Ram Chary Everi explains that thousands of businesses in the U.S. have been going through extremely difficult times in the past months. Statistics show a disturbing and rising number of companies in several industries that filed for bankruptcy because of dwindling profits. As for the businesses that have made it this far in 2020 and still maintained a consistent cash flow, their survival and relative success provide key business lessons for entrepreneurs everywhere.
 |
Image source:
businessinsider.com |
Flexibility is key: When Ram Chary Everi mentions flexibility, he means it in terms of the general business plan. Business owners need the ability to adjust, especially during times of crisis. Flexibility means that the company can adapt to certain situations if need be.
The significant role of HR: In line with Ram Chary Everi’s point on flexibility, heads of HR departments need to be ready to amend their policies. In the past few months, the companies that have survived quickly and successfully transitioned their employees from office work to work-from-home status.
 |
Image source:
abcnews.go.com |
Downsizing: As unfortunate as it is, downsizing is a must during times of crisis. This is one of the hardest lessons business owners have had to learn during the COVID-19 pandemic. Many companies have closed branches and departments, ended specific products and services, and laid off employees, all to help the business survive, Ram Chary Everi adds.
Ram Chary Everi has a degree in economics from the University of Colorado and a master’s in finance and operations management from the Krannert School of Management at Purdue University. He has held various leadership positions for several companies. For similar reads, visit this website.
