How to avoid Coronavirus recession
Can we predict the future by looking back in history?
Scientists and futurists have long maintained that studying history and closely inspecting its patterns can be a sure way of telling what is going to happen in the world.
Whether or not that is true is debatable, but one thing is for sure: there are plenty of lessons to be learned for those who remember the past. This might not enable us to predict the future but it will surely be a much-needed aid in avoiding making the same mistakes.
How does that help?
The Coronavirus situation has so far had a significant impact on the way we live, the way we work and the way we communicate. It has also caused financial loses which have led to furloughs and layoffs, while firmly declaring a worldwide state of uncertainty.
However, this isn’t unprecedented. A quick glance at similar crises in history tells us that the global society has fought and defeated previous pandemics and catastrophes like the Spanish Flu, the Great Depression, or the 2008 financial crisis, bouncing back stronger every time.
There have also been mistakes along the way though, such as proclaiming the virus defeated prematurely or abandoning economic stimulus too soon. Companies can and should learn from these blunders made by national governments across the world.
Nurturing the relationship with the client
Addressing the first mistake of rejoicing before things are over, we must understand and accept that we might find ourselves in the current situation for a long time. This realization thus becomes the main driver behind continuing to build up strong relationships with our clients.
Being supportive of our clients’ needs is the best sign of respect we can show, something they will appreciate, and that will help increase trust. Making the effort of finding out what their challenges or fears are, what kind of support they need during these uncertain times and what their action plan is are all important questions to ask. Work on building a relationship that they will remember for years to come. As Maya Angelou once said “People will forget what you said, people will forget what you did but people will never forget how you made them feel”
Moreover, taking the time to show appreciation for the business partnership or contract is bound to foster a positive relationship. Most of us overlook the importance of expressing our gratitude on a regular basis, however, when we do express this others are often pleasantly surprised. A client that feels valued and appreciated will most likely continue to do business with you.
Focussing on cost efficiency targets
There is something to be learned from misjudging the right time to withdraw economic stimulus, in the way that budget forecasts must carefully be considered and, if possible, a best case and worst case scenario drafted.
In both instances, cost efficiency strategies will play a fundamental role in getting finances right. One of the best and easiest ways to drive profitability is to try outsourcing in order to work through the current difficult economic landscape.
Outsourcing allows you to access skilled expertise on various medical billing services, freeing up effort and time to focus on developing the core focus of your company, while also increasing efficiency. Remote, outsourced work comes with great service, dedicated employees, and allows for an excellent return on investment.
The way 4D Global builds on its core values of integrity, respect, and excellence in order to help medical billing companies scale and grow their business efficiently is just one example of how a cost-effective approach can sustain further development regardless of the economic climate.