THE BUSINESS ENVIRONMENT AND OPPORTUNITIES AS COVID19 IS SUBSIDING.
The famous pandemic that has hit almost every country brought a lot of business to a standstill. Covid 19 popularly known as corona virus has made a lot of people to lose their jobs, salaries cut down and business entering into a loss instead of profit. Fortunately for Ghana and other countries, the case counts of total confirmed cases in a day keeps reducing even though the various protocols are being observed.
Prepare for pent-up demand.
Pent up demand refers to a situation when demand for a service or product is unusually strong. Covid 19 has thought businesses that we will not always be getting profits but there will be crisis. The question businesses should be asking is, are they prepared for these unforeseen situations? In order for business to see opportunities as corona virus is subsiding is by planning for such situations so that during that period, they will still make profits.
Work on long-term investments in your business.
For businesses to be able to create more opportunities during or even after unforeseen situations, they must invest in long term strategies. Businesses should always plan and look into the future and not its immediate situations. Investments in long -term plans are not just in terms of money but ideas, resources, strategies among others. The leads in the various business must always have a long-term plan and drive their subordinates to run with the plans. This will help business create more opportunities even after such pandemics like Corona virus
Embrace new sales channels
Businesses can create opportunities by embracing new sales channels. Even though some countries are still in the lockdown situation, people will always need something to buy. Needs and wants are very inevitable but they may not want to get out of their homes to get whatever they want. What then should businesses think of doing to create opportunities? Business can create e-commerce channels and also provide delivery services for their customers. Furthermore, for business to create more opportunities, they must bring their business online by leveraging on the different social media platforms.
Covid 19 has thought businesses and even individuals a lot of lessons that can never be forgotten. Planning for unforeseen situations is a major one and business should always have in mind to plan for such situations in order for them to make profits even during such difficult times.