You have started your business years before and with hard work and full of enthusiasm you developed your business to a respectable level. Suddenly the Covid 19 Pandemic came like a storm and it not only could shatter human life but the business you have built through your hard work and hard earned savings.
During this time of downfall business leaders across the Globe working day and night to find the solution to keep the business alive and growing. We at Dealersnest do believe that this is the time for transformation and for a sustainable growth. Let’s look at the various plans one can look at.Sustainability is the key to any business and Sustainable growth of business is not an option anymore! It’s a need of the hour. Business growth is possible when there is a right strategy combined with the right market followed by right time! Yet, many companies forget the most important component – “Right Governance policies”. Thus, a “match” is accomplished between all the above factors; one can achieve high business growth.
New Product Development
One of the most easily sustainable business strategies for companies is introducing new products into existing market to mirrors the market development policies. Even though it appears to be an easier strategy to implement, it has its own challenges. Developing new products requires new skills and continual tweaking until success is achieved.
Developing new products in new markets can be a riskier strategy in an unproven marketplace at the time of low. However, if you think innovation is a business value it may be worth the risk as long as you understand what’s at stake. Diversification is not just in new Product development but can create new markets for your existing products. New sales channels are another golden opportunity awaiting the innovators.
Acquiring a new customer is costlier than retaining the existing customers and it reduces the cost of operation to a larger extend. In order to retain the existing customers the key is close interaction and constant support you can offer to your customers in this difficult time. Post sales service industry can never die and it’s a continuous business opportunity.
Fill up your Time gap
When the market is down what is there in excess is the time. Fill up that time with most potential products and services. For example if you were selling Cold Storage rooms and your focus was into that line of your expertise. Now the new opportunities can take a back seat in the segment you worked for. This is an opportunity to fill up that vacant time slot by adding allied products to your arsenal. A Super Market or restaurant refrigerators can fill up that time slot and it will add value for your business.