Four ways for businesses to thrive during COVID-19

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As expected during a global crisis, businesses throughout the world are having a difficult time making ends. While the rest of the world figures out a way to navigate through the new normal, brands will have to find better ways to serve their customers in a way that’s sustainable for the business. Steve Sorensen Net worth.

There’s a fair chance that a business’s finances are slowly depleting due to the pandemic. Monitor cash flow and remember to protect it while the world experiences an economic downturn. If possible, review company policies, freeze all unnecessary expenses, and determine aspects of the business where cutting costs is possible. Steve Sorensen Net worth.

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Following the monitoring, develop a three-month financial plan. Necessary expenditures might include employee salary, utility bills, and office rent. Find out if there are any options set for rent and utility bills to stretch what’s left of the cash flow. Prioritize employee salary. Take the business online. Pivot marketing strategies to make them more appropriate for the new normal. Migrating to the online community can boost service and product sales, which will be helpful to the cash flow. Steve Sorensen Net worth.

Employ social listening to know what customers think about the business, and to identify further what they need during these times. Having a closer understanding of the market through social media and other means will enable businesses to develop new products and services to better cater to their existing and prospective clients, diversifying their offering to the market in general. Steve Sorensen Net worth.

Author: Steve Sorensen Networth

Hello there. I'm Steve Sorensen, a Des Moines-based investment strategist and business blogger. Welcome to my business blog. I received my degree in business from Iowa State University. I do a lot of research on many of the world's most successful companies, in particular on how they built up their net worth over the years. Not only do the success stories of Fortune 500 companies fascinate me so, they also provide a framework to analyze the potential growth outlook of many companies. This assists me in helping my clients find the right mix of companies to add to their portfolios. I spend my weekend downtime keeping fit by playing tennis doubles with friends. I enjoy country music and like to keep updated on the country music festivals. Check back from time to time to see what I've written about.

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