Some of us are still reeling from the lockdown and have not yet seen the full extent of the damage to our business or have not done the research to see what effects the lockdown has done to the operation.
This then becomes a critical moment in the business where thought leadership needs to shine and to come up with genuine ideas to steer the business out of its current state it is in due to the pandemic.
This is especially true for South African manufacturing industries where businesses have had to defend on many fronts and not just the pandemic. From poor GDP growth to rising costs and poor leadership from the government. This all has had a huge toll on businesses in SA. There has to be a huge emphasis to rebuild your business after shutdown.
Many businesses have lost customers to a variety of reasons in the pandemic era. This can comprise of other vendors been cheaper, they themselves are cutting back on expenditure or literally do not have money to spend.
But are there ways we can get back lost customers? The simple answer to this is absolutely. Remember not doing anything to reclaim lost customers would mean you would have to do double the work to get new ones. Nurturing lost or currently customers is an excellent way of generating new business.
How can you do this? Cross sell products, offer better pricing, negotiate better payment terms for your customers and ultimately boost the quality of your services.
Most of us has had to make quick adjustments to how we cut costs, during the pandemic lockdown. COVID 19 has taught all businesses across different industries on how they can cut costs, and improve cash-flow
These lessons we have learnt can be carried forward post pandemic era. Many businesses reviewed their expenditure and costs and realized that with technology there are many ways of cutting costs, such as cutting down on travel, reducing office costs as staff work from home and so on.
Look For New Customers and Opportunities
Your business should look at new revenue streams, that are within your product scope. Use your strengths to improve your products, better selling techniques and a stronger drive to meet new people and create new opportunities.