Navigate Through The Slow Down

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Navigate Through The Slow Down

BY : Knowledge@BPW 27 Mar 20
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Last year, the global growth fell to 2.9% according to The United Nations Conference on Trade and Development (UNCTAD) and may fall below 2%, or may even shrink, this year due to the unexpected COVID-19 pandemic that has hit the entire globe. Businesses across industries have started feeling the brunt because of the spread of the virus. Employees have started working from home, supply chains have slowed down due to lockdowns and disruptions. So far, the travel, aviation and hospitality industries have been affected the most. However, serious demand slumps and supply chain disruptions will soon start hitting businesses across industries.

In such a situation, how do you tackle the slow down and manage to lessen this blow on your business. BizPro World has compiled ways to tackle this situation as suggested by the top consultants on the platform and from the industry.

1. Step outside your comfort zone

With a severe blow to the comforts of business-as-usual, it’s time now to explore more and start preparing to test new waters. Try expanding in a new geographical location or expand product & service baskets or try stitching new partnerships. Expand your business horizons but remember to do it with the consultations of experts. Hire wise and hire experts who can help you through these new segments with their expertise and applied knowledge.

2. Create a new business model

With the right predictive analytics, we can understand impacts of the slowdown more accurately now, in advance, than to wait for it to happen. Accordingly, we can start preparing strategies and plans to mitigate the upcoming disruptions. Experts who have experience in handling business disruptions and turnaround management can help develop the right programs to jump-start the processes, supply chain engines and win back the hard-earned customers. A well-integrated strategy, devised well in advance can help navigate through a slowdown smoothly.

3. Lower your overhead costs

A well strategized supply chain or management plan can help you reduce many inessential costs. It may require to adjust the current business model, select cost-effective initiatives, curtail repetitive costs and invest resources to re-align with the long term goals.

4. Diversify your product portfolio

With loyalty programs, introduce new products or variations of the existing ones. Figure out a problem that your customers might want to solve, and introduce a product extension that might help them solve it. Create a different USP for this product and start your marketing initiatives before your competitor does.

5. Go Digital

We cannot emphasize on this enough. 2020 is the year when the entire globe is staying indoors, while interacting with each other with the help of technology. Essential buying has also moved to online more or less completely. It’s time we start leveraging technology to overcome the slowdown. Introduce your website, sell via digital marketing, advertise and understand your audience with better analytics. With digitalization, you have the option to go local or glocal.

We hope this article is helpful. It’s going to be largely an uncharted path, partnering with an experienced expert can help you smoothen the uncertain ride ahead. For expert and accomplished business consultants, register your company on bizproworld.com now.  Connect with us to know more or mail us on connect@bizproworworld.com.

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