How Can Entrepreneurs Weather the Corona-Storm and Stay in Business?
- Hussain Ziniya
- Apr 8
- 4 min read
Keywords used
entrepreneurship program
entrepreneurship college in India
entrepreneurship course
family business management course
As we progress towards the end of the financial year 2019-2020, we are faced with a storm that had been brewing right under our nose all these months. Every business prepared itself for a major slowdown, especially start-ups. Some embraced complete lockdowns, while some adapted various stop-gap arrangements like switching to work from home, offering deep discounts or lay-offs! Most businesses started exercising these precautions thinking that this ordeal will last only for a short period of time.
COVID-19 Lockdown: Not a temporary ordeal but a life changing scenario!
It’s been more than month since India first acknowledged the pandemic and implemented nationwide precautionary measures. It’s high time for businesses to realize that the situation we face today is going to last longer than we can even imagine, and is going to lead us to new tomorrow, whether we like it or not! Staying in business today will not ensure continued business in the post-corona future, as nothing is going to be the same again. The slowdown has drastically influenced global markets and consumer mentality. Entrepreneurs looking to keep their businesses afloat during the next few months need to see the bigger picture in order to keep doing consistent business in the future.
Getting through today by thinking about tomorrow!
From re-thinking budgets to adapting low-cost online platforms, everyone will be wanting to play is safe even when economies start going up. Entrepreneurs need to implement solutions that will get them ready for the future, along with keeping them alive in today’s time. This is a very crucial learning aspect that is covered in every entrepreneurship program. Playing it smart will be more important than playing it safe, as entrepreneurs will need to be a step ahead of their consumers and competitors.
Here are 5 guidelines entrepreneurs can follow to prepare for the post-corona future
Revive Work Plans:
Is the work-flow efficient enough for a highly competitive buyer’s market? This is a perfect time to revamp business work-flows with sharper and more effective internal processes. This will help in eliminating any unwanted components from the process, enabling businesses cut corners with the way things are today, and be a truly cost-efficient company in the future.
Think Digital:
In today’s time, every business can benefit from going digital. The world is more connected than ever in times of social distancing and lockdowns, via digital platforms. Even if they are not of much use today for a particular business, owners can start planning for adapting various digital platforms and channels.
Digital platforms can help in
Cutting down marketing costs- Using channels like SEO, SMM, Email Marketing
Optimizing internal work-flows- Using cloud-based platforms, online chat and conference platforms
Streamlining sales- Integrating Ecommerce is a great way to streamline and boost sales.
This topic is covered in any entrepreneurship course in India
More Clarity for Employees & Clients:
Keeping people in the dark can only make bad situations worse. Whether it’s the prime minister of a nation or just a business owner of a start-up, it behoves everyone to provide utmost clarity to the people that rely on their expertise.
For employees: Create a clear plan of action in terms of payment, work plans and work hours. If there are going to be some drastic changes, its best to do it in a way that allows them to take effective actions [whether they want to leave or continue] that can have personal implications as well.
For clients: How can one plan to keep doing business with their clients?
By presenting a clear strategy. Whether it’s an old client or a new one, owners can share a holistic strategy about doing business together for a long-term, in a risk-free way. A presentation which talks about how the company is planning to do business during the pandemic [if the client is interested] and after the pandemic, in 2 different phases.
Don’t Compromise:
Cutting down and scaling back does not mean compromising on the quality of work. This is the biggest opportunity for businesses to show their best, even if it requires spending extra resources. The work offered today by a business will be attributed to its identity of tomorrow.
Plan for the Future:
This is a great time for businesses to expand their horizons. Entrepreneurs can invest their time in studying competitor businesses, exploring new markets and identifying new customer bases. This extensive research activity will definitely pay off in the future, even if it takes its toll on a business’s limited resources today.
For people looking to start a new business in the post-corona future, preparation is key for a viable entrepreneurial career. Before coming out of the employment comfort-zone and stepping into the self-employed arena, they need to prepare themselves on various areas and topics, in order to be a competent business owner. This is a journey of discovering one’s underlying potential, improving skill-sets and realizing one’s true interest, which will eventually help the entrepreneur in making the right business decisions.
A typical entrepreneurial course or a family business management course covers these areas of learning.
MIDAS is a leading entrepreneurship college in India where aspiring entrepreneurs get nurtured to become successful business leaders of the future. The institution offers full-fledged business management and entrepreneurship courses. MIDAS programs empower students to be successful in any businesses they pursue, whether a family business or a start-up, and become the thriving leaders of tomorrow, via expert training, dedicated guidance and hands-on sessions, using state-of-the-art tech infrastructure.
To learn more about the various programs, visit the website www.midasindia.net
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