COVID TO PROFIT
There is doubt that COVID has hit businesses very hard, your small business has likely been hit harder than big organizations. To make matters worse you may not even have the means to hire a consultant to help you make sense of it all and devise a way forward. I hope this write up will help in some way in that direction. The Covid to Profit plan is the same process big organizations will go through in analysing their business and planning for the future, theirs would just be more elaborate. Internal Analysis First, you must look inwards, look at your financial performance, your operational performance etc, they will tell you how you have performed as a business, they will also reveal gaps, wastages etc. You should also carry out a SWOT analysis for the business, for those that are solopreneurs, this would essentially be a personal SWOT, again try to gain a better understanding from this exercise. You may also want to do Business Mo...
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ReplyDeleteThank you sir for this eye opening interview.
ReplyDeleteI would like to know what to do (how to still sell same product and same size) where existing competitors have lower selling price than I bearing in mind that my cost of production would not permit me to have such low price.
Depending on the type of product, which was not specified, the producer may have to add some non monetary value to the product offering, or link up with a complimentary product as a joint offer. If the product is as good or better than the competition, once consumers use it, it will begin to have it's own loyal customers.
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