Businesses are introducing multiple budgeting and planning sessions to develop profitable strategic steps for their companies to follow amidst the looming economic crisis. The pandemic and its repercussions have helped them build teams to forecast, develop, classify various recovery strategies, and work on essential performance indicators. On the other hand, businesses that witnessed the pandemic’s immediate impacts have had a tough time to survive in the market.
Businesses that revolve around technology or the pharmaceutical companies have a relatively straightforward planning exercise than the others. For instance, the Indian IT industry shot up during the pandemic, and the sector witnessed tremendous advancements in the coming times. These companies have undoubtedly navigated through the scenario unscathed due to the demand for their services and products.
Bringing Forward An Effective Model
Today companies need to go beyond the typical macro-level settings that usually describe the general direction towards the economy, keeping in mind the circumstances. Looking at the post-pandemic market’s slow progress, an effective model will help business leaders evaluate their plans’ success rates precisely, and provide a hand in materialising their products or services under challenging scenarios.
With an effective model to follow, businesses can have the data and analytics handy, which can help them calculate the cost and cash flow, thereby enhancing their financial planning and analysis (FP&A) standards. They can also access the necessary actions that the management needs to take to make crucial investments. For instance, since most companies are now anticipating a second wave of COVID-19 in early 2021, they have already devised strategies for the smooth running of their operations. In the same light, they have adopted game plans similar to the “Save-to-Thrive” model, which may position them best positioned under the second wave challenges.
Business leaders can focus on planning profitable actions that can support as well as influence their post-pandemic upshots. Planning and research have helped and shall continue to help several big and small companies to recover amidst the limiting market scenarios by:
- Making propitious resource and investment preferences, keeping in mind the scenario-planning results for every individual product unit and service line.
- Adjusting strategies to steer through a chaotic revival.
- Creating buoyancy by preparing for complicated market conditions.
Embracing Online Platforms
With the restrictions on movement due to the pandemic, it is no brainer that everything has moved to online platforms. There is a spike in businesses who want to produce or update websites, build innovative social media campaigns centred all their preferences on having home-based workers, and directed them on achieving more trends and channels online. With the ‘Digital Village’ initiative that offers internet access to the spread of rural areas, internet users’ count has surely gone up. Data consumption in rural India has gone up nearly 100% within a month – during the lock down. Apart from that, the country has witnessed a dramatic transition in the Indian Postal services, where they collaborate with 400 e-commerce websites. Indeed, it is the right time for businesses to profit via their online presence by tapping the enormous rural community. Moreover, e-commerce continues to dominate India’s top 5 cities, with Maharashtra, Delhi, and Karnataka going up to 65% and more in the consumer demand.
Now that digitisation has surfaced as a massive opportunity for businesses in India, and around the world, the best way to gather customers will be by strengthening online presence. Companies should utilise various channels on social media platforms to run promotional emails and memberships deals to gather new audiences and customers for the long-term.
Numerous macro uncertainties can influence future economic cases, which seem to be either an added upside opportunity or a risky liability. Resilient business leaders need to be prepared to experience what the future may hold because the post-pandemic economic scenarios will be all about exploring newer risks, opportunities, and crossroads of both. It is too early to foretell the economy that will stand in 2021. But it can be said that the Indian market in the rural region carries an unexplored potential that most businesses should steer into, and usher in new and innovative strategies that can bring significant changes in the recent future.