First, shift the focus to the business problems you may have overlooked in the past. Every business faces challenges and comes across recurring problems every day. Whether it’s a functional or technical issue or even customer complaints that you’ve never got around to dealing with, problems are a major part of a business.
With businesses slowing down, now is the best time to look at these problems and find better, long-term solutions. Solving these problems could solve some financial constraints as well as ease the workflow for your people.
Second, we must also go on the offensive. The tactic many businesses may be using right now is to preserve financial reserves and do only the bare minimum. In short, whatever comes our way, we react. However, by doing this, you may just be wasting your resources because we don’t know for sure how long this crisis will last.
Third, take advantage of what your competitors are not focusing on. By doing this, you’re expanding into markets and adopting new approaches that your competitors have not explored yet. You’ll be first on the scene of opportunity and be at the forefront in that market.
Fourth, stop relying solely on your current customers and take the opportunity to expand the market. Even in a normal situation, we cannot rely completely on the transactions of our current customers. If we want to survive change, we need to spend more time expanding our reach.
This brings us to the fifth point — explore new revenue streams. Your current business model may have worked fine in the past, but in light of the changes we’re seeing this year, it may no longer work as well. It is time to explore new approaches in the same manner as expanding market reach.
Finally, continue learning. A mistake many businesses make, even larger organisations, is that they cut back on learning and development to save costs. But during times of change, learning and development become even more crucial. The new challenges we face may not always be things we’re competent or confident enough to tackle. But with learning, we develop the skills required to face challenges and overcome them with speed.
pa brainliest po, salamat.
