How to Defend Business from Crisis Storms
As Darwin’s revitalization explained, natural selection will be experienced by all living creatures. And so it is in the business world. Eating up business, bringing down one another, inflation and the monetary crisis are inseparable parts of the world of business registration. Government policies, changing political conditions also greatly affect the economic stability of society.
Therefore you as a businessman must be responsive in the face of change. Especially in this era, changes are happening so fast. If you can’t adapt, just get crushed by the times. Changes in current technological developments. Can bring problems that are quite serious in your business that is bankruptcy. It can all happen if you do not adjust well. Maybe not all of the 1000 entrepreneurs rose again. That is natural selection.
Natural selection in business always occurs when a monetary crisis occurs. Many various kinds of businesses that end up rolling because it is caused by various factors. So that your business can survive through natural selection. Here I give some tips:
Human Resources Efficiency
Many business people choose to reduce the number of employees. But is that true? Do not be rash just yet, give an explanation to all your employees about the current situation. Better you multiply the strategy to maximize employee performance to rise in this situation.
You can also propose to all your employees to participate in selling your product. Give attractive commissions for every sales employee outside of sales. But if your employee is really not productive, the decision to lay off employees is the best decision you have to make. Yes, even though it will definitely be the hardest thing.
Prioritize Cash Sales
Receivables can be a way to get a fast turnover. However, when you are in a limited situation, avoid using credit payments. At that time you are strongly advised to have fresh money to be played back. To cover operational costs for your business. You need to be more focused with your fresh money. Lots of big turnover but no money. It’s the same because your employees will probably not want to be paid only with numbers but no real money. But, if you have a large enough capital, this might not be a problem.
But however the name receivables have the potential to not be paid. So, you must be careful when making sales transactions on credit.
Use agile strategies to survive
Changing strategies can be tried to be different from competitors. You must have a different and unusual strategy with competitors.
Make use of Momentum
Technological developments, viral news can be a surefire weapon for your business marketing tool. The answer to every solution to people’s problems can be your way of selling your product. Fears of health, the rise of a healthy lifestyle, or other momentum you can use for media sponsors. However, keep in mind the suitability of the momentum with the identity of your product.
Test and Measure
All the methods that you use need to be done periodically to keep track of the performance of the tactics you choose. If there is no data on how you can evaluate and analyze your business. If you do the strategy, don’t forget to test it first and then measure the results of its performance. If producing good numbers can be continued but if it is bad then you must immediately replace the strategy.
There is an old saying “You only need to last 5 minutes longer than competitors, that’s enough to make you a winner. Don’t be discouraged to keep learning.