10 Steps To Help Your Business Survive and Thrive
Whether you’ve recently launched a startup or you’re the CEO of an established organization, these unprecedented times caused by COVID-19 have erected several unique obstacles. On a brighter note, though, it also creates the perfect landscape for opportunistic entrepreneurs that are willing to go the extra mile.
With the right strategy in place, your business can thrive during these difficult times. Focus on the 10 pointers below, and you won’t go far wrong.
1| Positive Communication
“You never know when a moment and a few sincere words can have an impact on a life.” – Zig Ziglar.
Great communication sits at the heart of any successful business, and it’s now more important than ever. Coronavirus has caused uncertainties that impact your company’s relationships with employees, partners, suppliers, and customers alike. While you must try to maintain a sense of transparency, it’s equally crucial to avoid negative posting – particularly in the public domain of social media.
Positivity begets positivity. Your passion and enthusiasm can quickly rub off on customers and people within the organization. This difficult period will pass, and those that have built a strategy in the meantime are set to become the greatest beneficiaries. Focus on your plan of action, and a positive mindset should follow.
Virtual is the new normal. In truth, the shift towards the use of remote employees and contractors happened long before the COVID-19 pandemic. However, the impacts of the coronavirus ensure that this is the perfect time for your organization to finally make the switch. Whether focusing on the gig economy or existing staff management, cloud-based technology can facilitate major improvements.
Cloud-based telephone services, such as those provided by Carolina Digital Phone, allow remote-based employees to practice safe social distancing, extending to their travel, while maintaining the ability to perform the same tasks that they would in the office. In fact, embracing the modern approach through digital connections creates a more flexible workspace, particularly in relation to the hours of operation. This is definitely something that can help your business thrive in the years to come.
3| Cash Flow Management
“Revenue is vanity, profit is sanity, but cash is king during this crisis.” -Nicky Smith
COVID-19 threatens to destroy thousands of small businesses. In most cases, poor cash flow is the biggest danger of all. Given that nobody knows what’s around the corner, it is a good idea to cut costs where possible. Negotiate better deals on various services, postpone payments with lenders that will allow it, and extend credit availability. On a similar note, you should monitor the news for any developments regarding “stimulus liquidity” from the Government for SMBs.
A $2trillion relief bill has already been signed, and it includes loans and grants for businesses to deter layoffs. While it’s already the single largest economic relief package in American history, further relief is expected over the coming weeks and months. In addition to relief for the organization itself, individuals can gain relief in relation to medical bills as well as a wide range of ongoing expenses. From a business perspective, the support could be the key to maintaining a positive cash flow. Do not let the opportunity pass.
4| Don’t Stop Marketing
The crisis shouldn’t slam the brakes on your progress. However, it’s important to accept and recognize the impact that COVID-19 has had on consumers and B2B clients alike. Adaptability is essential during this challenging period, particularly in relation to the tone of your selling technique.
Social distancing and isolation will significantly hinder offline marketing efforts, but digital marketing campaigns boast an even stronger platform than ever before. Social media, PPC, SEO, and video marketing will all have an important role to play. However, you need to sell with compassion.
In addition to tailored ads, you can implement the option of a temporary break in payments during the pandemic. This could be the key to gaining new conversions. You will require patience before seeing the profits generated by the sales, but the reward is that you’ll gain customers for life.
5| Focus On Customer Service
On a similar note, you need to build upon that new style of marketing by paying greater attention to customer care. Businesses that show compassion at this time are set to secure long-term loyalty. Winning new customers will be harder during this period, but improved customer care should unlock greater Customer Lifetime Values from the new converts. Similarly, it should encourage existing clients to stay loyalty.
Once again, transparency is vital, which is why you should send out regular notifications and updates. You can also make it easier for users to contact the business courtesy of social media, Live Chat, and telephone diversion services.
6| Maximize The Efficiency Of People
“Start with good people, lay out the rules, communicate with your employees, motivate them and reward them. If you do all those things effectively, you can’t miss.” – Lee Iacocca.
Teamwork makes the dream work. If you want your company to overcome the obstacles ahead, a sense of unity will be vital. If business is a little slow, you can use this opportunity to invest in advanced staff training. The development of new skills, potentially in new roles, will make your workforce stronger than ever, which prepares it for the inevitable busy periods once the economy is booming once more.
Setting new standards across the business will establish a better company culture. Perhaps the most important step is to avoid the temptation to let employees go. Businesses that do fall into this trap won’t be ready to handle the upturn in fortunes that will inevitably occur once the coronavirus dangers begin to subside.
7| Build A Strong Mindset
“The strength of your mind determines the depth of your desperation! The weaker the mind, the deeper the desperation!” – Mehmet Murat ildan
As already mentioned, positivity can go a long way to pushing your business through this testing period. New daily rituals within the company (extending to remote-based workers) can have a telling impact. Even if COVID-19 slows your progress, it is still possible to find small victories each day. When you do, keeping the company on a positive trajectory becomes far more likely.
8| Plan For 90 Days
“Going into business without a business plan is like going on a mountain trek without a map or GPS support – you’ll eventually get lost and starve!” – Kevin J. Donaldson.
The world is currently in a transitional phase, and not only on an economic level. While you do need to keep one eye on the long-term future, it’s important to think about the HERE and NOW throughout this pandemic. Nobody can truly predict how long the impacts of COVID-19 will last. As such, thinking about what you can market and sell right away. Implementing a 90-day strategy is key.
Using an evolving 90-day plan allows you to respond to any changes caused by COVID-19, while all calculated decisions will be focused on dragging the company through this moment. Once the pandemic passes, you can consider the prospect of reevaluation.
A simple rule dictates my buying: Be fearful when others are greedy, and be greedy when others are fearful.” – Warren Buffett.
As most companies (outside of grocery stores) have already witnessed, sales revenue will fall as a result of COVID-19. If your organization cannot survive through its sales (or even if it can), smart investments could be the answer.
The market will bounce back eventually. It might take a year or two for shares in other companies to grow, but the landscape currently offers fantastic opportunities for buyers – as it did around the time of the 2008 global economic crisis, albeit under different circumstances.
If you are a growing business, be prepared to make the decision to acquire a smaller company. It could be the easiest route to post-coronavirus expansion.
Last but not least, it’s time to pray. First and foremost, you must pray for your family’s health. Nevertheless, you must not forget to pray for your business too.
A slice of good fortune can make a significant impact on a company’s future, even when the economy is thriving. Right now, businesses from coast to coast are hoping that government and community leaders will make the best decisions to help society come through the other side of this crisis.
While the decisions made by external experts are crucial, you must not ignore the need for your company to make the right decisions too. With the above strategies in place, that shouldn’t be a problem.