Powerful Strategies For Business Growth
Covid 19’s second wave damaged many small and medium businesses be its manufacturing units, trade units, or service units. Though people are thinking that Kirana shops are doing well the fact is not the same as most Indian customers are buying basic and essential that too for domestic use.
Indian businesses are standing on pillars of banana by aj, bank loans, CC, and other heavy interest rate-based fund management and most of them were making decent money, not great money!
Due to the two waves of Covid maximum Indian businesses will have to restructure the entire business model or maybe a major business structure from scratch to stand again.
Major changes / Tips I (Varun Surana) Recommend
• Cut Short The Fancy Expenses: Those expenses that are not helping in revenue generation are cut them as soon as possible, especially all fancy expenses.
• Increase the point of sales: Increasing sales is very much essential and everyone will need to sell more so either you expand your branches or go with the online model or maybe some kind of franchise options.
• Increase Product / Service Line: Add some more products/services which are related to your existing business or can be managed with the same family/team in extra/available time.
• Cross Sale / Up sale: This one is the most interesting way to increase sales after a pandemic and digital technology and automation can help you a lot in cross-selling and up-selling.
• Complete restructuring of the team: Maybe you have to bring in some new people and say goodbye to non-performing / low-performing assets, change the job role, salary, and incentive structure based on the performance of results not just efforts. Good team members should not suffer because of some non-performing team members. Onboard non-performing / less-performing team members based on projects/tasks (On Humanity Ground).
• Utilize digital platforms: If you are still ignoring websites, Facebook, Instagram, LinkedIn, and SEO for your businesses it’s time to make these activities an important part of business, from cost-saving to revenue generation these activities will help you a lot for sure. Start opting for Digital Marketing Services from well-known agencies like Brand Chanakya.
• Sales-Oriented Website: Not just a website, a sales-oriented website means it leaves leads for your 24×7 for 365 days. If your website is not working as a lead generation machine you should contact Team Brand Chanakya for understanding the restructuring process of your showpiece website into a sale-oriented website along with effective SEO services & if you don’t have a website / eCommerce store till now get it as soon as possible, trust me third, fourth and don’t know how many waves will come, but whenever another lockdown happens your business should have some scope to work/sell.
Read More: Importance Of Business Website
• Add one more business in your life: if your business is bulky and can’t be managed without going in, its time to add an asset-light business model/affiliate agency of any business where you do not invest much but if any kind of lockdown happens you have something to work otherwise whole day you ll either read negative news or will pass the time on social media or ludo king.
• Teach entrepreneurship to your kids: if your kids are 6+ years old, start talking to them about business, plans, markets, etc, I know you’ll think like “Abhi Kya Karenege Wo Yah Sab Samajh Kar” Trust me “Abhi Samjhana Shuru Kar Do Kyonki Ho Sakta Hai Baad me Aapke Pass Samjhane Ka Scope Na Bache”.
Trust Me, if you apply all the above 10 changes you’ll be the happiest & satisfied business owner after the second wave & also the next waves will not affect you much.
Stop Reading & Start Doing Now !!!
Let us know in the comment box if you are already following any one of these tips!
Founder : Brand Chanakya