The first round of rationalisation has set in. Loan moratorium period has also been lifted up. Buyer sentiment is at an all-time low. Uncertainty of the lockdown resetting exists. Spends both at the consumer and the business level are likely to pick up slowly over the next one year.

What has already been done?

• All nice to have expenses have been rationalised.
• People are looking to switch to a digital model actively
• Layoffs or cost cuts at a system and people level have happened

What should be done next?

• It starts with the mindset and answers vary according to the business and challenges thereof.

What is the right mindset?

• Starting with a thought ‘What can be achieved?’
• And then brainstorming for ‘How can it be done?’ This will help to change the gears if the strategy is in line with the consumer sentiment.
  
  

That said there are specific steps which help in shaping the optimality in business.

1. Monitor pilots and see if it is a profitably serviceable business

Defining key parameters which help in shaping parameters is critical. Pilots help to identify what is workable and enable building up of the business in a tested manner. The thumb rule is to assess the situation on the ground and see if it can be a growth model for the future. If it improves the situation in a quarter, it is likely to qualify as one.

2. Improving functional working in the business

It is always easier to start improving existing operations as a domain is known and progress is likely to be faster. Operations as well marketing need to be oriented to digital mode. In service businesses, the right blend of personalisation and technology delivers value to the end-user. This needs to be done with a view to elevate the experience of the user. This needs to be done to ensure that the digital experience becomes the backbone of your enterprise without relying on an excessive physical presence as is being seen in IT and other businesses. COVID has triggered a transition to every business becoming a digital business by at least 5 years in developing economies.

3. Improve sales

The idea behind any form of sales is to help people achieve their goals. If you are helping to achieve the goals as an approach the sale is more likely to happen. Focus on resizing the order sizes. That is more likely at least for the year ahead. For eg: Shampoo sachets may sell more than bottles as sentiment is subdued. Pay per use is likely to be a dominant trend across all industries.

4. Help people

If you have a helpful orientation you are more likely to do business with people over the next one year as things improve. Such an attitude is useful in all economic cycles. Diwali is about lighting up hope in someone’s life.

May you be the medium and symbol of growth in these times.

Also read: Lessons to help you succeed as an investor and entrepreneur while minimising risks

To explore business opportunities, link with me by clicking on the 'Connect' button on my eBiz Card.

Image source: shutterstock.com

Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views, official policy or position of GlobalLinker.