At the time of writing, COVID-19 cases in the US alone have soared to 54,453, with 737 of those cases ending fatally. Similar statistics are happening outside of the US, with Italy and China bearing the brunt of the viral outbreak. As a business owner, any efforts to salvage your business may seem futile. After all, the world is preparing for a recession and consumers are bracing for it by holding onto as much cash as they can. To help your business survive or, better yet, succeed during these trying times, here are seven tips:
Bring Costs Down
Operational costs should be put under the microscope, especially in times of crisis. You don’t want to be paying for full-time salaries and health insurance policies of non-essential employees or wasting gas and labor resources on inefficient delivery routes. Though you may not be getting as much business as you were before coronavirus hit, you can survive the temporary drop in sales and revenue long enough to still be in business once the economy starts to recover.
Adapt to New Market Conditions
With the COVID-19 scare, social contact is discouraged, with some countries even enforcing strict curfew protocols to deter people from going outside. This new market development has also changed how consumers behave. Adapt to these new changes and look for opportunities that you can capitalize on. For instance, encourage your team to work from home if possible. This move not only leads to a productivity boost but also translates to savings from lower workspace rental costs.
Tailor Your Marketing Campaign
Your marketing campaigns should be engaging, simple, and straightforward. At the same time, it should show your customers and the public that you sympathize with them. Send out useful content to your email distribution lists, such as preventive measures to take to avoid the viral outbreak, updates on current treatment options and vaccines, and tips to stay sane while at home.
Volunteering is an even better way to connect with the public during a crisis. Get your business involved with relief operations and programs that help bring urgent care services and supplies to the needy. Volunteering your business’ manpower and other resources can bring more positive attention to your brand and connections that you can use later on, such as local politicians and fellow business owners who are also doing their part. If you have neither the time nor the energy, you can also just donate to non-profit organizations that are on the ground and doing their part.
Move Operations Online
If your business can move its sales operations online, consider doing it at least for the next couple of months. Get a website up and running and start selling whatever products/services you can. If you lack the technical knowledge to create and launch an online store, you can find a plethora of resources and professionals to help you. Once you have an online store, look for a distributor who can take care of inventory management, shipping, and delivery.
Prioritize Safety Over Performance
In times like today, people are legitimately worried about their health and well-being. The last thing your employees want is a refresher course on how to boost workplace performance. Prioritizing the wrong things can upset your workforce and lead to an even greater slump in performance, Instead, make additional efforts to increase your employees’ safety by reducing office hours and instead of letting them work from home, installing handwashing areas, and providing hand sanitizers around the office or store.
Use Technology to Streamline Operations
Allowing your employees to work from home means you need a reliable system or platform to stay connected with coworkers. In addition, you’ll need a secure IT infrastructure that can hold all your data securely. You’ll want to trust an expert, like Manhattan Tech, a provider of IT consulting in NYC, to start designing and strategizing the right approach for your cloud computing, cybersecurity, disaster recovery, and software development needs.
Your business’ success doesn’t rely on global macroeconomic factors; even in times of chaos and uncertainty, you can still work towards growing your business. By being aware of new market and consumer traits, using the right tools and technologies for data management and intercommunication, and helping others get through the crisis, you can grow your business while others are struggling to stay alive.