10 things you should be doing in your business right now to help you survive and thrive in this pandemic.
1. Do your bit to help contain the spread
Work from home if you can. If you can't put procedures in place to stay as hygenic as possible
2. Make sure you can fulfill orders
Make sure you have a plan to keep the ball rolling in the downturn. Find a partner (even if it's a competitor) and ensure that you can help each other through as a backup strategy if and when the need arises.
3. Chase the work that is out there
There is still work out there!! If you can chase work from medical centres, takeaway stores, mortgage brokers, job centres, corner supermarkets etc then you need to be…now. Businesses that sell products or services that are in highest demand will need all the help they can get now as much as anyone, so provide them with solutions they need to deal with their rush.
4.Tweak your marketing
During the pandemic, you can't keep using your existing marketing. One of the best things you can do right now is to help your customers out as much as you possibly can. Provide them with as much free information as you can because EVERYONE is looking for the right advice at the moment. People remember who gave them great support and the right advice when they needed it most. Be that guy.
5.Increase your online presence
Build your database. People are soaking up information as quickly as possible and so it is a great time to start getting people engaged and signed up for your business e-communications and newsletters. You should also be focused on your social media at this time, as more people are spending more time on it. Move your market online. More and more businesses will be moving into online sales over the coming months and with it, overall consumer habits will shift. When that happens, eCommerce will become even more critical than, in my opinion, it already is.
6. Create or join a community
If you can create your own community within your customer database and position yourself as a leader in your marketplace this will hold you in good stead for a long time to come. If you aren't able to do thi, join a group where you can communicate with the local community and position yourself as an expert in your field.
7. Promote entry level products and services
In this uncertain financial climate, people are cutting back and you are bound to get better conversion by focusing on the entry level products. It may mean less overall margin, but good margin is irrelevant if no-one is buying at the top end. Your customers would much rather use a trusted supplier such as yourself but if there is a way to save some money in a climate like this, they will. You need to be innovative and creative to either prove the return on investment on your service over suppliers globally or bend to the market. I'm not recommending drastically cutting prices but focus more on personal service which a global supplier cannot provide.
8. Focus on efficiencies
Make sure you use the downturn as an opportunity to take some inward reflection on your systems and procedures to identify efficiencies you can put in place now, to make your life easier when things pick up. Don’t waste this opportunity to make this happen, because when you get busy again you will regret not having put the work in when you had the time.
9. Cash is king
Keep the cash flowing! Do what you need to do to preserve your cash flow as this will be the lifeblood that gets you through.
10. Look for ways to Pivot
Every business large or small has opportunity and your business in this time is no exception. What can you do to realign your plans and more importantly, take the opportunities that are out there right now? Do you have a traditional bricks and mortar business? If you don’t offer website services but know your stuff then this may be a good time to pivot into this market even if you rely on partners to assist with the technical stuff. If you are already an expert from working from home, you are in a great position to offer your services to help others out who have suddenly been thrust out of their comfort zone.