As coronavirus keep spreading rapidly all over the world, the effects will devastate small businesses as owners will be hard hit by the major economic fallout. In this article, we offer some tips on how to keep your business going during this pandemic.
1. Do not panic, relax and take care of yourself
Although it can be difficult to stay calm when you are running out of money, you should try to take good care of yourself by exercising and eating well. This will help you relax, which in turn will help keep your team calm and have a healthier mindset that will allow them to come up with new ideas to help the entire team move forward.
If you are faced with difficult decisions, balance your mind and yourself before making any drastic decisions. Sometimes the best way to deal with a dynamic, rapidly changing situation is asking for trusted opinions, taking a step back so that you can give yourself some time to reassess and keeping perspective. Don’t hesitate to ask for emotional support when you need it.
2. Communicate with your stakeholders
It is also important to maintain business partnerships during this period. Communicate with your stakeholders about the current situation and what is happening with the business during this world-wide pandemic.
Explain your plans to employees and the possible impact they will have on them. However, you should try to be calm and clear when telling them. Follow up any organisation or person that owes you money. Consider negotiating, depending on what they can pay in the current situation.
Additionally, contact your creditors to find out if there are any payments that you can postpone. Review your business trading terms to allow you to get a deposit or upfront payments for new orders. Lastly, keep your clients updated about your services.
3. Consider adapting to current marketing trends
Make sure you know the current digital marketing trends. This could work to your advantage as it can help you optimise the positioning of your business. Online marketing can help you spread the word about your business by using the Internet to reach people who can buy your products or services remotely.
If you can capitalise on this now, you may have an entirely new business pathway or a new revenue stream to leverage when quarantine lifts. Your business could transform into a business that approaches sales from both online and in person.
Events like this can make you realise that you should rethink how you have been running your business. Ask yourself these questions: Will your business model outlive the changes that the COVID-19 pandemic will cause?
Going forward, how will your customers behave? What will and will not matter to your customers, and how can you accommodate a new type of clients in your business?
4. Look at your competition
Some businesses have been hit harder than others during this pandemic. Study the ones that look like they are making it through the pandemic and learn what they are doing differently. To better understand what other businesses are doing and the strategies that seem effective, look at both your direct and indirect competition.
Use what you can by shifting the strategies to suit your business needs. Understanding how your competitors have positioned themselves during this crisis will allow your business to have an advantage when things return to normal.
Takeaway
It’s important to start planning for the future of your business by being prepared for what will come after this crisis. As an entrepreneur, you should always be ready to face challenges and make changes to your business strategy to reach the end of a difficult situation and go beyond.
About the Author
Maryn is a tech enthusiast and creative content writer. She is interested in all tech-related stuff, digital marketing, travel, fitness and personal improvement. Find Maryn on Twitter @MarynMcdonnell