5 ways to re-substantiate your business after facing a huge blow due to the pandemic

Tapasvi Vibhute
·2-min read

While the whole world is into jeopardy after we all suffered the huge below of pandemic, here are a few ways how you can re-substantiate your business by incorporating these methods

  1. Communicate transparently with your customers:

We are all in this together, so the ideal way is to stay transparent with your customers about what your business is going through. Customers can emphasise with companies facing a crisis, as long as the communication is transparent. Communicate with your customers to understand their perception of the product offered by you.

  1. Maintaining a healthy relationship with contracted parties

Understandably, it might be difficult to pay out vendors during the lockdown. How it would be helpful to give your vendors. Sufficient notice in case there is going to be any delay in payments so that they can also be prepared and there is no bitterness in this already difficult time.

  1. Managing employees and related optimisation

For large companies considering layoffs, the primary option should be cut the salaries of the higher paid employees to try to retain the people who can least afford to lose their jobs employed. However, when the time comes to make the tough call, do it with compassion lookout for government directives, and offer extra compensation when required.

  1. Keep your team engaged

Your team relies on you so keep them updated about every development. As a promoter, it is your responsibility to keep your team members engaged and stay connected with them through video conferencing tool like Zoom and Google Hangouts. It is important to maintain a high spirit within the team.

  1. Communication to stakeholders

Consult with your investors to plan the right form of communication with stakeholders, most importantly customers and employees. Have an honest conversation on the situation and its impact on your business with your entire team.