Each and every nation globally is fighting against the novel COVID 19 caused by the deadly coronavirus. Infected cases have been increasing every day around the world and have severely impacted India too.
By now we have seen people losing their life but I personally feel we can further stop spreading by just maintaining basic hygiene, taking precautions and acting as responsible citizens. Our Prime Minister Shri Narendra Modi has also asked all the Indians not to panic but to take precautions while the govt of India is taking all preventive measures to stop this pandemic.
Recently our Prime minister Shri Narendra Modi in the all-party meetings suggested that there would be two stages i.e pre corona and post corona where the pre corona stage will impact the post corona phase.
The pre corona phase along with health issues includes the slowdown of the economy of the country. All the business sectors have been severely affected, be it Travel Industry, Food Industry, Entertainment Industry, Service Industry, Retail Business, and others.
With sudden and unexpected economy slowdown it has shattered many small, medium enterprises are slowly moving out of business as they cannot pull for long due with limited cash flow and we all know it will take time to stabilize the economy. Till then it is advisable to use this time to work on the development of the product and business solutions along with training the employees for a better comeback.
The post corona phase would begin after the lift of the lockdown. Life will not be the same again and massive behavioral, social and personal changes will take place.
Business owners have to streamline their process and prepare themselves for the next post corona phase. The best thing is to focus, research and improved strategy.
· First and foremost they can analyze their sales revenue for the past months. Then understand what product and service will be more in demand post the lockdown.
· A detailed comparison of the product line and features with their competitors can help in better market placement.
· Along with that it is the perfect time to work on any redevelopment on their products, solution, and services to serve the consumers better
· A digitalized setup for their business will help them to ease their entire business management remotely to overcome such situations
· Retailers from any sector can come up with new sale strategy and bundle offerings which will surely help them to capture the market again and stabilize their revenue thus contributing to the country’s economy
· As per the current situation, every business needs to understand its product stock required to satisfy customer’s requirements without much hassle.
· Also this situation demands more on isolation and social distancing so business owners can work on remote workflow and operation set up for their employees, where such condition would never be a hurdle for your Business continuation
· Properly train and equip the employees with certifications and tools that can help you’re the business to grow further
· A constant communication through call, message, and email with clients and consumers on the awareness front will help to strengthen the business relationship
· Cross functioning of companies would be the best strategy to focus on since mergers really work best in any market crisis
Additionally, COVID 19 spreads due to human contact and one thing that connects us most of the time cash transactions. We have around 250 Bn of cash circulation in India among 1.1 billion Population, How Sure are we, the money which you have received from someone has not been infected? Hence now it’s time to go digital and start paying through mobile wallets, apps or any bank application to the vendor partners. All major payment and POS players such as ePaisa, Paytm, Pinelab, etc are helping in this transformation.
Today the digital form of payment cannot be a second option, post this phase it has to be to our first option
Pravinkumar Bhandari, Chief Business Officer at ePaisa