What Should Developers do in a Challenging Market?

April 6th, 2020

Difficult times require robust action plan, enabling businesses to mitigate risks. This has to cover each sphere of the business, making the best use of available resources.

Let us look at some of the ways this can be achieved.

  • Clear and Timely Communication to Stakeholders

Transparency and clear communication is the key in times of crisis. Developments within the company needs to be communicated to the stakeholders, including customers and employees, which may directly or indirectly impact them. In times of crisis, misleading information is bound to float. Therefore, it is imperative that a timely and verified information is made available to the stakeholders.

  • Leveraging Technology

In today’s time, technology plays a vital role in business continuity. In tough market environment, developers who have already incorporated digital ways of doing their business are likely to have advantage. For instance, use of technologies such as Virtual Reality (VR), Augmented Reality (AR), video conferencing tools and drones to facilitate improved customer experience and offering virtual tours of homes will gain ground. In addition to this, technology can be leveraged to organise customer-centric events online and facilitate the entire booking process digitally.   

  • Financial Prudence

To wade through uncertain times, businesses should be prudent with cash. Protecting growth and profitability is critical. This can be done by preparing a plan for such contingencies. Further, the focus should be on strengthening the innate capabilities. 

  • Cross-Training of Employees

Any business is as strong as its workforce. Therefore, it is important to focus on training and ensuring every employee is cross-trained to help with additional task as and when required. This ensures maximum productivity without disruption of any kind.

Challenging market environment requires a different strategy altogether. If businesses need to emerge stronger from tough market conditions, it is imperative to learn, adapt and prepare for such uncertainties.  We, at SOBHA, strive to keep ourselves prepared for any contingency and keep in mind the larger interests of all our stakeholders.

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