Effective Tips to Remodel Business Strategies to Counter COVID 19
London, United Kingdom, May 14, 2020: COVID 19 has generated a massive impact on businesses that were up and running. The world is shut, locked inside of their homes, businesses hampered, and the growth is seeing a sharp decline.
Upon asking the Hestabit CEO, Mr. Harshvardhan Lakhera said: “We have to take up a proactive approach to dodge all the hurdles that come our way, I don’t believe in stopping and neither should any other entrepreneur.”
Since COVID 19 hit, organizations across the world had and are still seeing a drop in their revenues. In a matter of a few weeks, organizations went borderless.
Hestabit, on the other hand, has shown exceptional performance, defying all odds, they were able to bring out extraordinary outputs. Their revenues and business have seen a gradual increase since quarantine.
Mr. Harshvardhan had some insights to share with other business owners as to how they can improve their business growth during tough times. He suggested three pro tips that are impossible not to take into account.
#TIP 1: Get your products to various channels:
He suggested that this approach will definitely help business owners to continue their functioning even during the COVID 19. This approach will be practical, even post virus.
Giving an example, he said, “I remember reading about the Chinese company Lin Qingxuan, the cosmetic company that was forced to shut 40% of its stores across Wuhan. Their sales dropped down by 90%. However, the company applied the same approach that I mentioned; they redeployed the beauty advisors they had, as media influencers.
Through digital applications, they maintained communication with their customers and engaged them even during the lockdown and maintained their online sales.
Not just that, on Valentine’s day, they hosted a huge online event featuring more than a hundred beauty advisors. Imagine, their Februarys’ sales were 120% more than their total sale of 2019.”
He believes if all business owners proactively take up the same approach; they will be able to bring a revolutionary change to the current technological structure.
#TIP 2: Use your infrastructure to build different products:
The year has brought a significant decline in users’ needs for a lot of products. Mr. Harshvardhan said, “It is not necessary for you to stick to just one product. Unique situations need unique solutions.”
Hestabit has outshone in the business industry since it works on the need of the hour. And so should any business.
Putting forward some brilliant examples, He said, “For example, LVMH, a perfume company by origin. The company has resorted to producing hand sanitizers since the need for it is clearly high. Or take an example of Hilton or Best Western, they are both well-known Hotel chains, but now they are offering their rooms to COVID 19 patients and hospital staff in the UK.So, you have to keep changing with the time; you have to be fresh to always be on the top.”
Changing your product with the change in the market is proved to be a great strategy all advanced businesses have adopted. And if not yet, then they should.
#TIP 3: Continue with the same product but change the infrastructure:
Sometimes to meet the increasing demand for a product, a company would need to add up the existing infrastructure to bring an increase in the production of the product.
Mr. Harshvardhan said, “some products may be the need of the hour, or even if they are not, developing them may still be fruitful. Take an example of the tech world. What I love the most about it is that it never stops. We have been continuing with our work even though our infrastructure has changed 180 degrees. What was surprising to me also was that we were able to add up to our staff during the lockdown.”
Upon further discussion, He stated that a company should add up staff if there is a sharp increase in demand. He said, “Everyone knows how supply and demand go.”
Companies should be open to collaborations too since it can divide the burden and the profits of both.
For Example, Amazon not only hired 100,000 employees in the US but also partnered up with Lyft as demand and fare for Lyfts fell drastically.
COVID 19 has shaken the working culture of the entire world. Where businesses are on the verge of losing it all, Hestabit was able to outperform. Hestabit believes that they were able to foresee and manage beforehand all the hurdles that were to come their way. Clarity and quick decision making is the core of any business.
Hestabit believes that the changes COVID 19 has brought with it are here to stay, so taking a proactive approach that could give both immediate and long term benefits is the best way to keep up with the change.