7 Guidelines for Creating Opportunities in a Time of Crisis
The business world is full of opportunities. However, the recent tumble of the global economy has come as a surprise for every country. The COVID-19 pandemic has engulfed the entire world into a financial and health crisis. Businesses have wrapped up, and debts are rising. The situation has been grim for the developed as well as developing nations including South Africa.
However, this is not the time to feel bogged down and wait for doomsday. Every cloud has a silver lining and it cannot be more significant in any other situation than the current one. Entrepreneurs need to pull up their socks and find the best ways to come out of this catastrophe without hurting their companies. If you own a venture or are planning to purchase a business for sale in South Africa, then you need to make the most of this situation to stay afloat. So here are seven guidelines for creating opportunities during any crisis that will help you to move in the right direction.
1. Recruiting Right People
Many entrepreneurs might be thinking that this is not the right time to recruit. However, this is the best time because salary packages demanded by talented individuals would not be too high. The attitudes and behaviours of customers, stakeholders and jobseekers have changed with the transformation of the industry.
You can also contemplate on the current structure of your organisation and let go of the people who are not proving helpful in the pandemic. If you find that some employees are only whiling away their time or not performing as expected, then you can ask them to leave and make way for new talent with a better hiring process. The newly recruited workers will be more eager to prove themselves and make their presence felt with their hard work.
2. Adopt Suitable Technology
Change with time and adopt new technology to survive in the present circumstances. Traditional trading methods are becoming obsolete by the day, and this is the perfect time to implement advanced functions. Take your venture online and stay safe from the disease. Several businesses have leveraged the digital medium to work remotely and allow their clients to purchase goods and services online.
You must create a suitable infrastructure that supports digital transformation. It will not only bring back your loyal customers but also help you to penetrate into new markets. With a wider reach, you can get a larger market share. From schools and universities to music concerts and socialising, everything is happening online to control the spread of the virus. So make sure your business is optimised to become a part of the digital revolution.
3. Identify The Opportunities
Sometimes what seems like the end of the road could be a new beginning. Various businesses which were left stranded without any customers due to social distancing have found innovative ways to survive. For example, restaurants which lost their customer base have started offering takeaway and home delivery. Others have started delivering liquor and raw materials while they are not getting orders.
Make use of the free resources that help in streamlining the processes, such as project management tools, analytics tools, communication tools and conferencing tools. Reinvent your organisational strategy and find out the best ways to deal with the crisis. Do more video calls and stay in touch with your staff and keep them in the loop about the changes happening in the organisation.
4. Bring Your Workforce Together
With most employees working remotely, there is an increased need to keep them connected with each other. Every worker should be focussed towards the primary objectives and the long-term goals. Since the coffee machine discussions and boardroom meetings exist no more, it is essential to share ideas whenever possible. Create an environment which fosters evolution and development.
Do not let the creative inputs be forgotten in the chains of hierarchy and need for permissions. Build an open and positive work culture which bolsters the confidence of every employee to come forward and present their views. Give free reign to the diligent and smart workers to experiment and provide the best solutions to the problems on hand.
5. Seize The Moment
The contagion is here, and it is spreading at a fast pace, and you need to embrace this fact in all seriousness.It is not going to vanish in a few days, so instead of waiting for a miracle, seize the moment. Feeling anxious and depressed is not the right way to tackle the situation. You need to take control of your resources and make a new start with renewed vigour and passion. The financial loss should not make you take a back seat. Take advantage of the debt relief finance scheme offered by the South African Government to secure your entity.
You must boost the morale of your employees to help them stay productive through the crisis. Make a strategy to stay stable during the testing times and involve your workforce in the planning. Make provisions for recovering demand for your products and services by researching about the altered consumer behaviour.
6. Increase Efficiency with a New Business Model
Entrepreneurs must be the first ones to recognise a market need and fulfil it with their offerings. The post-pandemic world will be a different scenario from what we are used to as consumers and sellers. From increased online buying to virtual workspaces and artificial intelligence supported devices at home, all the pandemic related transformations will become a norm. The cost-saving feature of remote working along with increased efficiency will make companies increase work from home opportunities and create new business models that work accordingly. The terms of operations will be changed.
Thus as the owner, you must get ready for this transition and adapt without losing any time. Evaluate and evolve without becoming complacent.
7. Customer-Centric Operations
The whole purpose of a business is to satisfy the needs and desires of the end consumers. Therefore, your focus must be on the same thing during challenging times. Conduct market research to find out the opinions, fears and needs of your target audience. Stay in touch with them through regular communication to inform them about the changes in the organisation and how these will help them to shop comfortably. Create a positive social impact so that more potential customers show interest in your products and services. Offer the best possible services along with offers and goodies that attract buyers to the business.
It is not easy to navigate your organisation through a tough time. However, with the help of smart and innovative thinking, you can create new opportunities. Thus if you are planning to purchase a business for sale in South Africa, then follow the guidelines mentioned above to sail through the troubled waters without getting drenched.