8 Tips To Keep Your Business Going During A Pandemic
Whether you’re a startup, a small business holder, or the leading company in your industry, trying times of pandemic is a concern of every entrepreneur and worker. This is the time when sales of most businesses nosedive due to a drastic fall in demand and a complete change in market behavior. Though there may be more than just the 2 aforementioned problems businesses face during a pandemic. The capacity to adapt and manage hard situations is the key to your business survival. Therefore, these 8 tips to keep your business going during a pandemic are a must-have. This is the best 10 minutes of reading you’ll ever invest in your business success this period. Dive in!
1. Never Panic
This may seem obvious and less of your concern, but just take a look at it. The more you panic, the less productive you’re. And this essentially results in a fall in ROI as you’re putting in less effort, time, and concentration into your business. To get over the panic and get your old energetic self back to the workplace, here are 3 things to do. First off, take the pandemic period as an opportunity rather than a challenge. Remember, a true entrepreneur programmed for success sees the untapped opportunities in every problem that pops up. Second, acknowledge that your competitors are most likely to be concerned and affected by the situation on the ground too. So, why work yourself up with the assumption that your competitors have the situation under control than you do? Finally, have a change of mindset by thinking positively on how to adapt and push your business forward in the midst of the crisis.
2. Take Advantage Of The Free Time
A drop in foot traffic is inevitable during the time of a pandemic. Instead of worrying about not being able to open the doors to your customers or about having less traffic in your business for the fact that your customers are on lockdown, take advantage. And by taking advantage, a good place to start is by picking up those projects you’ve swept under the carpet for serious analysis. See which one is beneficial to your business, especially in this trying time, and breath life unto it. Another way to taking advantage is by finally doing your business audit, the one you’ve always neglected by procrastinating. If you’re not knowledgable on how to perform an audit of your HR files, you may hire an auditor online. Besides, this is the time auditors will take your low-budget offer and do a better job for you. Finally, the downtime brings the opportunity of accessing those piles of customer reviews you’ve never had the chance to give close enough attention. And remember, greater business decisions are taken when you keep track of your customers’ response to your service or product.
3. Take Your Business Online
Low foot traffic will kill your brick and mortar business and you’ll have no authority over the government’s lockdown rule. If you are yet to carve a solid online presence for your business, you might just have to do it now. By the way, a great fall in foot traffic results in high internet traffic because people spend more time online during the lockdown. But you don’t essentially have to be a techie to do it. Though easier to do now than ever, you may outsource the website development task and get a great job done for you. Platforms with brilliant web developers at low prices include, but not limited to; Upwork, Freelance.com, Craiglist, and Fiverr.
4. Expect Diversion
If you have shareholders and or investors, this is the time to have fewer expectations. The downturn is likely to trigger a survival mode even in your VCs and your angel investors. This, like every other pandemic years in history, will cause even your portfolio investors to be more selective and will readily switch for bigger stronger companies to invest in. Nevertheless, to enlighten investors on your business’ strengths and weaknesses over the period and the aftermath will help them trust in investing in you. This, however, doesn’t retain all your investors. Finally, for the companies you have cancelation clauses with on a contract, expect the possibilities of them exercising a cancelation of contract.
5. Cut Down Expenses
Here’s for the team of employees or your staff. Since you’re more likely to be short on revenue, reducing expenses is important however aggressive a choice it is. But if you’re compassionate in doing it and letting your staff know you care in the process, the downside of reducing employees’ salaries such as low productivity will be eliminated or reduced. Also, when making the decision, plan out a fixed cut so you can make it once and for all and avoid cutting your employees short little by little. This ends in distrust mostly.
6. Raise Non-Equity Cash
The extra cash doesn’t hurt. Especially now when you need to tap into every available source of funding. If your business is located in a country where the government makes grants available, good for you. Also, endeavor to leave no stone unturned on your search for the SBA programs available to support small businesses with fundings. Take short-term projects, I mean those “peanut offers” you’ve always turned down. I accept low offers now so long I get/give value in return. Overall, look for non-equity cash creatively to help keep your business alive.
7. Fall Back To Your Board Of Advisors
This is the period that your scenario planning skills are brought to a test. Acting egotistically with a staggering gut of “I have got this” is just as useless and will fold you up in no time. Therefore, it is wiser to get back to your board of advisors to get nuggets, tips, and tricks from business holders who have gone through similar downturns in the past. The firsthand strategies they’ll give you will be more practical and resulting.
8. Tap Into Your Strength
This is where your business enjoys the benefits of record keeping. Check through records for marketing strategies that have generated the most ROI and leverage the same right away. Implement business automation to replace some of your employees if that works for your business. Finally, look into ideas that’d save your customers more money and bring them value so you can dominate your niche and stand out in a unique way above your competitors.
Trying times could be detrimental and unforgiving to your business growth. The crisis brought by pandemic lingers even after the uproar. To stay ahead of the situations, I have explained 8 tips to keep your business going during a pandemic. Do you have any questions? Miss anything? Or have some tested tips you’d love to share? Use the comment box.
Also, check out this important article: 8 Devastating Mistakes to Avoid as an Entrepreneur
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