How to stay afloat
Efforts to curtail the spread of Covid-19, especially the closure of non-essential service providers, have had an unprecedented economic impact. Most businesses are juggling to manage the situation.
While the impact varies by industry, location, and business maturity; implementing a futuristic plan will determine the right footing for businesses when the economy scales up again.
It is, therefore, vital for businesses to consider these valuable lessons learned from the Covid-19 outbreak to future-proof their company for any crisis.
Remote working is becoming a norm
There were earlier concerns about the future of work.
owever, With the crisis of the covid-19 pandemic, the future of remote working is here with us.
Businesses have to learn how to cope. Your business will need to change work dynamics to ensure operations run as usual.
If your business lacks a work-from-home strategy, it is advisable to create one.
Consider factors like data security, additional equipment, staff guidelines, and remote working schedules.
High chances are that even after the Covid-19 crisis, businesses are likely to maintain formal online communication, virtual meetings, and online recruitment process.
Coronavirus has hastened customer acquisition and changed consumer preferences as the current market status favours certain brands. For instance, there has been a tremendous uptick in the sales of facemasks, sanitizers, and washing detergents.
In such a scenario, self-quarantine can cause customers to try new products. You can, therefore, try to create additional opportunities and put a pricing strategy.
Change or improve the products in line with legal reviews to penetrate the market. Besides, due to the global disruption of raw materials supplies, you might find it challenging to continue with the production process.
It is thus vital to predict such issues and make informed decisions. Consider the health and FMCG sector.
Create an adjustable business plan
As Covid-19 continues to spread, you need to have emergency plans. Ensure that it can aid you to boost sales during economic downturns. The plan will enable you to contextualize the situation and avoid making last-minute decisions. Always have back up plans with your vendors and invest in supplies. Also, have plans to cover your employees. In the event of a crisis, gradually implement these steps and be ready to adjust your actions accordingly.
Open communication is necessary
It is usually a tough time for everyone during pandemic-inflicted downturns. Businesses struggle to survive as employees also endeavour to make personal breakthroughs.
How do you deal with your suppliers, vendors, or any other partner if financial constraints set in and affect your daily operations? Have an open and transparent line of communication that can help you to develop effective solutions.
Always keep your employees informed about your intended decisions. Have open dialogue to seek suggestions from the staff to build a trusting relationship. Otherwise, you will risk losing your best employees.
Also, remember you are likely to face additional hurdles to restart operation and regain relationships with your partners.
Marketing should be continuous
Since money is tight during a crisis, you can be tempted to eliminate ‘non-essential’ services like marketing.
However, the situation is a mere tremor to the economy, you need to continue marketing regularly. In the end, it will be easier to pick up when the economy rebounds.
People are currently at home and likely to flock the internet. Utilize the opportunity and amplify your brand awareness through social media, advertising, and remarketing.
Remember the sensitivity of the situation to avoid damaging reputation.
Change your language of advertisement, consider offering discounts, and articulate how your brand is helping the public.
If you plan to cost-cut on marketing, consider adjusting it by a certain percentage instead of cutting it entirely.
The world situation is becoming unpredictable with the current covid 19 crisis, and incomprehensible risks can affect business operations.
However, creating an effective and adjustable plan will enable businesses to edge disruptions caused by the Covid-19.
As demonstrated in prior crises, adjusting accordingly will allow bracing for the next challenge.