Reload, Reposition, Regain

The famous 3Rs we all know: Reuse, Reduce, Recycle.

Here we’ve concocted our form of 3Rs which stands for Reload, Reposition, Regain. We believe there’s no full stop in business. Even a crisis turns into an opportunity if seen through the right set of eyes.

Charles Darwin made a very impactful statement, “It is not the strongest of the species that survives, nor the most intelligent. It is the one that is the most adaptable to change”. Well, this statement holds an emphatic weight in our contemporary scenario.

90% of the businesses got their spine cold with the pandemic. The business owners lost their sleep with a bag of future risk and stress in their minds:

• Will the supply chain get disrupted?
• How will the employees be paid?
• No cash flow, how to pay the suppliers?
• If the business stops, how will it restart post-pandemic?
• What if, bankruptcy strikes?

Such questions were haunting entrepreneurs’ day and night during this pandemic. Most of them lost their patience and took steps towards the void. Well, a handful of strong minds kept their hands steady and steered through the rough waves looking for the sun. And certainly, they are shining brightly.

We must ponder over how to Reload, Reposition, and Regain the lost value.

On observing those firms clenching the clouds of prosperity even during this pandemic, a form of the pattern is observed. This might be very crucial for struggling entrepreneurs during this tough phase.

1. Assess your current position in detail. Gain useful insights about how deep you’ve fallen. This will give an idea of what will it take to bounce back.
2. The most crucial element is the plan. Once you know your current status then you can frame a plan to achieve your objectives tomorrow. But if you don’t plan your move soon it will exacerbate the disorientation in an already devastating situation.
3. Crisis conditions will bring changes concerning the perspectives of people involved with the business. Customer preferences will change; your employees are no more working under one roof. Be ready to tackle such changes positively.
4. During such a crisis make sure that you point at those projects that cater to the current needs of the customers. If you plan multiple projects irrelevant to the current situation, it flushes a larger pool of funds, building an un-proof future.
5. The last thing is to access how ready is your organization. Your preparedness will depend on several criteria involving the resources at hand, workforce, coordination, quality of decision making, etc. Keep in mind that this is a run for the survival of your years-long hard work.

Let’s now get into the key focus areas that will be crucial to rolling out of this crisis.

Entrepreneurs must revamp their business model now. It is the need of the hour. Most businessmen are profit conscious. Being profit conscious has made businesses unhealthy and distasteful. They have to transform as turnover conscious and tackle this phase. The employees in a firm have to be directed towards making a substantial contribution. They must be made aware that it’s no more a salaried economy, it’s an income economy where tangible contributions will be rewarded. Therefore, the proactive will rise and the reactive will die.

Human psychology suggests that we all are craving for the normalcy and so businesses must understand that their marketing campaigns will have a greater weight during this on-going pandemic. Businesses that have sensed the smell of this new normal have constituted strategic moves to get ahead in the game. But what have they actually done? Did they fly to get stars from heaven? The answer is “No”. We’ve observed businesses who’ve conquered victory despite hard times.

? Cleaning Services have been phenomenally successful during this COVID era. Apart from Urban Clap, there are several local cleaning service provider budding up in every corner of the country. Well, the reason is nothing but the current demand for sanitization and hygiene.

? Another buzzing business heading up is the delivery services. Most of the hospitality businesses are shut for a long time now. Many of them have started delivery services of almost everything possible, right from food to big furniture items. The fact that people are avoiding stepping out of their residence gave an opportunity to such businesses.

? The government has shut cinema theaters and clubs to avoid gathering and the spread of the virus. The online streaming platforms have grabbed this opportunity to provide a greater range of varied content right into the hands of the people sitting on their couch.

? The fitness centers are also shut since March and fitness enthusiasts are struggling to keep up their muscles toned at home. Sensing this as an opportunity, many businesses have started their online fitness sessions to train people virtually. Along with that the sale of home-based fitness equipment and supplements has also raised significantly. The sellers for such items have also increased significantly to meet the growing demands.

Brands that try and clench onto every social activity during this phase will definitely see an uptick in their demand and a fruitful future post COVID. A number of businesses have even transformed themselves to fit the current scenario. Not just the losses are covered they’ve reached a prominent position and created a dynamic image for themselves in no time.

The paint manufacturers or the liquor manufacturers who use alcohol as their primary ingredient have stepped into the business of manufacturing sanitizers to meet its never-ending demand.

Similarly, many players in the apparel industry have also started manufacturing face masks and other protective equipment. Such moves have not only raised their cash flow but have significantly enhanced their brand equity during these challenging conditions.

The post-pandemic era will test the resilience of brands and their ability to fight back. With the current state of the country’s economic condition, it will require unimaginable efforts for the firms to get their acceleration in the market. Those who will anchor quick strategies and constructive communication will pierce out of this web of crisis.

Therefore, a piece of small advice to the entrepreneurs, “A winner fights till the last point”.

#innovation #management #entrepreneurship #StartUps #strategy #business