Kavan Choksi on Teaming Up with Other Businesses In times of economic crisis, as we have witnessed the impacts of COVID-19, businesses need to be innovative in their strategies for success. Kavan Choksi, a business consultant specializing in growth and strategy building, shares that one avenue often overlooked is forming partnerships, allowing companies to combine resources and aid each other toward entrepreneurial prosperity. Connecting through collaboration can prove vital both now and beyond these tumultuous times.
Restaurants and food establishments the prime examples of struggling businesses. Kavan Choksi says that in the past two years, governments worldwide have decided to close almost everything down. This action has caused the cash flow to be cut off for hundreds of thousands of restaurants, bars, and other food establishments everywhere. Today, some countries are struggling to develop plans to help businesses get back on their feet.
That said, some smaller restaurants and eating establishments managed to survive. They did so by partnering with small and medium enterprises or SMEs. These SMEs are mostly delivery services and healthcare institutions. They have even sought the help of startups and nonprofits. Restauranteurs have even managed to ink deals with government agencies as regular caterers during and after the crisis.
Kavan Choksi draws upon the success of restaurants and logically applies them to other industries, outlining how companies from many sectors can follow their lead. It is surefire advice for anyone interested in taking a new venture to greater heights - culinary or otherwise.
Retailers have followed this blueprint. They have looked for partnerships with delivery services and vice-versa. Educational institutions have also invested in purchasing tech gadgets from retailers. It has effectively facilitated homeschooling. On top of that, these businesses have received huge discounts for bulk purchases.
In closing, Kavan Choksi emphasizes that modern society can overcome life's obstacles through collaboration and assistance. Individuals and companies can flourish despite challenges by understanding the importance of working together to achieve success.
Thank you for reading.
Kavan Choksi is a freelance business management consultant. He shares his insights on business, finance, and economics on his blogs which can be accessed here.