Masks, cameras, action! Film production restarts in California with temperature checks, social distancing

- Drive Innovation in every aspect of the business

- Absorb and accept technology in your organization to take your product to the customers

- Take initiative and bring smarter consumer propositions to take care of worries of a consumer while buying property

- Reskill your teams for the new scenarios

- Mitigate risk and judicious cash management. Most importantly stay positive during this time.

- In order to mitigate any risks, it is important for companies to adapt to a new set of rules while being careful with tracking expenses against the revenue status, checking the feasibility of the business model, and planning policies for the next quarter

- There needs to be a diligent revision of sales, revenue goals and product timelines along with a new operating plan in place. Companies should strategize and communicate transparently with the stakeholders and customers to understand their perception of the products/services being offered.

- Also, to avoid bitterness with the contracted parties, companies should give sufficient notice to the vendors, suppliers and landlords in case of any delay in the payments.

- When it comes to the capital, companies should stay patient with fundraising. Considering the criticality of the situation, investors may take longer than usual to make funding decisions after following stringent diligence procedures.

Cost Monitoring: Always monitor your cost and get as lean as possible even when you are not having liquidity challenges. Also, keep an eye on your balance sheet. The better you manage your cash the better your business plans will work out.

Contingency Planning: Planning always saves you from the worst case scenarios. Always have Plan B and if possible Plan C also so that if something goes sideways, your company will not be hit hard as it will be saved by your contingency plans.

Quick Decision Making: Never delay in making decisive decisions in times of trouble. And never be shy about seeking help from outside.

Communicate with Customers: Try to communicate with customers and let them know that they and their reviews on your products matter. Improve and do the changes accordingly, if needed.

Internet: Go online as much as possible because it always helps to reach customers who we cannot tap through offline or other forms of marketing.

Keep Striving: Keep striving to come on top of the industry of which your company is a part of.

Innovation: Understand changing customer requirements and incorporating the same in one’s product and offerings is important. For instance, an energy drink can innovate to launch an immunity-building beverage, an e-commerce firm can endeavour to provide solutions to spread awareness of the Covid 19 etc.

Marketing approach: This is an excellent time to relook at the channel marketing approach. Maximizing free channels like SEO and owned media like website and social media to communicate and engage with the customers. And build further marketing efficiency while starting the channels that require spend