The COVID-19 pandemic has taken a toll on every business around the globe. Global supply chains have been disrupted, costing businesses millions of dollars. As much as globalization has helped connect nations and businesses, it has equally played its part in paralyzing businesses by spreading this contagious virus.
Even billion dollar companies like Starbucks, Zara, GAP, Bath and Body Works and many more have been massively affected by the pandemic. Small businesses have been hit the hardest, as they have limited months’ cash flow to survive on. Employees had to be fired and stores had to be permanently shut down.
If your business is one of the lucky ones to make it till now, we have a few tips for you to do some serious damage control:
- Revamp Your Business Strategy
With everything changing, you might need to rethink about your business strategy. Would it work in these times? If not, what should you change? You might want to switch to a cost effective strategy if you have a responsive one because it would be hard for you to make customized orders and offer faster lead times during the pandemic. So switching to a cost effective strategy would work best for you in this case.
Rebranding is not a simple task though. You might need to consult with digital marketing agencies to help you plan an optimum strategy. These marketing agencies may design an ecommerce store to facilitate your customers with online shopping during the pandemic.
- Roll Out More Deals and Discounts
I know what you are thinking. Selling products at promotional prices WHILE you are already in loss? This may sound stupid but believe it or not, the high sales volumes during promotions are a key to generate great revenue during a crisis.
Roll out more deals and discounts and use excessive advertising on your social media accounts to attract more customers. Online sales have skyrocketed globally, ever since the lockdown was imposed.
- Stay Connected With Your Customers
Do not let your customers forget you. Keep your social media accounts active 24/7 and use strategies like buzz marketing via Instagram influencers to keep your market hooked to your social media pages. Make sure they are aware of any changes in your products and services.
Upskill your social media manager with additional training on how to roll-out social media strategies and how to prepare meaningful and interactive content.
Since deliveries are delayed because of lockdowns, many customers would be dissatisfied. Inform them beforehand about the delay in deliveries. Listen to all of their complains, apologize and make sure they are left satisfied with your customer service. Be more considerate.
- Do Not Fire All Your Staff
Your employees are an integral part of your organization. They are your business’s support group. No matter how tough the times are, try your best not to let them go. Remember how expensive and time consuming the hiring process is, and chances are, you may never find a team like them again.
So train your existing employees to be flexible in these situations and not panic. Upskill them to do more tasks and help you keep the business from falling apart.
- Make a Financial Plan
You already know your business’s expenses. Make a financial plan of 2-3 months that includes salaries, utilities, production costs, marketing costs, rent and all other expenses. Your suppliers may have already laid out plans to allow some flexibility to you in payments. They would not want to lose a customer. So talk to them and see how you can spread out the costs.
Cut down any unnecessary costs and eliminate any intermediaries by doing those tasks yourself. Save the most that you can.
