The World Health Organization (WHO) declared the coronavirus as a pandemic during March. With its effects far-reaching, COVID-19 has brought the biggest superpowers in the world to their knees. Crashing the global economy, the pandemic has had adverse effects on every single business around the world.
See: COVID-19: It’s Impact on the economy.
But how do you lead your business towards stabilization during these testing economic times? You need to be adaptable and agile, restructure your strategies and be empathetic towards your customers and fellow businessmen. You may need to shift production from non-essential businesses to the much more needed essential businesses during this time. This is because people will need to consume essential goods and services now more than ever. Here are a few things you should keep in mind to make sure you survive this pandemic as a business.
Communication is key
In this unprecedented situation, businesses will need to rethink their communication strategy within and outside their organization. While moving your internal communication online, make sure every single one of your employees has access to these online resources. If not, rather than making them rethink their position in the organization, provide them with the necessary resources. This is a time where you need to stick with your employees, not abandon them. Efficient internal communication is key to any business’s success, and while it may become more challenging with everyone working remotely, it is the company’s onus to balance their expectations setting with morale-building. This will enable employees to know their value and hence focus on their work. External communication with all stakeholders is also necessary. A truthful account of the company’s activities and position is essential to keep them up to date.
Increase Engagement with Customers
Your customers are the ones who keep your business afloat. It is essential to engage with them through online platforms and keep them updated with respect to current activities and future plans that are being implemented by the company. This gives customers a sense of belonging that encourages brand loyalty. Online polls, regular updates, new service/product lines? It is up to you how you adapt but do so keeping in mind your core values and goals.
Rethink your Marketing Strategy
This pandemic has caused seismic changes in business trends, customer preferences, and in most cases, the entire marketing landscape. Billboard marketing campaigns are out of the question as there are lesser people on roads. Companies that spent millions on such campaigns would need to adapt. However, this provides a great opportunity for companies to explore and fully utilize online resources to maximize their reach and coverage. But they may have to take certain precautions and keep in mind certain factors while doing so. You can read more about how you can adapt your marketing during COVID 19:
See: How to Adapt your Marketing Strategies to Coronavirus
Digitize your records
While this may seem obvious, many companies, especially the developing ones, do not have digital records of their activities, citing concerns such as that of security. However, with most business activities moving online, companies should move all their records online with them. Not only will this prove to be a useful exercise for the future but will also ensure that they have all their records in one place, improving their accessibility.
Prepare for the worst, and set out clear plans for post-pandemic activities
This may be a tough pill to swallow, but this pandemic is not going away soon. You will need to adapt every day, and given things go back to normal, you will need to have a plan in place post-pandemic. People’s priorities will change, and your activities and efforts might have to change with them. Evolving with time is what every successful business does, and those who fail to do so are left behind. According to a report by McKinsey, using a “portfolio of initiatives” and making clear plans in times of “uncertainty” can help us adapt and overcome the struggles that are bound to arise as this pandemic gets worse. Here is how you can adapt your business to COVID-19:
See: How to Prepare your Business for the POST-COVID-19 World
In short, the key is to improvise, adapt and overcome. While we can not know the outcome COVID-19 will have on our businesses and daily lives, we can only hope for the best but be prepared for the worst.
