Business

Handling COVID-19: Learnings from around the world and what to expect

While most developed countries are reeling under the attack of the coronavirus, there are some smaller or less developed countries that have been successful in containing the pandemic to an extent. Whether this is enough or whether more can be done, is a debatable matter. What we need to understand is that there are several lessons we can learn from them to know how they have bounced back from the crisis. From what we hear, venture capital activity has been resurgent at a time when the world is struggling to stay on its feet. This means that business is optimistic…

Multi-sided platforms: The New Promising Business Model

While virtually every kind of business, barring essentials and a few other industries, are showing a significant downtrend in earnings, there is one business model that seems to be going from strength to strength. This is the multi-sided platform business, and it could be your way out of the economic slowdown that is looming ahead of us. Most importantly, with household incomes expected to come down, they will be looking for bargains, which will help them conserve valuable cash. Hence platform businesses that offer them well-priced products will be much in demand. Uber Eats is an example of a company…

COVID-19: Marketing Insights

Today, consumers’ demands have changed drastically due to the pandemic and the resulting lockdown. While fear is the underlying emotion in most minds, there are specific insights that marketers and brands will need to keep in mind when they target their clients from now onwards. If you look at entertainment and buying choices, people are living more in the past and the future rather than the present. Obviously, the situation being what it is, the present looks bleak, but the future is still hopeful. If you look at entertainment demand, consumers are more into nostalgia. They would instead think about…

COVID-19: How to Effectively Communicate with Clients with Empathy

Most corporates are busy blasting emails to customers about the latest updates on the coronavirus front, or how to wash their hands, or how to wear masks. The customer’s email boxes are overflowing with such advice. This is a phase when one needs to be more sensitive and show empathy not only towards the client but also towards others such as retailers, suppliers, investors, etc. When your email is full of every company telling you what to do, this leaves a bad taste about such brands. All of these people are going through tough times, and they will appreciate it…

COVID-19: Make The Best Use of Time

All of us have a few hours of extra time on our hands following the lockdowns or the new work from home rules. That’s because we don’t have to do a lot of things we used to do earlier – getting ready for work, traveling, getting stuck in traffic jams, etc. It’s nice to have a breather and spend more time with the family. But in addition to doing that, let’s try to do a lot more. Don’t waste this precious time that has been added to our lives all of a sudden. Every minute we have is an opportunity,…

COVID-19: 7 Tips to Work from Home Successfully

Working from home isn’t easy. You must have realized that by now. There are a hundred distractions that all seem to need to be catered to immediately. So if you haven’t been able to concentrate on your job, you need to pull up your socks. Remember, you are earning a salary for working from home, so you need to get a little organized. Here are some tips to help you do exactly that. Pretend you are on your way to the office every day First of all, you need to get into a routine where you feel you are getting…

COVID-19: 6 Working Capital Management Tips

The most crucial factor in running a business right now is working capital. With sales slowing down and stocks piling up, it is imperative to make sure that you have enough working capital to tide through this crisis, and that sales are steady.  If you think you need to sustain on the current working capital for another 12 months, do whatever it takes to ensure that you do not run out of funds during the next 12 months. Let me discuss some tips to ensure that you stretch out your cash resources as long as possible. My first point is…

5 Best Ways to Plan in a COVID-19 like Situation

We all know how to plan, and usually, we already have quarterly or half-yearly plans in place, but in these times, it is necessary to tweak our projects and to rethink our strategies. Because a lot of things have changed in the last month, a month ago, you could not even imagine the entire population of India sitting at home, but today this is a reality. We could not imagine a lock-down of this scale and period. We need to now get used to something like this until there is a vaccine in place for the pandemic. There are already…

COVID-19: The Best Ways to Cut Costs

Conducting any business gets costly over some time. This is because we tend to build up some costs which we think are necessary. The reality could be that we can achieve the same output at half the price. Then we bring in management gurus to tell us the same thing and pay them lots of money to do so when all we had to do was to take a fine-tooth comb and go through all our expenses and decide for ourselves what is necessary and what is not. So today, let’s look at what we can do to bring our…

COVID-19: Opportunity for New Businesses?

It’s no secret that a lot of changes have happened in our behavior over the last few weeks following the worldwide lockdown. We have stopped traveling, so there’s a massive drop in demand for transportation, and consequently, there has been a lower demand for diesel and petrol and a lower need for a host of other products. There are suddenly no maids to do household chores and no delivery boys to deliver essentials or fresh food. There have been significant changes in all fields, including industry, education, entertainment, sports, and wellness. And these changes are here to stay. All these…