Landscape of Business Environment in Second Half of 2023

1. Landscape of Business Environment in Second Half of 2020 valuegrowthaudit.com

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3. COVID-19 has changed the dynamics of the business environment. The new financial year, 20-21, hasn’t 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. valuegrowthaudit.com

4. Understanding And Tips From This Projections valuegrowthaudit.com

5. 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, there’s 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. valuegrowthaudit.com

6. 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 aren’t accustomed to working from home or digitalized working methods. valuegrowthaudit.com

7. 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. valuegrowthaudit.com