Only four percent of enterprises in the Philippines were able to maintain full operations during COVID-19’s early stages last April to May 2020, according to a recent survey by the Asian Development Bank. We’ve seen that businesses are dying too, because of the pandemic. But history never failed to show us how to rise above adversity. So, what can we do now to boost our company’s survival as well as its profitability in the current economic climate?
“We’ve seen that businesses are dying too, because of the pandemic”
- BEING OPEN AND ADAPTABLE TO NEW IDEAS
Nokia used to be one of the best-selling mobile brands until 2013. Its competitors had adopted the new touch-screen feature by that time, but Nokia chose to stick with their keyboard model and an old operating system, resulting in an unprecedented downward spiral. It is important to realize that the market will not change its demands for you. Either you adapt or you’re out of business.
- DELIVERING WITH CONSISTENCY
If your business isn’t using Facebook, you are definitely missing out with its massive user base of over 2.9 billion active users. It is undoubtedly one of the most powerful marketing platforms right now. Techipedia research shows, however, that businesses with well-managed and consistent brands are worth 20% more than those without. Therefore, content consistency is king in social media marketing. It isn’t just about sharing information, but also about serving your customers.
- LEADING WITH A VISION
No matter what stage of your business you are in, leadership and vision play an integral part in your success. In Kodak’s case, for example, they could still be at the top if they could shift to digital photography from the traditional film model. However, regardless of their number of CEOs and management, none of them were willing to consider digital as a viable alternative. A limited vision led to indecision, which led to stagnation for years until the company sought bankruptcy protention in 2012. It’s true that everything rises and falls on leadership. The same is true for your business.
Since COVID, companies have been struggling with a harsh economic climate. But it’s our resilience that has helped us navigate through the storm. We’re now starting to see the economy regain its losses from the past two years. Thus now is the ideal time to show adaptability, consistency, and leadership for your business. It will always seem difficult at first, but it will definitely pay off.