THE SUSTAINABILITY OF YOUR ENTERPRISE IN TIME OF GLOBAL CRISIS
Things are not coming back to normal because the crisis is here to stay for a while, so how can you protect your business and ensure its sustainability?
Our surviving instinct dictates to cut costs everywhere but again history has proven that after any recession comes a period of growth, so while we need to cut down on unnecessary expenses spend time studying success stories from past recessions like in the 70s, 90s and 2000.
During the great recession of the 30’s, Estee Lauder a small beauty company at the time found that while women were not purchasing expensive beauty creams and perfumes, lipstick sales were growing exponentially so they invested in affordable lipsticks and mascaras and became the largest beauty company in the USA.
Like Estee Lauder, other companies not only survived the crisis but strived. You should invest in your R&D, upgrade your technology and automate your whole business management process. When possible, embrace remote working and reduce office space and staff.
Create a plan and a best practice guide for technology transition, find new products and service niches, sales channels and digital marketing innovation that consumers would shift for. Hire out of the box brains and expert consultants that have strived in your industry in previous crises.
Go to: www.anythingmarketing.com and expand when competitors are closing.