As a business owner, you might be thinking:
● How can you stay profitable?
● How to make ends meet during this time?
● How to make sure you don’t have to let your employees go?
Many businesses are severely hit. Some had to close their doors, and we don’t even know how long it will last during such uncertain times.
But the key to surviving is…how you can revise your business strategy. To set up measures so you can survive through this period and emerge even stronger.
#1 Find out what your customers need right now
People are now most interested in health and hygiene products and items to keep them safe to prevent themselves from falling sick.
Now, if you are in the F&B sector, that could mean:
● Adjusting your menu with dishes that boost the immune system
● Add-on free islandwide delivery, to encourage people to stay home and stay safe.
This will create a variation in your product line while making it convenient for your consumers. It’s time you adjust your offer and products to the current needs of the market.
#2 Build rapport and improve customer relations
It’s time to focus on your customers even more, even if they can’t support you financially at the moment. When times are tough, people tend to work more closely together. And hopefully, it continues even after the COVID-19 crisis is over. This is an opportunity to build a deeper relationship with your customers so that they genuinely know you care for them in the long run.
#3 Embrace online solutions now
If your company has been looking to develop and use digital technology in your business, start now. Everyone is staying at home, and they’re going online more often. And this means your business can:
● Build your social media presence
● Be present on every major social media platform
● Generate higher amounts of online traffic and engagement
● Reach an even bigger market you may have missed previously
But it doesn’t stop at your products and services. The situation has opened up ways to explore working from home, systems to automate workflow, and meetings can even be done quickly over Zoom.
#4 Pre-sell products and services for future events
It’s possible to rely on existing, loyal customers by pre-selling them on new offers. Think about…creating offers for big celebrations, weddings, events, or vacations in the coming months or even next year. Discounts and bulk purchases can help you ride out the current period. Be clear on why you are giving them special offers now for your customers, and they would definitely appreciate it.
#5 Manpower Allocation and Cashflow
Reporting 9 to 5 to the office or clocking 12 hours shifts shouldn’t be applied for all departments. To survive the coronavirus outbreak, make sure you use all your resources effectively. Channel them to areas to ensure the survival of your business.
Perhaps the IT team can work on solutions to automate sales processes? A brainstorming session on a product promotion to generate quick cashflow? Or the HR department allocating manpower in the best way? There are many untapped leverage points that you can take advantage of during this period.
On a final note, cashflow is always king in business. Revisit your financials. Create an infrastructure that is strong enough to sustain manpower, and also other necessities and overheads in a downtime.
May your business thrive during COVID-19 and beyond.