COVID-19 – Strategic Decisions For Your Business
Imagine all was well and flourishing within your business. Then all of a sudden everything come to an abrupt stop without warning. The word Lockdown is being said flippantly without people knowing the horror it has to the business community. Countless companies have taken reactive steps to ward off major losses, such as starting remote work arrangements, securing supply chains, reducing employee workload, cutting costs, and applying for government support. COVID-19 – Strategic Decisions are highly needed if you are to come out the victor. At www.sabusinesses.co.za we are helping a lot of companies in this regard. What happens now?
Amidst all the chaos and anxiety however, the world is trying to return to the new normal. During this new reality, businesses are witnessing the beginning of a dramatic restructuring of economic and social order. Everyone is looking forward to the next normal that will materialize after the battle against COVID-19 has been won, with hopes that it will be better and more profitable. Challenges lie ahead though.
This a key component in dealing with COVID-19 if you would like your business to stay above water. Most businesses drowned in the past year because they failed to strategise.
- Act swiftly to radically accelerate your business integration: Firstly, customers may not be inclined to visit your business unless you give them a good reason to do so. With good strategies customers will feel inclined to come to your business and you need to make it that way if you are looking for traffic towards your business.
- Review workforce locations and travel. Secondly, the first priority is to establish exactly where staff are and how many workers are in affected or vulnerable territories. Do any need to be repatriated? Or have they asked to work from home? Upcoming travel plans will need to be reviewed, rescheduled, or cancelled.
- Evaluate the supply chain. Most importantly, a clear understanding of your supply chain will help to expose any potential vulnerabilities. Therefore, this means beginning with the most critical products. Then looking well beyond first- and second-tier suppliers, right down to the raw materials, if possible. For example, if your products contain a component from a country that becomes isolated. Ask yourself there is a secondary supply? Contingency plans can run into difficulty quickly if the virus spreads. We’ve already seen suppliers in China that turned to South Korea as a Plan B, only to see that country quickly become infected.
- One proactive business response to COVID-19 is to offer the same (or similar) products and services through an online channel. This may occur through the digitization of physical products or, in the case of services, through a technology-mediated delivery solution. Most restaurants on SA Businesses, such as Hombaze, Cut and Craft, Rusty Lady, Berry Foods, Mals Kitchen, have embraced this venture. Customers just buy online and they will deliver or and option of picking up as well.
- COVID-19 is dampening the demand for many products and services, resulting in an underutilization of organizational base. Factories run under capacity; restaurants, bars, and hotels sit empty; service providers go unused.
- While the need for some products and services has fallen, however, demand for others is high and even growing like Imsyser and Izinsazi. The businesses we have which are doing well online are Kensington Electricals, Spice cupboard and GILEAD. Some organizations are taking advantage of this shift by deploying existing base to produce different products or to offer new types of services. Business like Wood U Design, Jays Plumbing, Jeff Electronics and Weazah Power have resorted to mobile services. Luck dogs is one such company as well which is doing well for they offer a beautiful service of picking up and dropping off.
At SA Businesses we are helping a lot of companies to be known by the massive drive, in advertisements. Please feel free to contact us on 0738506721 or firstname.lastname@example.org if you would like to list your business with us. SA Businesses do more than just being a Business directory.