Kalameghalam / One of the first actions to pay special attention to during a crisis is understanding the current conditions. Understanding and correctly perceiving any issue is half the solution. Currently, with the ongoing crisis of the coronavirus affecting businesses and engaging the general public, business managers must consider that they can prepare their services […]
Kalameghalam / One of the first actions to pay special attention to during a crisis is understanding the current conditions. Understanding and correctly perceiving any issue is half the solution. Currently, with the ongoing crisis of the coronavirus affecting businesses and engaging the general public, business managers must consider that they can prepare their services towards better service provision for the community. Since travel and movement can not only cause significant stress but also increase the transmission of this disease, the first solution to implement in your business is to provide services online or over the phone, minimizing the need for customer and client presence. Commitment is crucial in business and even in life. Calm leaders can make more accurate and principled decisions in crisis situations; therefore, it is necessary to prioritize commitment to the business in any circumstances. Experienced leaders and managers never fall short of their responsibilities and commitments, striving to carry out their tasks under any circumstances. Neglecting crises and disregarding business commitments can lead to the destruction of the business as a whole
One of the most important things to consider when facing crises like the coronavirus in your business is to move faster and more systematically than your competitors. This faster movement can establish your business as a leading and successful entity in the minds of your audience. This faster movement can help you make better and more principled decisions regarding service provision or even in relation to your desired strategies for communicating with other customers. This will help you overcome the coronavirus crisis in your business successfully. The shocks related to health issues caused by the coronavirus have led to unprecedented changes in commerce. More employees are working from home, and there has been a significant increase in demand for home delivery services. Restaurants and many other institutions have closed their doors to the public, and the rate of business failures has exponentially increased
In this global emergency situation, organizations gain mutual potential benefits by employing strategies such as cooperative competition. They achieve higher levels of performance, meet unprecedented demands, and implement efficient supply chains to survive in an unstable market. Since people can no longer visit stores and markets under these circumstances, a significant portion of public visits websites and online businesses. This has created a close relationship between the coronavirus, online businesses, and the internet. In these conditions, managers and individuals involved in online businesses have made every effort not only to provide their primary services but also to take additional actions regarding their human and social responsibilities. Internet websites have become highly efficient because they enable the delivery of all necessary goods to all parts of the country. In fact, online businesses are one of the most essential services in such circumstances
Therefore, some quick actions are recommended for businesses. Firstly, attention should be given to human capital. One of the most important tasks for managers in dealing with the coronavirus crisis is to create a safe and healthy work environment and take actions that make employees feel valued by the organization
Supporting employees in these conditions has a positive impact on their long-term commitment. The next point is to focus on marketing and sales
Customers have changed their buying habits and behaviors to adapt to the crisis. Therefore, companies need to take appropriate actions to adapt to market changes and align with new consumer behaviors during this period. One important point to consider is that marketing strategies are directly related to competitive advantages and can directly help increase liquidity in current conditions. Therefore, companies should intelligently take innovative actions in the key elements of marketing (place, product, price, and promotion). The third suggestion is about supply chain management. The supply chain includes suppliers, producers, distributors, wholesalers, and retailers who help with the supply of raw materials and transportation. Due to production declines in different countries and restrictions on intercity travel, many problems have arisen in the supply chain for businesses. Therefore, it is necessary to reduce these problems in the supply of raw materials through innovative actions. The fourth suggestion is about financial management. In the time of the coronavirus crisis, intelligent financial management can guarantee survival. The coronavirus crisis has led to a decrease in demand and, as a result, a decrease in sales for businesses. In such conditions, cash flow, which is vital for businesses, has faced difficulties, making it necessary to focus on financial resource management and financial discipline. The fifth suggestion is about strategic and entrepreneurial thinking. Strategic thinking can be seen as the process of analyzing and evaluating the business environment, creating a future vision, and developing innovative actions to achieve company’s major goals. Therefore, by providing innovative management methods during a crisis period, it is possible to follow the path of success just like in normal conditions
Dr. Melika MolkAra – Researcher and business strategy consultant
