Published on October 30th, 2021
Statistics from Petroleum Planning and Analysis Cell shows that India’s crude oil imports were up 16%, approximately 17 million tones from last year, according to Yahoo Finance.
On 27th October 2021, government data revealed that crude oil imports marked a five-month high in September. This was a result of increased economic activities and mobility that triggered the demand for fuel.
OANDA’s senior market analyst, Edward Moya, said, “September crude imports in India rose to the highest levels since April, indicating the economy is reopening.”
The oil industry isn’t the only one witnessing a pickup in business activities. Companies across all industries are working on recovery though the profit margins aren’t spectacular.
So, if you’re planning to reopen your venture, take time to learn a few ways to innovate your business to boost sales and stay ahead of your competitors. Below are a few tips for business recovery post-COVID-19.
Evaluate Your Financial Damage
Understanding how a crisis has affected your business is a crucial step to developing an effective recovery plan. Experts suggest assessing your company’s financial statements to get a clear picture of how much your venture might be down.
Ideally, comparing your current cash flow records with last year’s figures can help you determine if you need financial aid.
In addition to reviewing your sales and profits margins, highlight if you had to lay off workers or cut your marketing spend, or lose loyal customers to competitors. If so, factor in these things when seeking funds to help you rebuild your business fast.
Follow Safety Guidelines
Another vital consideration when reopening your business is operating in line with safety guidelines put in place.
Remember, consumers will only visit your business premises if they feel confident that their health and overall well-being is top on your priority list.
Therefore, invest time and money to enhance safety measures at the workplace. This step involves training employees on social distancing practices and posting signs to remind workers, customers, and visitors of good hygiene tactics.
Also, provide employees with protective equipment, including gloves and masks, and refurbish your office to create more space to control traffic flow.
Most importantly, prioritize sanitation in the washrooms, conference room, hallways, and parking space.
While you and your employees can spare a few hours to clean your office, consider hiring professionals to thoroughly clean and disinfect your business premises.
These service providers offer a range of services, such as bathroom disinfection, upholstery and carpet shampooing and cleaning, and special event cleaning in commercial buildings.
Embrace New Technology
Investing in different types of business technologies is a sure way of boosting recovery after a global pandemic.
Regardless of the size of your business, you might want to leverage the Internet of Things to obtain valuable data insights from diverse sources.
You may consider investing in artificial intelligence to speed up processes, thus improving productivity. AI also scans data from various sources and provides practical solutions that help you stay ahead of the competition.
Whether you’re running a small business or multinational company, any form of crisis can cause financial havoc, forcing you to close. Fortunately, there are a few practical steps you can take to rebuild your venture.
The first step is to evaluate your finances and then develop a recovery plan. Also, follow health and safety protocols, and invest in technology to streamline business processes.