Coronavirus and your business. What to do?
CORONAVIRUS AND YOUR BUSINESS – WTF TO DO?
You might have questions related to Coronavirus and your business.
Feel uncertain. I think we all do to a degree.
Can we keep going?
New clients would come?
We are losing existing business ….
I’m not going to say that I have all the answers. Or try to tell you what you NEED to do.
But here are my thoughts:
1) Business CAN carry on (I think it should)
There will be a dent in the economy.
Recession is for the real.
Running our businesses online means we have the luxury of NOT shutting it all down.
But if we work online for businesses and individuals that are offline, it will impact everyone.
Vidhi ka Vidhaan .. its a circle
But we can support each other – keeping the businesses thriving.
2) Acknowledging what’s happening is important.
Completely ignoring the issue isn’t the answer. Being in panic and halting everything will be unwise.
Lifestyles have shifted, anxiety is higher than normal, & it’s important to meet people where they are.
Read More: 21 ways business owners can use this quarantine time for productivity.
3) Being a leader for your audience is essential.
A lot of people are floundering around, unsure of what to do. This is an opportunity for you to step up and lead your people.
Not with an – I know everything – sort of attitude. But in a – let’s figure this out together – kind of way.
Continuing to add value and showing your people how you are moving forward despite the uncertainty can help ease some anxiety.
You know what the right next step is for you.
4) Work on the ways to put your business afloat, stay ahead in times of Coronavirus outbreak.
Every business is different and every business need different ways to stay afloat in these crisis times. Few methods that business users can pick up to put their businesses afloat and stay ahead in times of Coronavirus outbreak
a) Build new leads and customers.
The time when most of the businesses are working to keep their operations floating, you can use this time to network online (stay at home during the lockdown) and build your prospective customers.
Having a new list of audience and leads ready means, you will be prepared to get them on board when the things will calm down.
All your genuine efforts will payback with increased confidence in your business.
b) Be innovative, adapt your services to the current situation.
Some of us are fortunate that we can simply switch our business online. For consultancy – calls and meetings can be done on Zoom, Skype or even Whatsapp video calls. For coaching, switching to online products should be considered. It’s okay if you don’t have web infrastructure ready with you, use Facebook groups, for free. They have a feature “learning units” this can come handy, while you gear up with your tech development team.
One of the only ways to get out of the tight box is to invent your way out. ~ Jeff Bezos
For B2C retail model, you need to brainstorm how to get through this. At present, your model involves a lot of one on one interaction in person. This, in the long run, can be a serious threat. You can also work on subscription, incentive, gift cards etc system to ensure business running once the Coronavirus situation calms down.
Having a strategy on how your business will operate, serve and grow after the Coronavirus outbreak when things will go back to normal, should be on your top list.
If you are a need-based business, this is the perfect time to sit back and plot the perfect content on the internet world to fetch more clients. Soon it will be over, your new detailed SEO friendly content will crawl up the search engines and at the end, you will shine bright.
c) Market your solutions with Coronavirus in mind.
Now, that doesn’t mean, you start selling any solution that guarantees the cure or betterment without any authorized license or government supporting your claim.
This means you can come with a service or a product that has relevance to the situation and your marketing effort can reflect the same. Be flexible and increase your marketing efforts. At these crucial times, people want to know if you are operational, semi-functional or at least supporting queries.
d) Work on alternate solutions for your operations.
In case you are already not working on the alternate solutions, then you should definitely be up on it now. Have a Plan B for every resource. It would be wise if you can have an alternate ready for any contingency
If Plan A is not working, change the plan but never the goal.
E) Identify the challenging areas of your business.
When you sit back and brainstorm the alternate solutions, mapping Plan B details or go through the above points you might find the challenges in your current operations model. This is the perfect time to do the analysis and solve each challenge one by one.
Join the exclusive group Marketing Make Sense of digital marketers and small business owners brainstorming solutions and helping out each other.
5) Be mindful of CASH
No one knows how long the pandemic will last and how long the economy will lay low. I believe there will be a strong rebound.
We will all survive. Nothing lasts forever and this situation will be gone for sure. But the most important thing to be mindful of preserving and spending mindfully is – CASH
Once the cash dries out, there would be nothing to keep the lights on. Look out for the relief programs the government is/ will be running and take advantage of it.
This is the time to go frugal and utilizing your business resources as you would be doing with the limited ration during the lockdown.
6) TAKE CARE OF YOURSELF
In a time of heightened anxiety and tension, make sure practice epic self-care to keep your nervous system in check.
Your biz needs you healthy.
How are you handling business as we deal with Coronavirus?
Moving ahead? Scaling back?
Share in the comments.
(If you have specific coronavirus and your business questions, I am up for a call, let me know in the comments)