KEY POINTS
- Master Plan for a Rapid Recovery of Revenue
- Think, Rethink and Rebuild the Organization
- Promote the use of Digital Platforms
- Be Pro-active
- Rebuild the Sales Strategies
- Let's go beyond the Challenges
- Don't put your Startup Ideas on Hold
The toughest at the same time the enthusiastic thing after the Corona pandemic would be bringing back the business into the mainstream. Finding suitable ways and strategies to take the business into the next level need appropriate plans and steps. McKinsey described five major qualities that will be critical for business leaders to find their way to make everything normal: resolve, resilience, return, reimagination, and reform. These stages are overlapping each other, depending on the business; sector and country the order might differ.
The company should reconstruct the business model if they want to come back with full-fledged. Step into the game with a high expectation of challenges and opportunities. Focus on four strategic areas: Recovering revenue, rebuilding operations, rethinking the organization and accelerating the adoption of digital.
The Master Plan for a Rapid Recovery of Revenue
The competition is going to be high thus; this is a suitable time for the company to make a master plan to regain recovery. The company cannot stay calm and think that the revenue would increase according to the time. In fact speed matters, the company needs to rethink their about their revenue profile to position themselves to achieve the goal.
Image Source: McKinsey & Company
The optimum use of manpower is going to make a drastic difference in revenue recovery. The survey conducted by McKinsey in the April month stated that the new remote sales models were providing more effective results than the traditional channels.
Identifying and prioritizing various strategies to expand the revenue opportunity is mandatory. McKinsey has created a thematic representation to get a clear view to plan according to the company’s needs.
Image Source: McKinsey & Company
Think, Rethink and Rebuild the Organization
Back in 2019, a leading retailer was exploring to launch a curbside delivery business, planning took 18 months. During the COVID-19 lockdown in the US, it went live. Businesses can grow faster than our expectations.
In a crisis or after the crisis, what matters is the relation between the employer and the employee, but the safety of the employee stands first. The company can grow along with the employee. Work closely with the employees regardless of hierarchy. Let us keep the talent above the hierarchy. “With people, we can rebuild,” says MAF’s Alain Bejjani. The growth of an organization is depending upon three factors: the ability to embed data and analytics in decision making; creating learning platforms that support both individual and institutional experimentation and learning at scale finally, the cultivation of an organizational culture that fosters value creation with other partners.
Promote the use of Digital platforms
The uncertainty could happen with the behaviors of the customers too. The demand patterns might have significant changes after the pandemic. The company should have need notable solutions to rectify this problem. To address this kind of issues, leaders should set a resourceful digital agenda that can be delivered quickly.
Be Pro-active
Aware of the market place, customers and clients are always a great step to increase the revenue. Sometimes, today's knowledge wouldn't help in tomorrow's market. Smart companies and leaders who believe in pro-activity will always brush their knowledge and expand it. This knowledge is essential in order to develop various strategies.
Rebuild the Sales Strategies
The pandemic has given a new definition for B2B sales. The B2B companies had to take an initiative to make their sales through digital platforms. The report published by BCG has stated that 80% of the companies actively exploring the digital marketing platforms for their sale and they are planning to take their rest of the sales also through digital.
Let's go beyond the Challenges
The leaders should do rigorous research on the current economy and the challenges that they are going to face for at least some time. The uncertainty will continue for a couple of months too. Moreover, the leaders should react quickly towards the sudden changes that can happen in the market.
Don't put your Startup Ideas on Hold
For aspiring entrepreneurs, don't leave your startup ideas. You have still opportunities to take your business off the ground. Use digital platforms to get kickstart of your ideas and gain brand loyalty.
"If a brand’s online identity is non-existent or inconsistent, its audience will quickly figure it out and go to a competitor who communicates more effectively," -Greenberg CO—
Focusing on advanced SEO practices would help you to hit Google Algorithm; you can bring your website on the top of the page. Communication is the key, it might be harder for you to connect with the customers but use all the possible ways to get in touch with the customers and remind them about your existence.
"Having solid SEO in place is a magnet that brings [clients] to us," said David Vranicar, managing partner and founder of FBS Fortified & Ballistic Security.
On the brighter side, remember that changes always ensure opportunities. Let's hope for the best and tremendous growth in the business sectors.
