5 adapts in business operation to defeat covid-19
In the Covid-19 down time, businesses have been affected by government policies like banning gatherings, restricting going out, closing restaurants, bars, cinemas and unnecessary retail stores… which causes significant loss in revenue.
Fortunately, there are ways to lessen by changing business operations. Whether your company opens or closes at this moment, checking these following solutions will support your operational management to overcome current difficulties.
#1. Build a specialized, quick-response team defeating Covid-19
Businesses should list out the most important activities, key employees and goals in the quarantine. To achieve the goal, you should set up a functional team to deal with the epidemic. Team members, suggested by Graphicwise, should come from departments such as research and product development (R&D), marketing, sales and customer care.
This functional team needs to quickly respond to the disease situation, government policies, company situation.. and then seize the opportunity such as researching new products, developing marketing strategies, creating sales promotion, and making new customer care policies … to fit the needs of the market.
#2. Build new business process
Each department in the business has a different workflow, however, during the outbreak, these processes would cause stagnation, which affects business operation and revenue. Thus, you and the department heads should discuss to find out solutions for an optimized simple process.
This new business process should also apply to your functional team. Companies in the coronavirus season have to respond quickly to the market. An optimum process helps you business run fast and smooth through difficulties.
#3. Manage your suppliers and customers
If your business already has a good process, that is great but not enough. Write down your key suppliers and customers then compare with your products and services to find out the best-selling and the uppopular ones. It might take some time. You should discuss with your suppliers about your business situation and also their current plan to maintain the goods and services. If they stop supplying, find substitutes as soon as possible.
Besides, identify your current customers’ needs and make sure your company can satisfy them. Plus, customer care policy and delivery service must be improved and optimized to fit the situation.
#4. Launch new products and services
Coronavirus gives a negative impact on businesses. On the other hand, it gives an opportunity for businesses to focus on researching, developing and launching new products for the current market.
For instance, in Vietnam, the government has eliminated the infectious disease by closing border gates, which stops exporting agricultural products. Local farmers then have to sell their foods – normally exported – for the locals with cheaper prices. Many ‘rescue’ fruit campaigns have appeared. Catch the opportunity, many food businesses such as bakeries or food factories buy the fruits and make new launching cakes and foods.
Another example is, social isolation opens time for delivery services in developing countries like restaurants that sell takeout food – instead of closing, with new product packaging design for high sanitation.
#5. Change business model properly
Most traditional businesses’ revenue depends on their location. In the current situation, when all shops have to close – except the necessities, traditional businesses face an uncertain future. If you own one, you need to change your business model.
First, you should adjust your current products, make it profitable and digital. Next, let’s mobilize your team by using the advantage of digital technologies and expanding your market share. Approaching your customers correctly with right marketing strategies will bring sales over expectations.
These are 5 suggestions of Graphicwise for business owners in Vietnam. If you have any questions, or need advice on how to execute, do not hesitate to contact us.
For more information on Graphicwise’s services, please visit www.graphicwise.vn, www.graphicwise.com, or hotline +84-903-660-047 for a free initial consultation, and to experience new ways to promote your business.