As we open up after the pandemic lockdowns, many businesses are yet to fully recover. In fact, some may never recover from the enforced closures and the extended reduction in demand as customers preferred to stay home to be safe.
While people begin to embrace this new world, it is still tough out there.
This means we have to think of ways to protect your business in tough times.
While it may not be possible to be fully proofed against these times, what is possible is to secure your business as much as possible by following some common-sense business strategies.
These strategies can be either “defensive” or “aggressive” strategies.
As your profit performance drops it is difficult not to panic and to tighten all your spending. However, you can tighten things too much. While it is natural to seek defensive strategies such as cutting costs, it is important to keep in mind the more aggressive strategies – those that your business should take to ensure that you are the one in your industry survives while others are closing down. Read More