The COVID-19 crisis has turned the world upside down, impacting economies and businesses adversely. With the uncertainty of when this pandemic will end, business owners should gear up to make changes to their business strategy to weather this storm and beyond. Businesses of all sizes and types have already faced the brunt and drastic effects of this outbreak. So it is high time they need to prepare, buckle down, and reassess their present business strategy.
11 Effective Business Survival Tips
Eric Dalius has shared 10 effective business survival tips during the COVID-19 pandemic. These include,
- Marketing Approach – Now is the most suitable time for businesses to relook at their marketing approach. They must maximize free channels such as SEO & owned media such as social media and website to engage and communicate with customers.
There are a huge number of key methodologies that a business can take, and each can be similarly effective. This is the thing that makes a cutthroat commercial center. Notwithstanding, assuming you don’t have a reasonable thought of your essential methodology, you can’t settle on choices that will reliably prompt achieving foreordained objectives.
Regardless of whether it is during happy occasions or awful occasions, you should understand what course you need to take your organization to more readily rival organizations. Instances of various key
- Fundraising – With regards to capital, businesses must stay patient in case of fundraising. Considering the current situation’s criticality, it is normal for investors to take more time to make decisions on funding after following strict diligence procedures.
- Adapt the Business – Considering the present reality, business owners should consider how they can adapt their business to serve their customers, like providing different services or goods. They must look to and also connect with other businessmen in their industry for inspiration. Resting on their business, they can explore these ideas such as,
- Provide their services virtually as and when possible through video conferencing, phone, and email.
- Directly sell goods to customers with the help of an online marketplace.
- Provide new services or goods that people currently need, like hand sanitizer.
- Explore new discounts, free shipping, and sales to grab new customers.
- Safe Working Environment – Regardless of the business capacity, a business owner should develop a safe environment, especially for their customers and employees. They can implement the following policies such as,
- Offer work from home to employees whenever possible
- Reduce total staff that work at one time
- Reduce storefront hours
- Have a family and sick leave policy
- Supply clean products, face masks, gloves, and cleaning products
- Educate and train employees on sanitation and hygiene practices
- Review All Expenses – The business owner should keep track of all their expenses to understand what they can cut down temporarily. If standing orders for office supplies or inventory, they must, if possible, halt all future purchases. They must check all services they regularly pay from advertising to cleaning and more and check where they can cut costs. In the case of insurance and utilities, they should check if their service providers provide any fee reductions on account of the outbreak.
- Finances – Budgeting and financing are crucial components of planning. Thus, every business should plan smartly for the future to ensure enough capital is accessible for debt servicing, asset acquisitions, operations, and possible expansion. Anticipate future cash and near-term needs. Explore different governmental assistance programs that are accessible and apply them soon. In the absence of the right financial planning, their operations may come to a standstill.
- Get Empathetic – Business owners should earn the trust of their customers through empathy. They can transform their business by allowing their esteemed customers to know they are always there for them, along with letting them understand entirely. Explore the challenging issues that they are facing and reach out. They should connect with customers as and when they face problems or an update has to be conveyed. Business owners must limit problems and keep the negotiation open-ended. The constant issues from their end may be the cause customers to axe them.
- Customer Engagement – The ongoing outbreak has changed consumers’ behavior significantly, and there are chances that the expectations and needs of their customers have shifted. Business owners must collect feedback from their customers’ in-store only if they reopen or with their social media platforms. In the mailing list, it is best to connect with customers with an effective email marketing campaign. Business owners should know about their customer’s current needs and how they can be best satisfied. The survival of the business does not indicate sticking to old approaches and strategies. Instead, the business owner should explore new opportunities, according to Eric Dalius, to sustain old ones and create novel business streams.
- Stay Disciplined –Staying disciplined is always good advice and not merely for downturns. It means discipline with hiring, forecasting, or costs. Business owners should use this time for establishing a disciplined culture for every condition. They need to be prudent, smart, and helpful. Through an established discipline culture, they will be in an improved position for any challenge to the business and bring their team closer together.
- Adapt to Recent Market Trends – To put any novel strategy into motion will take time. Thus business owners need to create a realistic timeline where they plan to perform budgeting & staff adjustments. Further, they need to alter plans as per the corresponding news and economy. To predict and understand marketing and business trends will be challenging, especially during the current crisis. But business owners must consider this as a perk for their business. They can strategize their marketing plan as well as reposition their business brand. When a business adapts to the present market trends and survives the pandemic, their business may also have a new business pathway or a revenue stream to leverage.
- Marketing – Despite the revenue in most businesses being down, marketing is crucial for keeping the company name of a business ahead of prospects and customers. Though they need to reduce their marketing budget, it is vital to focus on those marketing elements that will also produce the finest outcome for the money invested. With the right marketing strategy, business owners can identify potential customers, connect with present customers, and convince all that their services and goods have intrinsic value for catering to their needs.
As your business begins having an upswing, at that point your showcasing methodology can be refreshed. Showcasing is a fundamental piece of any business and can’t be disregarded, in any event, during difficult situations. Having an advertising technique permits you to interface with current clients, distinguish expected clients, and afterward persuade everybody that your items and administrations have inborn worth to address their issues
Despite the fact that incomes are down in many organizations, advertising is fundamental for stay with your’s name before clients and possibilities. In spite of the fact that you may have to lessen your promoting spending plan, it is essential to focus on those showcasing segments that have and will deliver the best outcomes for the cash spent.
The bottom line is, to keep their business afloat during the pandemic, business owners need to employ the tips mentioned above sincerely.