The Pandemic Might Last Till 2022: 5 Ways to Keep Your Business Afloat in Hard Times
The economy has been badly hit by the current pandemic situation, making most of the business units difficult to keep going. With some planning and a broader outlook, you can keep your business functional even during these hard times.
As per statistics released by the government, India’s GDP has slipped 23.9% in Q1 of the financial year 20-21. This dip has been accredited to the nationwide lockdown imposed in view to curb COVID-19 infections, affecting all the major business sectors including manufacturing, construction, hospitality, mining, etc. Apart from these, smaller businesses are even more affected due to their limited scope and size.
Though the economy is now showing signs of revival, the pandemic situation may prevail up to the next 2-3 years. Here are 5 ways to keep your business going through such difficult times.
It is a good practice for businesses to keep sufficient funds as a backup for usage in crises. Getting an FD or fixed deposit in India is a great option that allows you to keep your money safe and easy to liquidate when required. Also, the money is invested at attractive fixed deposit interest rates. The interest rates offered by ICICI HFC fixed deposits are among the best in the industry with quick and convenient withdrawal options.
Looking at the financial crunch, you may sometimes be tempted to use cheaper components with your goods/services. But it is not at all advisable to compromise on the quality of the final product. Even if you scale down your operations, stay connected to the customers, and offer convenient options such as free delivery and other benefits to attract them. It is crucial to keep your customers satisfied even in times of crisis.
You must look for opportunities to leverage your existing operations for expanding your service domain. For example, the food delivery expert Zomato got into the delivery of groceries during the lockdown. Since the restaurants were not operational during that time, it was a great way to utilize their delivery framework for other purposes.
Fixed deposits in India mostly offer the facility to raise loans against your deposits. You may take a loan up to 75% of your deposited money if required. Also, there are other sources to raise funds for your business. Apart from loans, you must also check for support policies launched by the government to support small businesses.
You must try to keep your employees with you even in times of crisis since they are the building blocks of any organization. If you choose to fire some of your employees, you will have to do the hiring and training process all over again. Instead, It would be better to give your employees a chance to upgrade their skills and enhance their usability in such crises.
You must reassess your business operations with a positive lookout to identify any growth opportunities. Also, you must try to keep a good backup of funds to help you with financial insufficiency. “Tough times don’t last but tough people do” – So, try to stay calm and focused while doing the best for your business and customers.
