Revered Entrepreneur Srikanth Reddy Gaddam Shares Valuable Tips on Confronting Business Crisis with Innovation
Ever since the world was exposed to the effects of COVID-19, the world has had to deal with an economic shock that has caused a significant negative impact, particularly in the professional sector worldwide.
Business owners are struggling to deal with this crisis, causing many companies to permanently shut down – significantly affecting companies that have just started out. It has come to everyone’s attention that to boost the productivity of global industries, it is essential to implement innovative approaches to each business sector.
Srikanth Reddy Gaddam, an American entrepreneur and international award-winning author, is the founder of ERP Analysts, Inc. He believes that making use of advanced technology can help businesses around the world to effectively enhance their productivity. ERP Analysts provides various IT services that include new technology adoptions for Campus Solutions, PeopleSoft, Workday, Managed Services, Amazon Web Services (AWS),Data Analytics and Digital Transformation.
Since its establishment in 2003, the company has grown from having two people working in the business into a multi-million-dollar firm. For almost a decade now, ERP Analysts has been ranked as one of the fastest-growing companies by Inc. and also one of the best places to work in Ohio.
COVID-19 or not, every business crisis should be immediately dealt with because if companies were to do nothing, there would be no chance for their business to ever achieve success. Keeping that in mind, many people have followed some of the tips provided by Gaddam to help old and new companies around the world face any troubling situations that they might come across.
Stay Linked With Current Customers
Your existing customers are an important asset to your business potential. Customer discovery allows you to get to know your customer and find out their needs which can help you come up with solutions to their problem.
After identifying these aspects, you can engage more effectively with them and come up with various new solutions that will be able to meet their newly emerging needs. Once customers realize your potential in bringing about practical problem-solving skills towards their way, they are more likely to interact with your company, resulting in a boost in your current depleted revenue.
Focus on Developing MVP
A minimum viable product (MVP) is a product version with enough features for customers to be able to use them and provide feedback so that creators can use these insights when developing future products.
In times of crisis, you must assess your business model; think of what the market needs at the moment and how your services might adjust to meet those needs. Developing an MVP product or service that can satisfy your customers can help you manage your future business expenses instead of blindly creating business products that would result in quick depletion of your finances.
Don’t Stop and Remain Agile
For a business to tackle any situation, it needs to have an agile ability to quickly adapt, renovate itself and find success in a rapidly changing and unpredictable environment.
An entrepreneur, be that old or new, must have the skills to act fast and quickly make decisions that can effectively shift their focus and resources towards activities that are high priority. Moreover, not only does this affect their business procedure, but it also motivates members of the organization and helps create an environment where innovation can be fostered.