- By unique challenges and circumstances, entrepreneurs and startups are facing every day, their interests for survival and getting through these tough times are only increasing.
- The difficulties in the supply chain are setting out to be a big hurdle for the startups and business within a wide range of industry, such as healthcare and manufacturing plant.
- There is no doubt entrepreneurs and startups are going to suffer due to this rising economic uncertainty.
How to Survive in COVID -19?
- We have design “CORSUR Framework” for clients to survive in COVID -19. This strategy encourages clients to maintain a strong sense of control and acts as a regular reminder of how capable we all are to this operation.
- We’ve also used Hangout and HyLyt to design our very own digital co-working space. From 11 to 5, we run an ongoing all-hands call people can pop in and out for meetings and opportunities. While team members are working, they remain on HyLyt and Hangout with their cameras off and microphones muted. By assuming an office environment online, we can chat, ask questions, and resolve problems as though we were sitting next to one another.
- For SMEs and MSMEs, building a consumer base is critical to stability and assists with further networking opportunities. Your consumers are the support on which expansion and income are founded. It is natural and necessary to accept every client that can be managed correctly to increase your foothold in the marketplace or area.
- They can estimate what the future of their business may hold and consequently set reflecting objects. The objects may not be met when expected or happen according to a method, but at the same time, these objects can be exceeded due to your business success.
- With the industry 4.0 evolving technologies such as artificial intelligence (AI), the internet of things (IoT), machine learning (ML), Robotics, 3D printing, cybersecurity, cloud computing and AR and VR. Technologies are going into the age of expertise and developing the understanding of these problems to better harness their power.
- This smart technology brings with it masses of data, which is currently not being used to its full potential. In 2020, manufacturers need to harness the potential of data and technology to create innovations that improve consumer’s lives and provide them with personalised experiences, while also protecting their privacy.
- When you have a strong business model and its performance record, a more accurate and trustworthy forecast can be created.
- Design a 2 quarter cash flow forecast, which should be stress-tested to search likely situations, including worst-case situations
- New business models will emerge, and we will create more adaptive businesses with more variable costs, lower debt, stronger balance sheets and with better risk management.
- Major countries are close down, as are offices, shops, businesses, markets and industrial areas. Among the country slowly going toward lockdown, you will need to be motivated with your employees’ situation.
- If you’re closing your store, find ways to keep your employees earning a pay-check by marketing on social media, putting your email list to good use or using a video tool to reach new leads.
- As Harvard Business Review reports, “When customers are separated from the work that’s being done behind the scenes to serve them, they appreciate the service less and then they value the service less.” Describe the steps you’re taking to mitigate risk and give them insight into the steps you’re taking to help the community.
For instance, in Wuhan, the cosmetics company Lin Qingxuan closed 40% of its stores — but the brand’s 100+ beauty advisors took to digital platforms like WeChat to engage customers virtually and increase online sales. “As a result, its sales in Wuhan achieved 200% growth compared to the prior year’s sales,” writes Harvard Business Review.
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