06 WAYS TO GROW YOUR BUSINESS DURING CRISES

Every business in the world is affected by the global crisis, the global crisis may be a global pandemic like COVID-19, wars, weather risks like a tsunami and draught, etc. A businessman can save and grow their business by adopting different ways. Let’s learn 06 ways to grow your business during crises.

Here I will tell you 06 ways to grow your business during any global crisis. Before reading and adopting these ways the most important thing is your mindset. This is not the time to panic, to get all nervous, but this is the time to stay calm, cool, and collected. Because you cannot make an intelligent decision in your business during panicking.

01. SUSPEND ALL NON ESSENTIAL SPENDING

If you intend to buy a house, vehicle, or any other assets or expensive things, and big plans that require a lot of cash, for your personal use or business, and the global crisis is starting or you heard on the news that a global crisis is near then you should suspend it immediately. 

If you want to take risks to start a new project of your business, or you want to open a branch of your business, also suspend all these activities. This is not the time to take any risks because to survive and thrive, focus only on stability. During a crisis, every business needs to survive and for survival, any business needs as much cash as possible.

02. SELL OFF ANY PRODUCING ASSETS

Many businesses have or contain some non-producing assets. Nonfinancial assets are important to businesses as these assets appear on a company’s balance sheet and determine a company’s market value and debt profile. 

But during the global crisis, you should sell, because these assets need expense to active. For example, if a business owns an extra vehicle that needs many expenses otherwise it will be useless, same if a business owns an extra building or land it also needs some expenses otherwise it will be useless.

03. DIGITIZE YOUR PRODUCTS AND SERVICES

Digitize, mean if you are selling any product or providing any service digitize it immediately. For physical selling, you need big showrooms, franchises, and malls but if you digitize completely you save these costs. You can sell your product in one city or area but by digitizing your business will expand all around the world, and your sale and profit will increase. Systemize means doing all activities of your business through software/systems. 

There is much software available on a paid or free basis that provides different services for businesses, like accounting and financial recording software, HR software for recording employees’ data, etc. Virtualize means conducting virtual events, virtual seminars, virtual trade shows, meeting, or deal online by using different software. 

It saves your traveling, hoteling, and food expenses and also saves a lot of time which you can use to read and learn new things.

04. COUNT COLLECT AND CONSERVE YOUR CASH

Count means to look at your cash flow and cash balance on daily basis. To survive during days of crisis counting cash is very important. Manage in and out of your cash. Collect your cash from the market immediately and reduce the number of credit sales.  Focus on a cash sale, you should deal with your customers to purchase material on a cash basis, and convince them about cash purchase, during a crisis cash sale is the only way to survive in the market. 

If you purchased any material on credit or have taken a loan from banks, hold your cash to delay the payment. Negotiate with your debtor to pay your payment early and negotiate with your creditors to delay the payment as they can without an increase in interest. Do everything possible to hold your cash balance because cash is the lifeblood of your business.

05. ATTACH WITH YOUR CLIENTS

As you already know, those businesses that survive a disaster provide extra facilities to their clients. Start giving any extra facilities to your customers. Foremost start home delivery, if you are selling anything, start free home delivery it can increase your sale. Start online payment, your customer can pay you online instead of cash payment on the counter or cash payment on delivery. 

People feel comfort to pay online because every bank issue an e-slip as proof. People can manage their budget easily due to online payment, they can audit their bank statements to manage their expenses.

06. START REMOTE JOBS

Hire employees working from home basis because to grow your business during a crisis it is very important to save your office expenses. The employees who work in the office are more expensive than the employees who work from home. The employees also feel comfortable working from home. 

You can save electricity charges, air conditioning expenses, and entertainment expenses to start remote jobs. Companies also hire employees from other countries for low remuneration to save money.