n my last article, I have mentioned about 5 important decisions SMEs should take (https://bit.ly/2JIlQp4) and in this article, I am talking about other 5 important decision which SME’s should take and utilize this Lockdown Time in giving appropriate time in analysing the situation and then taking the decisions:
Read previous article here:
Decision on External Consultant Hiring:
Because of Corona outbreak businesses in India is impacted and there will be a huge gap between the supply and demand. This is the time when you have to decide the need for the external consultant in your business. Below are some of the questions which will help you to take decision on external consultant hiring.
- Are your existing employees capable enough to implement Plan B after Corona lockdown is over?
- Are you prepare for the unexpected?
- Do you have minds in your office to help you in fighting this tough time?
- Do you have a resource who has deep understanding of your market and know all the best practices of the industry?
- Are you ready with your next year business strategy, if no will you be able to do it alone?
- A consultant can bring a fresh perspective to your business that you might not have. Agree?
Decision on Marketing Activities:
Marketing decision also includes promotion decision in which different aspects of marketing communication occurs. Below are some of the questions which will help you to take decision on marketing activities.
- What should be your next year marketing budget?
- Which are the exhibitions I will be participating in this financial year?
- Which all marketing activities have performed well (in terms of ROI) last year?
- Which marketing activities to be done and not be done this year based on last year ROI?
- List of marketing collaterals or Visual Merchandise to be developed this year?
- When and in which magazines you have to place commercial ads?
- What are the sales promotion offers you will be implementing this year?
- List down all the advertising activity with budget and time for this year
Decision on Renaming the Product:
Changing the product name is a major decision and should not be taken lightly but this is the right time when you can give a thought on all your product identity and take decisions accordingly. Below are some of the questions which will help you to take decision on renaming the product.
- Is your product name hard to remember?
- Is your product name similar to some other brands name and is it hampering your sales?
- Is your target audience does not connect with the product name?
- Is your name too specific?
- Is your product name not connecting with the product or its usage?
- List down the risk involved if you change the product name?
- List down the risk involved if you do not change the product name?
Decision on your Work life balance:
Are you seriously working 24×7, 365 days. Are you not able to manage work life balance, is your family happy with this, are you not maintaining healthy work-life balance. If answer to all the questions is yes, then this is the time when you should decide, below are some of the questions which will help you to take decision.
- Do you understand the difference between work and life?
- For whom you are earning so much of money, if you do not have time for your yourself and loved ones.
- When did you went for the vacation with your family last time?
- Are you giving some personal time to yourself?
- Someone else has control over your work schedule?
- Is your family and friends are routinely upset on you for not being available to them.
Decisions on Prioritize your time:
You may have a to-do list with 50 tasks on it, so you need to decide which task to give high priority and which to give less priority. Below are the 4 categories which will help you in taking right decision.
- Urgent and important
- Important but not urgent
- Urgent but not important
- Neither urgent nor important.
If there is one alternative then there is no question of decision making but when there are 2 or more options then the decision-making plays important role in any business, and this is the time which you can utilize in deciding and analyzing and taking some important decisions.