Covid-19 is a misery with grave repercussions which have lasted more than they deserved to last. This unwelcomed phenomenon has affected the World too much!! Can also say, it has affected Netherlands too much!! Covid-19 is definitely a U-turn for all respects of life.
People’s progressing lives almost stopped, their businesses saw an exponential fall and tourism has drastically fallen. Optimistically thinking, as there comes rainbow after rainfall, bright mornings after dark nights, so comes success after downfalls.
With relaxations given by the Government, we can see all businesses excitingly re-opening. But, the after effects of the pandemic can still be seen. Everyone wants to have a well flourished business which can help them stand taller than ever in their respective industries. So, here are top 5 tips that will prove to be helpful in re-establishing your business in Netherlands.
Nieuw Apple iPhone 12 (128 GB) – ZwartAssessment of Financial Damage
Before Bandaging a wound, we see how deep it is and so is the case in businesses. First step should be to assess how deeply the business has been affected. Focus on the numbers first. Keep a track of your profit loss and cashflow statements and then compare them to last year’s numbers to see how much your business may be down.
This will help you to focus on the points which need your special attention. Keep track of the number of employees you had to lay off, or the marketing budget you had to give up, as you have to add that to your revamp plan.
Consider Funding to Recover
In response to the COVID-19 crisis, the government of Netherlands is doing everything it can to protect the jobs and business of its people. If your business needs some funds, the government has got you covered. Some of the schemes provided by the government support people are:
- SME credit guarantee scheme (BMKB)
- Dutch government financing programme
- Innovation Fund for SMEs
- Business Finance Guarantee Scheme
- Microcredits
- Temporary emergency scheme for job retention
- Temporary self-employment income support and loan scheme (TOZO)
Create a detailed relaunch map
Business leaders will need to define a solid framework for action in this highly competitive environment.
The best approach is to develop a detailed relaunch map—segment by segment —in order to prioritize recovery opportunities. The map will guide production, supply chain, and marketing and sales efforts, and help determine a recovery timeline for each site.
It will enable business leaders to get a head start on reassessing investments, for example through relocation of assets, through changing the ambience of their restraint and many more. The map should have a baseline reopening scenario as well as a risk management scenario. The restart plan will need to be tested against such scenarios.
Reset for a sustainable future
It’s in the renew phase that wise leaders take the opportunity to reset or rebuild their business models and operations for a new reality. But taking actions in favor of our present must involve preparation for the future, so that when such situations come again, we don’t have to suffer. Reimagining a sustainable operation can be of competitive advantage.
Changes in industry structure, customer expectations, and demand patterns create a need for equally good change in operation strategies to create competitive advantage and new customer value propositions. Take lessons from your mistakes!!
Adopt the digital environment
There is no doubt in the fact that digitization has helped many businesses survive in the tough times. Before the Covid phase, not all people were used to work online or take help of online resources. Now people have got used to the digital environment and make use of this good opportunity, one must step foot into digital world.
You can promote your business on various digital platforms, take help from self-help groups about anything, use data, Internet of Things, and AI to better manage operations and many more. Also, post Covid recovery, consumer behavior and demand patterns have changed significantly and will continue to do so. People have bent more towards digitization. It’s a good point to re-think about while rebuilding your business.
To get better ideas about profitable business in Netherlands, check out Five Profitable Business Ideas to start in Netherlands
