The novel coronavirus has clearly been an uninvited guest that pushed the world economy into a totally unexpected scenario, observes Cherian Kuruvilla, a business coach and mentor. Mr Kuruvilla speaks about 5 key factors entrepreneurs should keep in mind while fighting the pandemic.
Managing cash flow is the first step. For that, an entrepreneur should have a clear picture of the present financial condition. He/she should search for money sources, which will benefit once the crisis gets over.
Lockdown period is a good time for entrepreneurs to reach out to clientele. Entrepreneurs should classify their customers on the basis of their capacity to make payments. It should be noted that bigger clients would be able to settle payments easily, added Cherian.
Another important factor to ensure is that entrepreneurs make their employees feel wanted. The present situation is a period of anxiety for them, too. Effective communication should be maintained with them. Employees should be acknowledged about their worth. They should be made to feel secure.
Involving employees in company affairs is a key aspect. Not everyone is used to work from home. It might take time for them to adapt. Making them feel comfortable is the first step towards ensuring productivity. This lockdown period can be used to set a vision for the future. Involve workers in the process and equip them to face the future, added Cherian.
Clientele and vendors are two other groups which will have an impact on the company’s future. Maintaining a connection with the current clients and rekindling with the former ones will build beneficial relationships, says Cherian. During this period, reset terms and conditions with vendors and treat them as partners. The relationship you build today will determine the future of your enterprise.
