We often come across a situation where we are asked to leave our comfort zone and we are hesitant about it . We prefer to live in a protected shell of  our comfort zone , but its time to break our shell and emerge stronger and survive longer . The lockdown itself is something out of our comfort zone as we never stay at home for so long , so are you surviving now ? If yes you can definitely survive in business too .. So stop worrying , start reading..

Here is a list of Few steps you need to implement in order to fruitfully survive in the market.

i. Scaling up your Sales :-

A detailed study of your Product/ service should be done in which per stage wise cost and profit margin needs to be written down . You can reduce your profit margin and book  more number of sales in order to capture the market . Example – Offers , special discounts , vouchers , credit period for certain amount can be given for specific time of 3 months .You can introduce Royalty program for existing consumers and increase the repetitive orders from them .

ii. Innovative Product /service :-

Once you do a detailed study of your product/ service and compare it with others in the market ,you can find a niche segment which is still yet to be touched by anyone. Addition in form of new product/ service or a small change in existing ones both can be highly beneficial . Innovative way of doing a certain job work can also be a change which will reduce your expense to certain level.

As they say “Change is the only constant” so you need to apply it in your business module . Example – Protective packing of product , reducing the number of  human intervention with the product for delivery , sanitizing before handing over the product etc. This also defines that you care for your customers health and safety.

iii. Learn Digital, Go digital :-

As free time is available try to observe the market changes in your industry. Try to read articles , watch videos which are specific to your industry or sector and try to gain knowledge through it. Due to many online lectures happening around, you can ask your questions to experts from your field by attending their webinars . Observe the changes in people’s habits and whether it is going to affect your product/service .

 Example- People will become more health conscious after this pandemic situation goes away if your product is health industry related highlight it , promote it via social media , educate people about your product via video ,podcast ,messages, you tube channel etc.

iv. Expert advice if required :-

As you try to do this research for your product / service you can have a thought of referring  to an expert but I would first recommend you to do the study by yourself as you know your product/ service better than anyone else. If after doing all the research you think that expert opinion should be taken before implementing it to avoid more cost due to any failure you can hire an expert at appropriate cost. Remember to budget all this cost while planning for your new sale price or discounted price.

The article is author’s  personal opinion and should not be considered as anything else.

For any further assistance the author can be reached at email- ashwinisnco@gmail.com

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Qualification: CA in Practice
Company: ASHWINI SONAWANE & Co.
Location: MUMBAI, Maharashtra, IN
Member Since: 08 Apr 2020 | Total Posts: 3

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