How To Handle Uncertainty And Change To Support Growth In The Business - ToOLOwl
Thursday , January 28 2021

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How To Handle Uncertainty And Change To Support Growth In The Business

As the pandemic continues to grow and affect the industries, consumer buying habits, and daily life, the challenge of circumnavigating the growth of the business while protecting the core values, profit, and staff members, become impossible for many businesses. However, as per the research conducted by Forbes, there are various opportunities for business leaders to grow in the times of epidemic, specifically, if they are open to accepting new solutions. Those businesses that are ready to evolve with the environmental changes are the ones that are thriving. Here are some of the strategies for business leaders navigating this challenging and pandemic era.

Understand Customer’s Current Pain Points

The main question for the growth of the business is what the customers are asking right now and what businesses are not currently providing them. Successful businesses help in identifying and solving specific problems in a unique way. Usually, customers try to move away from their pain towards pleasure; therefore, it is essential to find what their pains actually are. Ask them directly or indirectly, and identify their pain points. You can also join social groups concerning your business or interests and use the search bar to find the issues, problems, and complaints that other people are having. Try to ask questions to your database and friends and identify what their biggest challenges are. Ask what they are struggling with and find out what wishes they want to see granted. You can also try to find solutions to your own problems.

Get your Priorities Straight

At this time of pandemic ask yourself, whom you consider as your priority, your team members, your stakeholders, or your customers. You should consider your team members first, your customers second, and your stakeholders as the third. Your customer will get better products and services if your team members are empowered, engaged, and happy. And when your customers are happy, your stakeholders will automatically get profit in the long run. Precisely, doing this will help you in prioritizing the mental health of your employees, which will bring flexibility in their work so that they can easily handle all the interruption in their work.

Predict the Supply Chain Issues in Advance

Many businesses are happy with their supply chain as they have never experienced any disruption before. Therefore, it is difficult for them to understand how hard and expensive a new supply chain can be. Obtaining samples and determining the quality can be time-consuming, and companies expect revenue in return for their investment and work, not a position of no-profit. Therefore, companies should always have a back-up supply chain.

Tread Carefully while Hiring

Hiring permanent and full-time employees at the time of sudden growth could lead you into layoff decision later. Therefore, growing companies should hire part-time and contract employees first who can be scaled up and down later when required. The company can also do a 90 days trial before bringing any employee to the company. In doing so, no one will get blindsided when things get back to normal after a few days or months.

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