How Businesses Are Surviving The Crisis

​The virus has brought about huge changes in the economic landscape, as restrictions have depressed activities by huge margins. Businesses are now struggling to make ends meet, as the new normal has come sweeping in despite easing of lockdowns. Companies need resilience as those who cannot adapt to the era's changes may be met with an untimely demise.

Strategies for Entertainment Businesses
Perhaps the businesses that profited the most from this crisis are those that offer home entertainment services. People turn to these sites when bored, yet even these are suffering from the consequences of the restrictions as well.

1. With budgets for advertisements cut, those who offered their services for free in exchange for watching ads suffered a blow.
2. One of their pivot responses is offering original content, giving copyright owners higher margins than their pure-play streamer counterparts.
3. Shifting their client handling made these companies tastemakers, and owning the content implies getting higher cuts from the total profits.

For Restaurants and Supply Chains
For those who offer on-the-go and dine-in food which is considered to be traditional businesses, pivoting is not as easy. They are the ones to suffer the biggest drawbacks, but some can effectively stand up once again.

1. One pivot strategy is offering flat rates for a set meal number and limiting the menu choices.
2. Pre-cooked dishes have also arisen in popularity, as it offers a window of learning and creativity to the clients.
3. Investing in digital marketing and door-to-door delivery has also become increasingly crucial for these types of businesses.

Tips for Business Survival
Everyone is adjusting to the changes brought by the new normal that this crisis has bought. Learning how to cope is essential if one envisions their endeavors to reap profits despite the economic crisis.

1. The pivots that are strategized by the company should be aligned to long-term trends that arose from the pandemic.
2. A firm’s existing capabilities should be laterally extended by the pivot strategy rather than undermine them.
3. Pivots should be sustainable in terms of giving profits and should both preserve and enhance the company’s brand value.

Conclusion
The firm faces a lot of trials ahead, despite the restrictions easing from various states now. It should consider investing in business insurance for benefits in the long run.

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