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Survival strategies amid an unexpected lockdown

IT has become challenging for most businesses to keep their financial wheels turning during the lockdown period due to less revenue and the general uncertainty in the global financial environment. Hit by the COVID-19 slump followed by social distancing and a nationwide lockdown, businesses are experiencing the major impact no matter how established they are. Indeed it is a sink or swim phenomenon and organisations need to re-look at how they manage and operate their business, including re-visiting their business plan and strategies. The economy is not exactly reliable and business today is not what it once was. Zimbabwe is currently going through a tough period economically. Nonetheless, small businesses are particularly vulnerable as they often do not have enough reserves to help them through this difficult time. Unfortunately, the impact on startups or small businesses can be way more brutal as they have scarcer cash reserves and a smaller margin for managing sudden slumps. The ripple effect of this shutdown will have a key impact on Zimbabwes economy, as all business sectors get affected, resulting in low revenue generation due to an eventual halt/slump on the sale of products and/or services. Nearly every business is feeling the impact from this COVID-19 pandemic. Its affecting every nation, its known that countries which were striving will be affected more. During such times companies should be swift in making decisions that will make them survive before they sink. When it comes to figuring out just where to make cuts in our businesses, organisations should think long and hard before they act. Organisations are supposed to prepare for times of uncertainty and HR managers have to play advisory roles and offer advice on how organisations can come up with post-COVID-19 survival strategies. Many, if not all, business leaders have lost control of how and when they will operate as they used to do before the pandemic. It is impossible to know when we will get back to what is likely to be a new normal. While there are many things we cannot control, we can work to deliver our business values now and plan for the time when business opens up again. The following are strategies we can consider for our organisations. Determine your lockdown operating model This might mean that you cannot operate and, therefore, you must manage costs carefully in the interim. It is crucial to assess the new and changed priorities of your customers and identify how the business can meet them in a way which does not cause the spread of the pandemic. New customer priorities include the ability to get their hands on goods and services with as little human contact as possible. For now, choice and promotions are less important than safe supply, product availability remains an important factor than brand selection. Many are also offering free delivery and price incentives to maintain some cashflow and keep a relationship with their customers. Tracking expenses against the revenue status During this contagion, it is of utmost importance for businesse

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