Explore Learn and Solve Your Business Challenges due to Corona and Recession
Challenges and Solutions for startups in ongoing corona plus global recession
This article has two very absolute and immutable purposes and offers — for the SMBs, SMEs, CEOs and other Business-Owners
The FIRST — I am proposing — couple of focused and intense sessions to identify your unique sets of business-challenges AND exploring solutions, possibilities and alternatives — through silly, ridiculous free-thinking exercise.
Which could be — at times be silly, ridiculous and far-fetched — but the intent is to create such stimulation that You on your own OR with our help create simple, practical, disrupting, implementable and within your area of influence actions-steps.
The Second — you will learn the following — to make you self-start on reclaiming your business and prevent it from going down under.
- 42 challenges faced by SMBs, SMEs and single-person operated businesses — also true for the large global enterprises.
- 33 Ideas not only to apply but also to stimulate other solution — on How to survive and remain profitable during this economic slowdown due to corona covid19
This quantum of this massive disruption [which was never even been imagined before corona covid19 changed our world] — has thrown such complex challenges at us — for which very few of us could have planned for or were prepared.
If your revenue streams suddenly dry-up, your customers vanish overnight, demand for products and services comes down drastically, usual channels and ways of doing business does not work anymore — what can you do in this situation?
Startup founders are facing a massive challenge right now — because the impacts, risks and challenges to SMEs and SMBs are greater.
For some — the question is — whether to pour money from your personal savings into business OR use it to manage your family’s current and future needs at the cost of the business.
Although big corporations too have been impacted and effected badly — few of them have cash-reserves to survive — low-revenue, low-demand and low-sales phase longer.
Could this crisis provide a springboard for innovation — for a large number of businesses this pandemic induced catastrophe of this magnitude will unfortunately have drastically detrimental effects.
But we have to accept that — in this process — has changed not only our life but in the long run it seems to be creating a platform for big transformation.
Entrepreneurship is all about solving problems for customers — how many of us can actually turn this gigantic-crisis — into huge and massive opportunity.
There are already stories of people who have seized the opportunity and making big-time business growth and success.
Few businesses like Byju’s and similar online learning apps, e-commerce platforms like Big Basket, social development initiative like “Naari” — in India are doing better now than before pandemic.
42 challenges faced by SMBs, SMEs and single-person operated businesses — also true for the large global enterprises.
1. Some of the SMBs are unable to open and start their operations
2. Consumer behaviors have changed drastically — in such a manner that earlier ways of selling, delivering and servicing the products have changed.
3. Many consumers have postponed or canceled their purchases and others are only focusing on buying just the most essential and the necessary ones
4. Because many of the large organizations have put their expansion plans and capital expenditure on hold — all those SMB’s and SME’s — who were dependent on them find their market have shrunk or disappeared
5. Then totally ad-hoc rules followed by different states and governments — have also created the dilemma
6. There is a zillion dollar challenge — if you manufacture and produce — will there be a buyer OR in case there is buyer -can you make the delivery due to logistic issues.
7. How to pay the wages
8. Should you ask the employees to go — and which employees to keep
9. How to manage the expenses — those which are there — irrespective of whether your business is running or not — Like rental, utilities, taxes
10. Because the money in the pipeline have dried up because of such a harsh and long lockdowns — how to gain access to the capital needed at minimum to keep your business running
33 Ideas not only to apply but also to stimulate other solution — on How to survive and remain profitable during this economic slowdown due to corona covid19
11. Boost entrepreneurial potential among employees — by making them shareholders in the organization through various creative
12. Make every function an independent profit-centers
13. Collaborate with organizations working in same as well as similar business AND instead of competing with each other create the force of co-creation and multiple brains and perspective as well as combined expertise
14. Start investing your time, efforts and energies in start-up ecosystem — by guiding, coaching, and mentoring entrepreneurs and start-ups AND also making incubators and accelerators get involved in this
15. Outsource those functions and tasks — which is not your talent and expertise area
16. Crowd-source all challenges on various forums on social media as well as through virtual as well as physical conferences etc.
17. Find ways to create Quick Time to Value (QTM) to rapidly improve the bottom line
18. Find innovative ways to Identify and protect yourself against all possible future risks.
19. Ensure that you never compromise with Quality, Values and Excellence
for full article please read “How to keep your business afloat and overcome your business challenges” in the blog section of Success Unlimited Mantra
