the ship. They matter a lot when businesses experience tumultuous times, especially like the current scenario of the COVID-19 pandemic.

Businesses that are fortunate to have a strong, loyal, and dynamic team can overcome any crisis. Their support plays a critical role in guiding the company towards better times. Business owners need to focus on their people, and understand what makes them tick, their grievances, and make sure that they feel safe, secured, and happy in the company. These people will stand like a rock and help your company conquer any crisis.   

4.  Anticipate the Future

Business owners need to be one step ahead and anticipate future market trends. They can read globally established magazines, follow top leaders, attend virtual conferences, and read market reports & surveys to get an insight into what the future could hold in store for their company and industry at large. Technology is no longer superfluous; it has a direct and multiplying impact on how businesses operate and how customers can be reached. Artificial intelligence, mobile apps, machine learning, automation, robotics, and other tech innovations are directly affecting businesses.

In crisis, it becomes even more imperative for business owners to sit down and anticipate what the future market will look like and how they can operate in those projected markets.

5.  Have a business insurance coverage    

Many business owners overlook the importance of having insurance coverage for their business. It is only in difficult times do they realize the significance of insurance and how their businesses would have fared better if they had taken coverage.

UNISON Insurance is one of India’s leading Direct Insurance and Reinsurance Broker & Risk Management Advisor providing insurance products and services to corporate customers across varied sectors. UNISON is a name to reckon across industries and works in 19+ risk products with Aviation, Marine, Property, Mega Risk, Employee Benefits, being some of them.

Get in touch with our executives at UNISON Insurance and get a customized risk mitigation insurance plan for your business.