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How to grow businesses amid coronavirus lockdown

How to grow businesses amid coronavirus lockdown


As the novel coronavirus is spreading like wildfire and sweeping mass populations across the world. Countries have taken a stance to protect their civilians by imposing restrictions and extending lockdown terms. The greatest economy -USA, UK, China- is threatened to lead to the most restrictive mass quarantines to promote social distancing. Unemployment is spiking due to excess economic recession impacting on the global economy. Global markets are facing record falls, and businesses are stalled which is further worsening the scenario. Hence, a multi-dimensional approach to curb this crisis is critical to withstand the economic depression.

For a business to grow, a multi-centric approach has to be adopted to encompass the customers, employees, and stakeholders. Hence, a proper plan has to be designed to conquer the crisis.

1. Analyze & Strategize


It is pivotal to consider the gravity of the situation and analyze the scenario to prevent any business mishap. Traditional approaches to generate leads will not happen during this period. Hence, the digital pipeline has to be adopted to generate leads and close deals with clients. Creating a business funnel through digital outreach is the most successful method to operate and functionalize remote business processes. Implement a collaborative tool to boost operational efficiency.

2. Don’t subside your business stream


As your business stream is shrinking in the present scenario, it doesn't mean it will not grow later. Don’t get overwhelmed to change your business stream, hold your breath and adopt a proper strategy to prevent the downfall of your current business in the post corona world.

3. Resonate with employees’ performance


As the businesses are cutting ties with many employees by firing them from the company to cope up with the business losses. But, eliminating employees is not the key idea to withstand the perturbation. On the other hand, employees’ are the critical assets of the company to increase the business revenues even during the lockdown period. It is regretful that many companies have not made the digital mode aware of their employees, hence it is creating a hurdle for newbies to face this challenge. Rescue time by critically tracking employees' time involved in office work. Uplift your business productivity by engaging workers.

Risk management expertHersh Shah, CEO, GLECO, Institute of Risk Management (UK) India Affiliate advocated novel coronavirus as a boon that will introduce the world to digital transformation. It is suggested that novel coronaviruses will hasten the pace of the digital world for businesses.

Let’s read the important points that will enable us to sustain the Business:

1. Video conferencing tools


Transition to video conferencing tools has risen dramatically in businesses. Job Interviews, projects discussions, training are all happening through video chats like - Skype, hangout, slack. Even, customer relationship management and handling of deals are occurring through video conferencing tools.

2. Project management tools


To remain updated and to accomplish the projects on time, project management tools are critical for handling and organizing projects. Gantt chart, Logic Network, PERT chart, Product Breakdown Structure, and Work Breakdown Structure are standard tools used in project planning. Generate project reports ease with the aid of project management tools.

3. Establish communication chain


To bridge the gap between management and employees, a Proper communication channel has to be set up to widen the Business responses. Bilateral connections between them are inevitable to make key business decisions correctly. Cross communication should set up to connect with teams to decrease the workload by dispersing the bulk work among team members and increasing efficiency. To sharpen the clarity of work progress, building communication chains is critical for business development.

4. Data theft


As work from home request has been established due to the global lockdown and restrictions to move. There are higher chances of leakage of confidential information of an organization to competitor companies by internal employees. Hence, data leaks and cyberhacking is prevalent in the digital mode. To secure the digital data, it is extremely crucial to construct robust infrastructure to make technology and processes more resilient.

Facts to ponder :


1. Factors impacting most on the Business stream during the current situation?


It is important to enlist all the factors that can impact business growth but figure out the most important factor that one can target to combat to improve the business.

2. What are the inherent and contingent risks to my business and how to take proper measures to minimize the risks?


It is high time to understand the permanent and accidental risks that can threaten business growth.

Identify the primary risk and the associated risks involved. Then strategize to combat the situation and design a proper plan to mitigate the risks.

3.How to sustain the business for the long term in terms of resources, values, and labor?


Visualize the long term goals of your company. Understand if it is self -reliant enough to sustain big economic losses. Prioritize what is critical for your company.

4. How to increase organizational productivity in a short period?


Focus on centric approach: employees, customers, and stakeholders. Productivity levels of the employees need to be boosted up to increase the business performance.

Success stories


In March, life insurance companies observed 32% decline in the new premium income. This drove the insurance companies to adopt online businesses from april onwards. Hence, it is crucial to adopt the digital path to prevent the forestall of the businesses.

Hence, it is high time to get ready for the digital future.

How WorkTrak guides remote work mode?


Employee monitoring software tools provide all the necessary premium features to guide the remote workforce efficiently.WorkTrak is a Saas product -- a productivity tool that provides all the necessary features to monitor your at-home employees’ activities. It helps to increase the performance chart of remote workers by enhancing business productivity, prevents data theft by instantly blocking malicious and unwanted websites that can threaten the company’s data.

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