The world has clearly changed in a commercial sense as well as for us all personally and it is unlikely things will ever be quite the same again.
One current danger (in addition to the virus) is that many people probably still feel that ‘when this is over’ life will return to the way it was before – but it won’t. The wide distribution of cash by the government via wage subsidies has cushioned and delayed the harsh blow which will undoubtedly follow. A significant number of businesses will either not survive or will be downsized considerably. Either way, jobs will be lost and those people will either need to retain or retire from the workforce.
Business owners are going to have to dig deep and to have a resolve to be a survivor rather than a statistic of this unprecedented global pandemic.
Following several years enjoying a level of prosperity which had not been experienced previously by most, businesses of all sizes and types need to take stock of their position and plan how best to move forward.
As always, there are two components to keeping a commercial enterprise viable and thriving – the continuation of its revenue stream and keeping outgoings minimized.
During the prosperous period the country has enjoyed in recent years many business owners were able to rely on sales falling into their laps and also not feeling a need to be too strict with costs.
Now that times have changed dramatically everyone will need to become more innovative and resourceful to attract business. Every sales call costs a company money and needs to be maximized – i.e. up-selling by utilizing their industry’s equivalent of the McDonalds catch cry: ‘do you want fries with that?’ is what will be required by every salesperson. And searching out further opportunity in the same vicinity as the client they’re dealing with – nearby businesses or homeowners who may also be a prospect for their product or service.
Keeping a lid on overheads will also take on greater importance with a focus placed on minimizing wastage of time and materials.
Whilst businesses in some industries such as tourism have virtually no control of their future, those whose customer base is largely domestic should resolve to implement fresh sales strategies along with cost-saving measures in order to keep their business intact and their staff members employed.