The Coronavirus pandemic has been the reason for so many lifestyle changes. While some have lost jobs, and others are stuck at home, the repercussions for the working classes have never been worse. But if you are a Small or Medium size business owner, then you are on a dreadful boat too.
Large corporations have enough capital to sustain them through a pandemic. While some have cash-flow, others are secured under insurance programs or alternate payment sources. When it comes to small business, they will find it much harder to keep up with this economic meltdown. Some of these SMEs might not hold the essential cash reserve it needs to keep operations going.
Another problem many are facing is a lack of opportunities. Many businesses that depended on gatherings and large crowds have now taken a massive hit with the shelter in place. Even once the pandemic has dissolved, there will be a sense of hesitation for people to step out, and social distancing will become the new social norm.
In a time like this, panic is not an option. While companies are deciding to close operations, some are moving to newer domains. It boils down to seeing what limb of your business can still function even with the pandemic in action. One can choose to draw focus to just those factors and keep business sustained.
Many companies have decided to use this time to focus on other limbs of the company that can boost growth once the pandemic ends. For example, if you are a lawyer who cannot take cases as the courts are in lockdown, it’s time to work on the finer details of your firm. This would be a great time to focus on law firm marketing strategies and executions.
Here are a few pointers to help you recover from this pandemic. Some of these ideas might need some alterations to fit your brand needs, but they are sure to make life a little better for you.
1. How Can Your Product Help?
Since the whole world is stuck in the same limbo, it’s almost an even playing field. Now your product or service cannot function as it is in this time of crisis, so it’s time to introspect how you can change it to fit the demand. Imagine if social distancing and lockdowns were the new norms of society, how will you sustain your business in such a situation?
Understand how your product can help your consumer in the pandemic and post-pandemic periods. Once you know the answer, redesign your product to fit its needs. For example, if you are a company that sells trekking shoes, your work is irrelevant at this time. But you could repackage your boots as the ideal footwear for frontline workers, and sell to those organizations in particular.
Another way to make a temporary pivot is by exploring marketing through online education. You can create videos and blogs online to spread awareness about your brands. Explain to the consumer how your product is relevant even in the time of crisis. You can easily make these using a video maker online.
2. Explore New Sales Avenues
If the pandemic has come in the way of slowing down your sales, you can always find a new way to push them. Your tried and tested ways will not work in this time of crisis. This is when improvisation will help boost your business. If your product were relevant before the pandemic, it would still be now and after the phase has passed.
As many countries go into lockdown, the restaurant industry has suffered the most. An industry that depends on the gathering of people has to now resort to take-away or home delivery systems. This is what we mean by other sales. The need for products via delivery will always be an option.
3. Move Attention To Long-Term Projects
Since short-term opportunities are on a slowdown, it would be a great time to explore those plans that were kept on hold. This means looking at innovation or upgrades. You might not be able to execute these plans at the moment, but this gives you the time to set them into motion.
If you had any expansions or beta testing to be done on new products, you could stand them now. Since there is a halt on all markets, a new innovation at the end of the pandemic will be accepted better. It also gives you the option to come out of this on the other side with a fresh face.
For example, if you are a B2B company that works on the distribution of jewelry parts - This will be the right time to make you mark directly to the consumer. Explore strategies and plans that can be put into place once the lockdowns are lifted. Call older business leads or offers and ask them if they want to reinvent their ideas.
In Conclusion
Worrying about the coronavirus pandemic and an economic recession will not solve anything. While the governments across the world are offering care packages and payments for a business that is shut, these funds are not a sustainable model. Remember, once the pandemic ends, the demand will be back to normal, or higher. The time gained today can help you prepare better for this upcoming explosion.
The global pandemic might seem like a big deal at the moment, but it is not the time to give up or throw in the towel. This is the time to sit back and reflect on what else the company can do. How best can you use the available resources to provide the same services as before? It’s time to put your adaptability to test.
If we try to look at this optimistically, you are saving costs and cutting back on stresses for a few weeks this year. You and your team are learning to adapt to new climates, and nothing can hamper growth further if this did not. It is like the hard-reset of your phones. Your company can only come out on the other side, better and more reliable.
