Everyone was quite optimistic about this new decade until it hit the world with a deadly virus – Covid-19. In a few months, this virus turned into a global pandemic, affecting millions of people worldwide. The government’s immediate response to control the outspread led to complete lockdown – closure of educational institutes, shopping malls, restaurants, and businesses. As a result, fear, anxiety, and confusion are haunting entrepreneurs about business survival. Do you have a contingency plan to keep up with this new normal?
With employees working from home and customers shopping online – businesses will have to make several amendments. After all, whether a brand will survive in times of uncertainty or shut down – depends on how managers lead. It is time to establish a precise and factual business strategy that corresponds to evolving demands. From finding new opportunities, drafting contingency plans to refine digital presence – brands have to turn odds in their favor.
Start preparing your organization to make it flexible and agile in the face of a pandemic. It means you have to respond quickly, make critical decisions, and safeguard employees from safety concerns. If you don’t know where to initiate, let us help you out. Here we are unfolding five tips to ensure business survival amid the pandemic.
1. Optimize the Online System
Unfortunately, the pandemic does not allow sellers to perform traditional transactions with buyers since people can no longer come to your store for purchasing. In addition to building an online presence, brands have to create an online system. Utilize digital tools to ensure seamless communication with employees. Likewise, invest more resources in social media forums to engage with customers and respond to their queries. Most importantly, create an online delivery network.
If you don’t have a private shipping network, opt for customs brokerage US to fulfill your global shipment needs. Alongside ensuring timely deliveries, a reliable shipping company can boost customer satisfaction. Moreover, explore new mediums and digital channels to facilitate more customers. If you own a food chain, start a YouTube channel with some recipes. Similarly, use Facebook’s live video sessions to give your shop’s tour and answer queries.
2. Initiate Attractive Collaborations
Is online presence enough? Although transitioning to an online system is inevitable, it is essential to make audiences aware of your existence. And for this, promotional strategies such as collaboration can be super handy. You can join hands with communities that share similar interests with your brand. Simultaneously, you can also team up with other brands to expand market share. If you are selling home essentials, collaborate with a disinfectant company, and give a free spray bottle with every purchase. Otherwise, you can focus on content creation through social media to promote a collaborative brand message.
3. Prepare Financial Plans
Strong eye your company and product as if you are an outside investor; it will help you identify gaps and weak spots. Financial plans are the best way to gain an understanding of your company’s position. Firstly, determine the expenses – rent, utility bills, salaries, and get in touch with the people you owe money. Come up with payment plans for your suppliers and vendors rather than keeping them in the dark. Most importantly, look for ways to cut costs – freeze hiring, use a co-working space, etc.
Indeed, the pandemic is hurting business finances, but panicking about it won’t help. Learn how to operate on a month-to-month basis without profit and start building a cash reserve. If you already have available resources, it is time to use those funds for the sake of business survival.
4. Find Opportunities
Can your business model survive the changes resulting from a pandemic? As the world is evolving, you have to diversify your business model to keep up with it. Find out what people are buying and see if you can cater to their demands. Now, it is time to be flexible and adaptable. For instance, if you run a clothing brand, look out for potential opportunities. Do you have the expertise to make facemasks or PPE equipment? If so, let manufacturers know your capabilities and come up with something new. After all, moments of crisis show us the new way of doing things while helping us respond to surfacing needs.
5. Upskill Your Staff
Undoubtedly, employees are having a hard time adjusting to the new normal. Wherever possible, try to support your staff. You can enroll them in training programs to boost productivity and efficiency levels. Instead of hiring search engine experts, encourage your marketing manager to take up online SEO courses to reshape the existing marketing campaigns. Similarly, many multi-national companies have launched e-courses on digital marketing to help businesses survive in these challenging times.
Besides this, introduce peer-to-peer coaching programs in your organization. If an employee has a knack for adobe photoshop or FinTech, request them to teach colleagues. In return, you can offer incentives or bonuses. Believe it or not, companies survive times like these solely with an agile, flexible, and ready-to-learn workforce.
It is not easy to lead through chaos and change. As a business owner, you have to develop strategies and utilize resources to keep the company alive. From using tech-savvy tools, drafting contingency plans to changing mindsets – surviving in the pandemic is challenging but possible. Thus, make smart decisions that pave the future and explore ways to set yourself on the right trajectory for growth.