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Experts Share The Best Six Strategies to Plan your Business Through COVID-19

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The Coronavirus pandemic is a major concern in term of both public health and the economy. COVID-19 is interrupting all industries around the world and businesses are struggling to manage during this troubling time with many already closing their doors for good.

It will depend on your industry and individual business but there are a few risk management strategies that a company can use to keep the operation running during the outbreak crisis. Read on to find out more.

Remote Working

First, it is important that you have staff working remotely where possible. This allows the business operation to continue during the outbreak while abiding by Government restrictions during the current lockdown.

Keep Everyone Informed Of Updates

It is also vital that you keep everyone involved in the company updated in terms of what the latest Government advice is along with what steps you are taking to protect public health while also helping the business to survive during these challenging times. This will include informing staff, shareholders, suppliers, customers and anyone else attached to the business. As it is such a fast-changing situation, you may need to provide daily updates to keep people informed and to show that you are on the ball.

Establish Government Support

During these difficult times, the Government is providing support for all businesses and employees which many will need to rely on. You need to look into what support is available to your business as this could help you to survive during this difficult period and avoid difficult decisions like cutting staff.

Business Continuity Planning

Business continuity planning involves devising a strategy that will protect the company and allow stability in the event of an external disruption, such as an epidemic. Ideally, this will have been carried out before the outbreak but you can still speak to specialists like Gallagher which will allow an expert plan to be put in place which should help your manage to survive during the outbreak and after when there are likely to be long-term effects felt for a while.

Beware of Misinformation

Unfortunately, we live in an age of misinformation where there is a lot of “fake news” which can sometimes be hard to differentiate from the truth. This can be incredibly dangerous so it is important that you are wary of where you get your news from and rely on trusted sources, including the Government, public health bodies and experts.

Collaborate

In order to survive during the Coronavirus (and any other difficult period), communication and collaboration will be critical. The key teams that will need to work together will be PR and communications teams, legal and regulatory teams and operational response teams – this should help you to devise the best way forward protecting all areas of the company along with supporting employees and protecting public health.

The Coronavirus outbreak is having a significant impact on public health and the economy and businesses must know how to react to this crisis. These are the best strategies to use during these times and hopefully will help your business to weather the storm and come out the other side.

The idea of Bigtime Daily landed this engineer cum journalist from a multi-national company to the digital avenue. Matthew brought life to this idea and rendered all that was necessary to create an interactive and attractive platform for the readers. Apart from managing the platform, he also contributes his expertise in business niche.

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Business

Business Strategies of Michael Gastauer

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Michael Gastauer, a German billionaire and entrepreneur, has led Black Banx to remarkable heights with his innovative strategies in the digital banking sector. As the founder and CEO, his vision has transformed Black Banx into a significant player in the global financial industry, serving millions and revolutionizing banking practices. 

Gastauer’s approach has been distinctly customer-centric, focusing on solving real-world problems through accessible financial services. This strategy has not only captured a vast market share but also established Black Banx as a model of innovative fintech success.

Innovate Early and Often, Invest Strategically

Gastauer’s journey began with a robust foundation in the fintech sector, where he initially created and later sold a payment services company for US$480 million. 

This significant capital boost allowed him to invest in his next venture: Black Banx. Launched in 2014, Black Banx differentiated itself by offering real-time account opening and cross-border payment solutions to a global audience, addressing major inefficiencies in traditional banking. 

Gastauer’s foresight in identifying and investing in these key areas early on allowed Black Banx to scale quickly and efficiently. His strategy was clear: leverage high initial investment to accelerate growth and secure a substantial market presence before competitors could catch up.

Within a year of its inception, Black Banx expanded rapidly, reaching over 1 million customers. This was just the beginning, as the platform soon integrated cryptocurrency options, enhancing its appeal and utility for a broader client base. By the end of 2018, Black Banx was valued at US$9.8 billion, a testament to its rapid growth and the successful implementation of its business model. 

Gastauer’s bold move to integrate cryptocurrencies early in the game positioned Black Banx as a pioneering force in fintech, well ahead of traditional banks.

Pinpoint Problems and/or Challenges

One of the core components of Gastauer’s strategy was to tackle financial exclusion head-on. Black Banx made significant strides in offering banking solutions to the unbanked and underbanked, particularly in regions with limited access to traditional banking services. 

By leveraging technology and strategic partnerships with mobile network operators, Black Banx has been able to extend its reach and offer innovative banking solutions to millions worldwide. This strategic alignment with mobile operators has been crucial, as it taps into an existing infrastructure to reach remote areas, significantly lowering the cost of expansion.

The platform’s ability to facilitate quick, cost-effective international money transfers has been a game-changer, particularly in markets like the Middle East, Asia, and Africa. This not only supports individuals and businesses in these regions but also contributes to the overall growth and stability of the global economy. 

Gastauer’s focus on simplifying and reducing the cost of these transactions demonstrates a deep understanding of the core needs of his customers, thereby enhancing customer loyalty and trust in the brand.

Take a Tech-Driven Approach

Under Gastauer’s leadership, Black Banx has remained at the forefront of technological integration within the banking sector. The adoption of blockchain, AI, and data analytics has enabled the platform to offer personalized financial services, enhancing customer experience and satisfaction. 

This technology-driven approach ensures that Black Banx stays ahead of industry trends and continues to offer relevant and secure banking options. Gastauer’s commitment to integrating advanced technology not only streamlines operations but also provides a scalable model that supports continuous growth and adaptation in a rapidly evolving market.

Leave No Market Unturned

Gastauer’s vision for Black Banx was never limited to a single region. By 2023, the company had expanded its services to include 28 FIAT and two cryptocurrencies, with a robust presence in over 180 countries. This global approach has not only diversified the company’s customer base but also minimized regional economic risks, allowing Black Banx to thrive in a competitive and fast-changing financial landscape. 

The strategic decision to operate across diverse markets also mitigates the risk of localized economic downturns affecting the overall health of the company.

Set Milestones

The year 2023 was a landmark year for Black Banx, as it reached 39 million customers and reported revenues of US$2.3 billion. The company’s ability to maintain a high rate of customer acquisition and satisfaction speaks volumes about its effective strategies and customer-focused approach. 

The first quarter of 2024 continued this trend, with Black Banx announcing a pre-tax profit of US$639 million and revenues of US$2.1 billion, driven by strategic implementations like fixed monthly account maintenance fees. Gastauer’s strategy to introduce fixed fees was a calculated risk that paid off, providing stable revenue streams and further solidifying Black Banx’s financial foundation.

Michael Gastauer’s strategic foresight and relentless innovation have propelled Black Banx to new heights, making it a leader in the digital banking sector. His commitment to financial inclusion, coupled with an aggressive expansion strategy and technological integration, has not only shaped the future of Black Banx but has also set a new standard in the industry. 

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