How Can Your Business Survive COVID-19?
Businesses are being affected as COVID-19 is waging war on humans. There is no doubt that the situation is highly stressful for businesses, whether small or big.
The uncertainty of the quarantine has everyone on their toes. So, employees, and employers alike, are stressed out. This takes their focus away from their business and spirals them in a whirlpool of more worry.
So, let’s talk about some tips that will help your business survive through COVID-19.
Plan, Plan, and Plan
Instead of just sitting there and worrying about the uncertainty of the situation, it is better to make a plan. Unprecedented times such as these require thorough planning.
Ideally, you should have a three-month financial plan ready. Map out all your current expenses and sources of earning. What costs are necessary and what can wait? See if your government is offering financial solutions to support your business. Some banks are also offering support. So, make sure that you do your research.
The following are some of the main issues that a business must plan for to survive these difficult times.
- Capital Access
- Cash Flow
- Insurance Coverage
- Workforce Capacity
- Supply Chain Issues
- Marketing Strategies
- Remote Working Systems
Stay in touch with your customers
Another essential aspect of your business is that you must stay in contact with your customers. You can keep in touch with them via social media or email marketing.
Make sure that you keep your operating information and availability up to date. In this way, your customers will know about your hours and service availability. Also, stay active in your business contacts so that your customers can reach out to you easily.
Businesses should focus on what they can give back to their community in these times. For example, companies can slow the spread of COVID-19 by working from home.
If needed, only key staff members should be present at the workplace. They should also follow strict hygiene regulations.
So, it is a good idea to make a flexible schedule. For example, rather than working in the same shifts, employees should work on separate shifts. This will help to reduce any contact between workers. Also, make sure that the workplace if being disinfected before the next batch of staff comes in. You can follow the CDC’s tips for hygiene at workplaces and businesses.
Online Business Model
Another key aspect of surviving is to deal with customers online. It is high time to take your business online if you haven’t already. Instead of closing down everything, you should find new opportunities for yourself.
Customers are also looking for an online business to purchase whatever they need. So, you might be missing out on many potential customers by ignoring the power of online businesses.
Make sure that you have an online website for your business. A website can help you sell your services and products to a wider audience than before. For example, you can use international SEO to attract traffic to your website and sell your products or services globally.
You should also post a detailed FAQs section on your website that answers common questions related to coronavirus and your business. Make sure that the content has good SEO so that customers can find you easily.
Upskill your Staff
Another essential tip is to upskill your staff. Your employees are self-isolating and have a lot of time on their hands. So, it is a good idea to upskill them.
Many online courses teach essential skills. This will not only benefit your staff, but it will also benefit your business. After all, employees can make or break a business.
You must make your marketing strategies flexible and adaptable to the current situation. According to Kantar, web browsing has increased up to 70% and social media usage by 62% since the coronavirus pandemic began. Online shopping has also seen an increase. So, it is a good idea to engage with your customers and increase your brand awareness during these times. As more people surf the Internet, it is more likely that they will stumble across your business and convert into customers.
Furthermore, you will also find less competition as some businesses have closed down. Therefore, it is a good time to promote your business and give your customers a reason to be with you.
However, do not exploit the situation. Your marketing strategy must not come off as trying to take advantage of these vulnerable times. Your marketing needs to be empathetic and sensitive to the needs of your customers.
Also, make sure that the services you offer are in-line with the current situation. You can adapt your marketing strategy according to the current needs of your customers. According to a study from Kantar, 75% of the customers wanted to know about how brands are responding to the COVID-19 pandemic. So, it is a good idea to let your customers know how you are preparing for this epidemic and how your service or product can help them.
Communication is key. You might think of this as a redundant phrase that everyone likes to throw around. In reality, effective communication with your team members can literally save your business in these days.
You should communicate all your decisions to the employees if they need to know about them. It is a good idea to have a group meeting every other day. You can use platforms such as Zoom, Google Meet, Skype and even WhatsApp to keep everyone updated.
Also, ask your team for suggestions where ever relevant. This will keep them involved in the business.
Effective communication is essential to keep an organization going. According to McKinsey Global Institute, organizations with connected employees have about a 25% boost in productivity which translates to about $1.3 trillion potential revenue per year. So, think again before ignoring your employees!
Even though crisis times are synonymous to stress, you should celebrate success whenever possible.
Applaud your team members on little accomplishments. This will keep their morale high and motivate them to work well. You must improve your labor productivity.
According to many researches, happy employees are about 12% more productive as compared to unhappy employees. So, business owners should appreciate their staff whenever possible.
Don’t Panic and Keep Calm
Last but not least, don’t panic and be calm. It is hard to not worry during these times. However, a healthy perspective can help both you and your business.
You can even treat these times as the break you needed to work on your to-do list. Did you want to watch that TV-series? Or you wanted to redesign your website? See these times as an opportunity to work on everything you didn’t have time for before.
No matter how difficult the situation is, your business can come out of it stronger by following the simple tips.
We hope that this article provided you with the essential tips that will make your business survive.
Stay home, stay healthy!