Tips from top CEOs on how to make your business survive during the Covid-19 pandemic

Whether the pandemic ends within a month or two or stretches into the long-term, business owners need to be ready to buckle down and make changes to their business strategy in order to weather the storm and beyond.

The Covid-19 pandemic and lockdown had brought hundreds of companies across the world to their knees. But with a few essential tips, you can help your business ride out this tough time.

We have for you here a few business-survival tips from several CEOs to help protect your company during the Covid-19 pandemic.

 

Tips from Himanshu Bindal for business growth

Himanshu Bindal, Founder of Biosup (a pioneering company in the area of pharmaceutical and surgical products) shared tips to plan for future growth:

1. Cost monitoring: Always monitor your cost and get as lean as possible even when you are not having liquidity challenges. Also, keep an eye on your balance sheet. The better you manage your cash the better your business plans will work out.

2. Contingency planning: Planning always saves you from the worst-case scenarios. Always have a Plan B and if possible, a Plan C as well so that if something goes sideways, your company will not be hit hard as it will be saved by your contingency plans.

3. Quick decision-making: Never delay in making decisive decisions in times of trouble. And never be shy about seeking help from outside.

4. Communicate with customers: Try to communicate with customers and let them know that they and their reviews on your products matter. Improve and do the changes accordingly, if needed.

5. Internet: Go online as much as possible because it always helps to reach customers who we cannot tap through offline or other forms of marketing.

6. Keep striving: Keep striving to come on top of the industry of which your company is a part of.

 

 

5 pillars of business strategy from Vikas Chaturvedi

Vikas Chaturvedi CEO of Xanadu Realty a real estate b2b consultancy firm shared 5 pillars of his strategy which includes:

1. Drive Innovation in every aspect of the business

2. Absorb and accept technology in your organization to take your product to the customers

3. Take initiative and bring smarter consumer propositions to take care of worries of a consumer while buying property

4. Reskill your teams for the new scenarios

5. Mitigate risk and judicious cash management. Most importantly stay positive during this time.