COVID-19 has impacted on businesses of all sizes unprecedentedly. Large businesses are severely affected by this disaster as compared to small size businesses. As a business owner, keep your business alive is quite challenging during this pandemic. You will need to be realistic about what has happened and what steps you should take to bounce back. If you’re looking for some suggestions that help you to keep your business alive during Covid-19, then you are on the right page. Here are some tips:
1. Stay positive
However, the current situation is not good for the business, but it is important to stay positive at the business level and at a personal level. Review your marketing activities and include a positive message in your marketing campaigns to show your valuable customers that you care.
2. Adopt the latest market trends in a complementary way
Current market trends may be difficult to understand in these unprecedented times, but they might help you. Spend some time to understand the latest market trends in your country and around the world; it will help redevelop your business’s positioning. Your business may provide the best solution or the products or services that customers need remotely. This way, you can generate good revenue that helps your business in this tough time. You can also start online product delivery that can generate a high stream of sales.
3. Understand your current financial position
You should understand your current financial position and make a decision based on it. There are many factors that determine your financial position, such as either you trade during this period or not, restrictions imposed by the local government, pay debts, keep your employees and meet loan or leasing repayments. Your accountant can give you the insight, and you can discuss the options with him. Make a plan accordingly to minimize the impact of this pandemic on your business. If your existing trade and revenue have been disrupted, then pay attention to the cash flow.
4. Build connections with other entrepreneurs and business owners
Building a connection with like-minded people is always a great way and help you learn new things. Meet with other entrepreneurs and business owners in your area, share your stories, learn, and even collaborate with them. This kind of connection helps you to find some solutions that other businesses are implementing.
5. Go digital
Going digital is a great way to go, especially during this pandemic. However, you need to choose the ways that grab the attention of the people. For instance, start a YouTube channel or podcast or do live sessions and share some useful tips with your fans. For example, if you are a business that makes beauty products, share beauty tips, and interview your beauty experts through Instagram or YouTube live. Start online product delivery services on your website, increase revenue, and swag. These days, people are more interested in such things, and buying products through online delivery has become a norm.
6. Plan ahead
In these tough times, everyone is unsure about their future. As the government imposed restrictions on many things, your employees need your support, and they want to know that you have a good plan to secure not only their jobs but also your organization. Communicate with your employees and tell them what you will do in the next few weeks. Then expand and let them know what the next two months will look like. Perhaps, you need to make some difficult decisions about hours cuts and layoffs. But it will be easier for them to have the patience for these temporary hour cuts if they believe that you have a long-term plan for the organization’s sustainability.
7. Don’t Sacrifice Quality
In unprecedented times, it is hard to keep a handle on the product’s costs. In this situation, you need to be aware of not sacrificing the quality of the products when you increase the product’s cost. The common approach of business owners is that they seek to expand profit margins should be cautious, making the changes to the main products. For instance, if a pizza shop is going through a profit loss, the owner could slice seek to improve profit margins per pizza by buying cheaper sauce, cheese, and other ingredients. But this tactic could backfire if the customers dislike the taste of pie, and eventually, the sales decreases. The bottom line is to make the cuts and cost but doesn’t sacrifice your product’s quality. Alternatively, you can cut the price of paper napkins and even takeout boxes instead.