The COVID-19 pandemic has been hard on businesses all around the globe, making an already difficult economic situation even more challenging. The outbreak of the coronavirus brought numerous businesses to a halt, and while some had to shut down their businesses temporarily, others, however, had to close their businesses permanently.
As we’re waiting to see what the year 2021 has in store for us, businesses who were lucky enough to survive the turbulent year that 2020 was are now employing different strategies in order to adjust to the new normal and stay afloat during these trying times. With that in mind, we’re listing five effective tactics you can use to ensure your business survives and thrives during the COVID-19 crisis.
Take a look at what the competition is doing and learn from them
While COVID-19 has impacted practically all businesses, some businesses have made it through a rough patch while others have been and are still struggling. Take a look at the businesses that are staying afloat during the crisis. What are they doing? Which strategies are they applying? How are they positioning themselves and what can you learn from them?
By taking a look at your competitors, both indirect and direct, you can figure out the strategies that have worked well for them and then apply them to your business (if possible), whether we’re talking about marketing strategies, customer service, etc. Keep in mind that you may have to adjust the strategies according to your and your customers’ needs, though.
Make sure that your services are adapted to the current situation
Depending on the industry you’re in, you want to make sure that your products and/or services are adapted to the current situation. This means that, whatever you do, you need to do it with coronavirus pandemic in mind, especially when it comes to marketing your solutions.
For instance, businesses can rely on digital solutions such as online check writing and mailing service to cut down on processing times of payments and ensure a safe, accurate, and speedy delivery. This could be particularly useful now that more people are turning to digital, contactless payments for making safe transactions. Businesses can also take a look at the current range of products and/or services they’re offering and see whether they can be marketed in a way that reflects their relevance during the global health crisis.
Examine issues from the top-down perspective
Speaking of adapting to the changes, this can also be the right time to take a step back and try to look at things from a different perspective. When dealing with a problem, look at the bigger picture instead of jumping to conclusions and making assumptions without hesitation.
For instance, discovering that an employee or a manager has been repeating the same mistakes may seem like a good reason to fire them. However, if they’re also bringing in consistent revenue, you may want to rethink your approach (e.g. retrain them instead of firing them). Every employee has their own set of weaknesses and strengths, and by examining the issues from the top-down perspective, you can reduce the chances of the same issues occurring again instead of making a decision that could negatively impact your future sales.
Pay attention to details
While focusing on the big picture is essential, paying attention to details is equally important. Think about the small stuff that often gets overlooked. Although small, certain issues may have a negative impact on your business’s bottom line, and now would be the right time to begin sweating the small stuff.
Whether we’re talking about lacking or inadequate parking space, ineffective or obstructed company signage, or poor advertising, it’s essential that you identify these seemingly insignificant problems and tackle them as soon as possible. Otherwise, you’re risking them having an adverse effect on your business.
Focus on upskilling your staff
It might be challenging deciding what to spend your resources on, especially when you’re a smaller business working with limited funds. Given how COVID-19 has propelled digital transformation, you might want to consider upskilling your employees and sharpening their digital skills.
Investing in knowledge and new skills is the best way to equip your employees for the upcoming period and help them adjust to the evolving business environment, but you should also consider stepping up your game when it comes to digital marketing, communication, and data analytics.
Staying afloat during the global pandemic may be challenging, and while there’s no universal playbook that businesses can simply pick up and follow, there are many strategies businesses can apply in order to weather the storm and navigate the turbulent waters of COVID-19 and uncertainty. Keep these general strategies in mind and you should be able to keep your business afloat and emerge on top.
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