Business Growth Management in Crisis — Part 5

Driving business growth

Managing Business in a Crisis shows how to make the right decisions and take the right actions to avoid a crisis. In part five of this series, business coach Ratish Pandey offered some tips on how to deal with a crisis.

This chapter gets us to the last tenet we need to have in place to navigate our Business during a crisis. An aspect, I believe, all of us experienced during Covid, at some level or the other.

So far, we have covered the top four things that need to be in place for successful navigation of a business in a Crisis — Strategy, Cash Flow, Team, and Execution.

Let us now look at the last fundamental– Technology and Digital.

When I ask my coaches about their adoption of Technology & Digital, I get a pat answer — “Yes, Coach”, we have adopted Technology. We have activated our social media handles.

Unfortunately, Technology and Digital are much more than activating social media presence.

It is about undertaking a Digital Transformation. A necessity for successful navigation of a business during a crisis.

For a successful digital transformation, there are four things to consider:

1. To craft a clear “integrated” strategy with Technology in mind. Digital Transformation needs to be a vital element of this strategy. If Digital transformation is not a part of your integrated strategy, then it is not going to see the light of the day in all possibilities.
2. Next is the commitment from the organization. Digital transformation will stay on paper if not backed up by organizational commitment. The commitment to the transformation needs to come from the top and flow across levels across the organization. Every member of the organization needs to be encouraged and enabled to be part of the transformation journey. Typically, the most challenging piece faces the natural human reaction — resistance to change.
3. The third is Measurement. Technology allows for monitoring. Test and Measure and course correct for best results. What gets measured, improves.
4. The last piece is Modernizing your Technology. To identify areas in your Business where adoption of Technology could remove bottlenecks. To evaluate and zero onto the best technology/ technological solution for operational efficiency. In other words, keep pace with technological changes & developments and stay updated. Explore and find the best suited to your needs and pocket. You will be surprised at the possibilities that exist out there.

So, what does Technology entail?

The question we need to answer is, how can Technology be an enabler for our Business?

Pause and reflect, where all in your operations can the use Technology add efficiency?

• Well, the first that comes to my mind is systems — a robust tech backend for operations can automate a lot of functions, reduce errors, free up not only your time but also your staff’s time. At the same time adds a new level of consistency that drives predictability. Automating your supply chain is one such example.
• Technology that helps elevate your customer experience incorporates front-end systems that allow you to reach out to more and more customers and enable your customers to easily find and reach you & your offerings. Resulting in a rewarding customer journey and one where you stay abreast of changes should the customer journey alter on account of circumstances that a crisis throws up. Adopting a good CRM solution that allows for email campaigns would be an excellent first step.
• The third piece is your HR Systems, Digital Marketing, and the works. Better employee management & engagement higher productivity better the growth. On the other hand, Digital Marketing provides a cost-effective way to reach customers. Allows you to test, Measure & course correct for best results

So whether you’re just starting out, or something has gone wrong, an SME & MSME Business Coach. can help you find success again. Get your free business Consultation today!