It is a globally accepted notion that risk in business is as common as pollution in the urban air. There are things; then there are challenges that come with them. However, certain circumstances get really tough to deal with, if especially, they occur without any prior intimation. For example, the current situation related to the worldwide COVID 19 outbreak. The entire human race and its lifestyle have come to a sudden halt, and people have nothing to do other than dreading what’s next.
And when it comes to businesses and their success graph, future prosperity and other parameters to evaluate, the scenario appears to be a bit alarming in certain ways. So, the idea is to evaluate all prospective challenges that might haunt the future of global business and economy, and figure out remedial measures to fight off the same.
This informative blog focuses on highlighting all challenges in business that the world might face once the pandemic is over. In addition, it shall lay out some of the remedial steps that can help situations improve in a way it is expected to.
Here you go!
- Crisis management is the biggest challenge
This is the ultimate concern of the hour. Worldwide corporate organisations are already going through a crisis they have hardly imagined to confront in the past. Having said that; coping with financial crisis in business is certainly no child’s play, neither can it be compensated easily. There are strategies and management tricks that need to be honed and executed at the earliest.
Here are a few crisis management tips recommended by the experts. Read and figure out if it can help your business get back on track in the near future.
- Companies must hold board meetings and discuss how to develop and execute solid incident management plans that are specific to the current scenario.
- Private organisations must focus on communicating to the stakeholders based on facts, figures and future goals. It is important to retain stakeholders for a financially secured tomorrow.
- Since meeting government priorities in terms of finance and economy (under this pandemic crisis) is a major concern, organisations must focus on the matter closely.
- The idea is to meet governmental regulations and be a part of its finance management strategies across all countries to minimise the risk of trade disruptions.
- Workforce needs to be remodelled as well
Not only that the aspect of crisis management is to be met at present, but one also needs to think about remodelling and developing workforce to support remote operations effectively. Here are the essential steps one must embrace to overcome this challenge.
- All organisations must ask their employees to work from home, review business travel roles, HR policies and other key essentials to support remote access without any hindrance.
- All IT policies observed in different organisations must be revised.
- One must ensure that employees under remote access are being able to carry out all digitally transmitted communication and other paper works seamlessly.
- According to a survey, unplugging the work at home by employees is said to be one of the major challenges.
- This scenario can be remodelled via frequent communication, mail-to-mail periodical intimation and asking employees to send across production report at the end of the day.
- Even after the pandemic is over, the government of different countries might declare an extended period of isolation for further precaution.
- All organisations must prepare for it and keep upgrading their infrastructure to an extent so that one can carry out seamless operations (via remote access) for the entire year.
- Operations and supply chain get difficult to assess
This is yet another critical factor that might pose serious threats to an organisation’s success and functionality. For many of us, assessing supply chain and business operations from home might not be as effective as it would have been at the office floor. So, its better one must start looking for better alternatives to cope with such challenges in business due to lockdown.
Here are a few suggestions that will come into play.
- One can think over activating pre-approved parts or other raw materials.
- The idea is to dodge the negative consequences of allowing goods to be supplied physically across contaminated territories.
- Talking of the supply chain alternatives and flexibility, Deloitte suggests:
- Reinforcing screening protocols
- Focusing on Tier 1 supplier risk
- Illuminating the extended supplier network
- Limit non-essential travels and foster more flexible working environments
- Focus on increasing or stabilising cash flow
- Update inventory policies and other planning parameters
- Work on short-term demand and supply synchronisation strategies
- Explore all forms of alternative inbound logistics options
- Keep all channels of communication open for the key customers and stakeholders
The idea is to explore every possible dimension and strategies that can be implemented to streamline supply chain for an unhindered business operation post lockdown.
- Revenue generation of companies might be at risk
The human tragedy seems to bring negative impacts on the aspects of finance and revenue generation of different companies under the sun. For example, digital learning services that offer Statistics assignment help or other academic assistance might be at lower risk of losing a huge proportion of finance. Wondering why?
Such business houses are mostly established on the philosophy of operating “online” throughout the year. But, challenges to such organisations might occur on other grounds. It’s a known fact that all schools and colleges around the world are now closed.
Even though things are being managed and regulated via online classes, the impact of learning or the volume of assignments allocated won’t be the same. As a result, the chances of students looking frantically for research paper writers or other assignment expert will be lower than usual. This clearly highlights the fact that finances accumulated or revenue generated by online businesses would be affected to certain extent.
So, here are some suggestions that will help business organisations hold the fort.
- Crowd funding is said to be one effective option these days. If you have a relatively low cost, creative project or medium-sized business, set a goal how much money you would aim to raise as a contingency business fund.
- Encourage and request your friends, family and strangers to visit crowd funding sites such as Kickstarter.com, GoFundMe and CircleUp to use those platforms to pledge money.
- One can also arrange for micro loans from commercial banks in case of lack of enough credit history or sudden economic downturns.
- Pitch an angel investor and rope him/her in to invest in their money in your entrepreneurial initiatives.
There’s one good thing about tough times; they don’t last forever. Even though the world is amid such criticalities concerning a deadly virus disrupting world orders, businesses would definitely be affected. But that shouldn’t stop entrepreneurs from walking that extra mile and doing whatever it takes (in an ethical way) to bring their trades back on track.
Take note of the challenges and limitations mentioned above, and brainstorm over the strategies for remedial respites to cope with difficulties like a boss.
Remember, we all are in this together!
Author Bio: Kady is an experienced business consultant and marketer, associated with a leading firm in Glasgow, the United Kingdom. Apart from that, he is a one of the most dedicated marketing writers, working on behalf of the platform MyAssignmenthelp.com.