7 C's To Help For Business Survival After Coronavirus Lockdown
In this article, we are going to explain 7 C’s that will help For Business Survival after a lock-down in an effective way. 7 C's will help you to compensate for losses caused by coronavirus lockdown and tell you to conquer this tough situation.
Also, This Business Survival article will tell you three things:-
(A). How can you overcome this problem?
(B). What should you do in this time period?
(C). What should you implement in your business to survive in future?
1. Cash Flow Management
The first crises will be cash because we all know for business survival cash plays an important and effective role in the whole financial year. To properly maintain your business cash flow management and effective implement of this 7 C’s you have to take these three steps immediately:-
(I). Debt Recovery:- To Business Survival after coronavirus lockdown start now to recover your debt. Don’t hesitate to give your full efforts to recover your all debt if you want to survive your business get started from today.
(II). Focus On Cash And Reduce Credit Line:- As we all know people will spend less after a coronavirus lockdown. And if you are selling your goods and services on credit so there is a less probability to recover your money. So for business survival, you have to take a step to bring your business on cash and you must reduce sales of goods on credit. This step will help your business to survive in a better way.
(III). Selection Of Right Buyer:- You must have a focus on the selection of the right buyer for business survival in coronavirus. Select those buyers who don't return goods, make a payment on time and have a good financial condition. By grading and selecting good buyers you will conquer this economic crisis.
(IV) Lean Inventory: You should adopt the strategy of lean Inventory by stocking fewer goods because after coronavirus lockdown demand and supply for many goods are not exactly predictable. So, by stocking less stock by focusing on the market situation and your product your business survival ecosystem will be easy.
2. Cost Cutting
For Business Survival after coronavirus lockdown, you must have to focus on cost-cutting because we all know people will not spend their money on unnecessary items and will not purchase in more quantity. So, for survival in the market, you should take a step to cost-cutting. You can cut your cost in such a manner like
(I). You should restructure the salary of your employee. And always try to don’t fire your employee in this situation try to cost-cutting by the restructuring of salary. It is important because if you are not generating revenue so how do you can give a salary to the employee.
(II). Reduce unnecessary expenses of your business for instance if you are giving a luxury facility to your employee for a stay in a 5-star hotel while on a business meeting you can restructure this facility and convert the 5-star facility to 2-star.
(III). Try to use of optimum utilization of resources as we know we can’t take a higher price of goods so, we have to reduce our expenses by effective and optimum utilization of resources.
Apart from this, you must renegotiate with your vendor, supplier, channel partner and consultant for cost-cutting. Implementing this 7 C’s your business can survive easily.
3. Create Local Supply Chain
These 7 C’s will help your business to operate smoothly. It is important now to give attention to your local supply chain because after the end of these crises maybe this situation will be returned back and it will be not possible to import resources from other countries. So, always you should focus on redesign and rearrange of the supply chain. May be by importing resources from outside was a cheaply but can you fulfil your requirement from the local supply chain if this crisis will continue. So, for business survival these 7 create a local supply chain of C’s is very effective.
4. Choose Technology
Now, the time is arrived to choose the technology because the upcoming 2-3 year is definitely uncertain. You must focus on bringing your business on the remote control. Focus on connecting your business with technology to conquer in this situation. Train your staff by teaching software and connecting them with technology.
5. Customer Retention
For every business, the customer is a king every time and for business survival in coronavirus crises, we must focus on the market king and which is the customer. By adopting these strategies you can retain your customer
(I). Make sure your behavior with your customer should be at a higher level and this is a time to make a close relationship with your customer.
(II). Adopt technologies for retention of your customer by using mobile app and portal for order and communication. If your business is not big so you can use phone calls and WhatsApps for the order.
(III).Start home delivery system ineffective way and try to cost-cutting in delivery.
(IV). Scheme and offers that always get attention or retention of the customer so focus on this too.
Along with customer retention, you must focus on customer acquisition with the help of your marketing strategies and by selecting the right price for customer.
6. Clear Differentiation
Make sure a clear differentiation that you are a better choice in the market and customer should buy goods and services from you. For maintaining this 7 C's for business survival in this coronavirus crises you must tell your target audience that
(I). Your customer relationship is fantastic.
(II). Clarity of product range available in your business.
(III).Your business stock is always adequate to fulfill your customer need.
(IV). All the necessary facility is available for your customer.
(V). Your business is always ready to supply of goods and services in any crises.
The last 7 C’s is competition with our own business to survive your business in these crises. You must have shown a higher level of your confidence to fight with this situation by taking the decision that you did not take till now. Maybe you will have to say no to many people for effective implementation of your decision so don’t hesitate to start to say no.
Conclusion: By adopting this 7 C’s in your business you can conquer in this crises bu effective implementation. You must have a stand-in these crises with courage, confidence and always ready to compete. Leave your comfort zone today and start to make an effective and smart business strategy for business survival in this corona-virus crises.