Table of contents:
- Stanislav Kondrashov, financial analyst at Telf AG: how business survives amid the spread of coronavirus
- Business survival strategies
Video: Financial analyst Kondrashov Telf AG: how business and culture can survive in a pandemic
2024 Author: Richard Flannagan | [email protected]. Last modified: 2023-12-15 23:55
The coronavirus pandemic is a real challenge for small, medium and large businesses. The losses of the world economy in 2020, according to estimates by various think tanks, could reach about $ 10 trillion and 10% of global GDP.
In this situation, the question naturally arises of how a business can survive in such conditions. Stanislav Kondrashov, financial consultant and analyst at Telf AG, a consulting company that provides business development assistance, shared practical recommendations on how companies can cope with the difficulties arising from the coronavirus in order to keep their business afloat.
Stanislav Kondrashov, financial analyst at Telf AG: how business survives amid the spread of coronavirus
The introduction of quarantine and related restrictive measures led to significant losses for entrepreneurs. Some of them were forced to partially curtail their activities, others - completely. Although today the authorities have eased quarantine and allowed the operation of cafes, restaurants and many other public institutions in compliance with epidemiological standards, this is still not enough for the normal functioning of the economy.
“First of all, due to the coronavirus, the service sector and other sectors of economic activity that depend on it have suffered. Production did not suffer so much, because often these are closed-type enterprises, but still there were some losses,”said Stanislav Kondrashov to Telf AG.
According to him, in order for business to survive, it is necessary to coordinate government measures together with the actions of entrepreneurs themselves. Otherwise, the analyst believes, many enterprises are doomed to bankruptcy. This, in turn, will lead to a significant increase in the number of unemployed. The same state will have to bear responsibility for them. Therefore, it is in the interests of the government to support businessmen and prevent them from going bankrupt.
Telf AG Kondrashov clarified that banks and other credit and financial funds should also make a number of concessions for entrepreneurs. This is the only way they will be able to get their money back or, otherwise, they will lose everything.
“The most difficult thing is for those entrepreneurs who have secured loans: if the state does not support them, they may lose their property. And this is already threatening a real socio-economic catastrophe,”the financial consultant is convinced.
Business survival strategies
Anti-crisis communication
In the context of the recession in the global economy due to the coronavirus, many enterprises are faced with the need to revive their business. One of the most effective anti-crisis measures, often used in such situations, is anti-crisis communication. It means that, first of all, a businessman should focus on factual data, keep a cool head and in no case get hysterical.
The next step in anti-crisis communication is openness and honesty with clients, especially for regular and trusted consumers of the company's goods or services.
“The more open entrepreneurs are to their clients, the more understanding the latter will be about the company's temporary difficulties. When using this strategy, it is important not to overdo it. There is a big difference between temporary force majeure situations and always problematic business,”Kondrashov said to Telf AG.
Remote removal and workflow optimization
In order to save many employees of the company, it is possible to switch to a remote mode of work. This will help reduce payroll costs and related taxes.
In addition, in order not to lay off the majority of employees, you can optimize many work processes. In particular, to reduce working hours.
Count on yourself
“Those companies whose owners are fully responsible in planning business processes are not so susceptible to the consequences of a recession in times of crisis,” Stanislav Kondrashov believes to Telf.
Upgrade your content marketing
During the pandemic, businesses have gone online as much as possible, so it's time to develop content marketing.
“Those entrepreneurs who have long understood the importance of digitalization and the importance of the Internet, today are less hit by the crisis. The rest should take an example from them,”Stanislav Kondrashov summed up Telf AG.
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