3 Ways to Strengthen Your Business During the COVID-19 Outbreak
The coronavirus pandemic continues to sweep the globe, and if you haven’t already noticed, it’s starting to take a toll on businesses. Every business — from small community ones, to the start-ups just getting on their feet, to the big players on Wall Street — is starting to suffer.
This might all seem very depressing, especially if you started 2020 with big business goals in mind. While we pray that things will get better soon, there are real, immediate actions that you can take as a business owner in order to keep your business profitable and significant.
This is the time to rethink the usual business ecosystem, allow room to innovate and take your business to the next level. Read on, and find out how you can keep your business afloat amid the COVID-19 crisis.
1. Online, Online, Online
The real world might be on hold right now, but all that means is that the online world has become a hotspot for work and business. Sure, it was already this way before COVID-19, but now, there’s no denying that the online space is where most of, if not all, your interactions with your customers will take place. If you’re not already finding ways to take more of your business online, then you could well be losing out, be it in customer engagement or business transactions.
This is why if you’re a smaller business, it’s important to maintain an online presence. You can start by opening an online shop, being more active on your social media channels or simply offering your products or services on e-commerce platforms. If you run a food business, there are plenty of delivery marketplaces like Grab and foodpanda for you to get on. Don’t have a website or a dedicated social media account? Now is the time for you to set up one. It’s really the only way for you to get your products on the market right now.
For owners of bigger businesses, the best way to drive traffic through online means is strategic advertising. The biggest corporations in the world pay billions of dollars every year for advertising. Use this opportunity to show what your brand is worth, and why people should trust it, despite everything that’s going on right now.
2. Start Innovating
Because COVID-19 has put a stop to the usual flow of operations and destroyed some niche spaces, find ways to experiment and expand into new products. Start gathering your teams and strategising on how to readjust operations and production lines in ways that are sustainable and scaleable.
Think about what this means to you. New products? New services? What about new collaborations? These are things entrepreneurs should consider anyway, but now you have the chance to do it. The coronavirus scare has given business owners and employers a big opening for taking risks. Be one of the brave employers to consider this.
3. Give Back
Let’s face it — many consumers don’t really care about business right now. Most people just want to feel safe and feel as though the coronavirus is on its way to defeat. This is why it’s very important to show consumers that you’re hearing their concerns, showing empathy and doing your part for the community.
You could use your products and services to thank all the frontliners. If you run a food business, consider giving free meals to those placed on quarantine. If you run a manufacturing business, you can offer your products to help people. If you’re a manager or an employer, you can get your team together to contribute something.
Rather than seeing this as a short-term loss, take the lead in spreading hope, availing your expertise or offerings to those who really need them, and creating a positive reputation for your brand. While adapting to the changing times might mean overhauling business strategies, giving back is and still remains important. Sometimes, that’s what really makes a great business.
To your success,
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Originally published at https://mariosingh.com.