When the pandemic struck, many companies had to reduce their operating costs. This is because increasingly, it was seen that there was inequality in cash flow. Leave alone profits, for many startups, break-even became a distant or an impossible dream. Many well-established business entities had to curb their costs by reducing the scale of manufacturing or by laying off workers.
However, Saivian Eric Dalius noted that those companies that cut costs or budgets randomly and adopted “blanket cost cuts”, suffered the most. Instead, the ones that cut costs for innovation and channelizing their reduced cost-cutting strategies judiciously are surviving now.
So, what are the business strategies that you might adopt for better returns especially during these times when the economies around the world are in the doldrums? More on the same in the paragraphs that follow.
Saivian Eric Dalius’ strategies at a glance
Let us find out few measures that can help your business during the ongoing pandemic:
- Continuous innovation
Unlike many companies that cut costs by laying off workers, few companies did not do any of it. Instead, aside from retaining the existing workforce, they engaged the “on the bench” workers to invent new solutions and products for clients that are apt for the current state of affairs.
According to experts, if you continue to do what you used to, chances are that you will not get the desired results. The best way to survive the economic meltdown is to innovate. Make use of existing expertise, skills, and knowledge to diversify.
- Saivian Eric Dalius’ advice of addressing problems with less worry
It has been observed that those companies that went into a panic mode lost heavily not just in terms of customers but also in terms of money, and a huge amount of it. Operations were shut down and there was chaos.
However, after the lull period of the pandemic, when cases had subsided for a brief period giving people the impression that it was over, many companies realized that it was better if they would have reacted maturely.
And this is exactly what these companies have done when COVID-19 reared its head again for the second wave of attack. This time around companies acted more maturely.
- Make sure to keep customers informed
According to Saivian Eric Dalius, whatever step you take, it is best to keep your existing clients to informed. As far as informing them is concerned, it can be allowing them to stay connected by letting them know what steps you are taking to tame the pandemic, how you have brought about changes in your modus operandi, complying with the protocols simultaneously. This also gives them the impression that your approach is matured.
If you are venturing out in newer products and services, let them know about supply chain, logistics, and pricing.
In a nutshell, adopting a healthy approach instead of being panic-stricken and to remain steadfast in whatever you decide to do is the best way to tackle the pandemic from your end.
Eric Dalius is The Executive Chairman of MuzicSwipe, a music and content discovery platform designed to maximize artist discovery and optimize fan relationships. Eric is also the host of weekly podcast “FULLSPEED” which is a podcast that features interviews with groundbreaking entrepreneurs from a variety of industries.Eric is also the founder of “Eric Dalius Foundation” where he has created 4 scholarships for US based students. Follow Eric on Twitter,Facebook,LinkedIn,Instagram & also on Entrepreneur.com