Landscape of Business Environment in Second Half of 2021

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Landscape of Business Environment in Second Half
of 2020
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COVID-19 has changed the dynamics of the business
environment. The new financial year, 20-21,
hasnt received a great start with its whole
first quarter being in the lockdown. We, Value
Growth Audit (VGA), understand our responsibility
as management consultancy providers and are
sharing this blog for highlighting the business
environment in the second half of 2020.  Firstly,
This situation demands confidence, high mental
strength, and a bold approach. Every company has
taken the hit in some or the other way. Different
industries have different issues like over-excess
demand, shut production, delay of business, or no
future demand for an extended period.
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Understanding And Tips From This Projections
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New Safety Measures
With the Unlock phase, the Indian government
has provided specific guidelines for corporate
and businesses to resume their operations safely
and securely. The management needs to make sure
that the guidelines are being well complied with,
within their premises. The guidelines include
necessary points on distancing, sanitizing, and
other health concerns, and with the time and
situation, the guidelines will change too. This
factor is also among the critical concerns for
people visiting the company premises (like
suppliers, consumers, clients, and more). The HR
department needs to be well aware of all such
policies and necessary updates by the government.
A Cooperative Support
Supplier, the company, and customers are always
in cyclic and continuous bonds. Currently,
suppliers and raw material providers either have
a good amount of old stock or no stock at all.
So, theres a shortage of raw materials for
companies. At the same time, the company also
needs to manage its previous payments, and if the
new stock is being purchased due to market
pressure, suppliers need early payment as well.
The consumer end might show a rise in demand
after some time, but in various industries,
consumers also demand a credit period.
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Changing Consumer Expectations
Lockdown has surely remodeled the way a consumer
perceives satisfaction, experience, and their own
consumption pattern. The businesses need to be
prepared with innovative solutions in response to
altered consumer expectations. The digitalized
and automated services are in high demand. But
companies need to manage them in a way that
consumers receive a highly effective experience,
and companies can perform efficiently and
profitably.
Employee Security And Satisfaction
With all the news of economic slowdown, every
employee might have a fear of getting dismissed
in the back of their mind. This will highly
affect their productivity and motivation, so the
HR department has to ensure that the employees
are secured and carry on with their work as
before. The other dilemma here is that many small
and medium enterprises in India arent accustomed
to working from home or digitalized working
methods.
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Assessing Different Business Functions
A business has several different functions, but
since the lockdown, many enterprises have
emphasized the marketing or the HR department
only. With the unlocking phase, companies shall
focus on the production department and sales
department too.
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