20 Apr 5 weakness in your business model revealed during corona crisis
Fix these 5 weaknesses for a robust business model post COVID 19
COVID 19 has thrust most businesses outside their comfort zone, forcing them figure out how to work from distributed environments and rely on unconventional methods for communication and collaboration. This sudden shift has disrupted how businesses work and also exposed several weaknesses in the way it works. To quickly analyze a few of the most common ones:
You are relying on one big client:
Relying on projects you’re doing for one big client who takes up a major share of your working capacity is like putting all your eggs in one basket. Always have 10 small clients than one huge customer.
Your business development plans are outdated:
If you’ve been following the same business plans for years together, it’s time for a rehaul. Improvisation and fresh ideas are essential for growth. Create a future-proof plan and strictly adhere to it for great results. Your development plans should be innovative and encourage fresh ideas.
You don’t trust remote work:
Difficulty in controlling what employees do makes some employers discourage the practice of working from home. But, in situations like now, it’s not a matter of choice. Employers must weigh the outcome over the process and many employees claim to be more productive when they are working from home. So, trust your employees to work efficiently while working remotely.
You’re overly dependent on face-to-face meetings:
Face-to-face meeting are great, but it takes time and some people may miss. During working hours, call or video conference tools on laptops and even mobile phones ensure people concerned participate. Participants can be ready from where ever they are, meetings can be set up quick and they can even be recorded.
You only trust manual work:
While manual labor gets the routine tasks done, automating them improves efficiency. It makes your people work faster with improved accuracy and concentrate on adding value. With cloud technologies, your employees can even work from home with remote access to necessary tools they require. This brings a tremendous amount of flexibility to your work force.