Strategies To Stay Ahead During The Corona Crisis

Companies are experiencing a profound impact due to the Covid-19 outcome. No matter how established a company is, it has to re-evaluate how they manage and run their business. They may have to reassess their business plan too.

It has become a challenge for most organisations to continue their financial wheels advancing during the lock-down period due to lower revenue churn and prevailing uncertainty in the global fiscal environment.

Unfortunately, the impact on start-ups or small businesses can be much more devastating as they have limited funds and a less margin to manage sudden downturns.

Thus, during these challenging times, start-ups and established businesses will have to adapt to a new set of guidelines. They must be mindful of the following aspects to mitigate the risks and to survive the downturn generated as a result of COVID-19.

Here are some strategies to stay connected and float during these crises –

Adapt your services to the current reality –
Across several places around the world, the public is instructed to remain at home which poses great difficulty for industries. If your business applies the Business-to-consumer model and depends heavily on face-to-face, in-store contact with customers, this poses a serious threat, especially in the long run. Get innovative and come up with new ideas so you can still deliver your products and services.

Communicate with your customers/stakeholders –
Consult with your investors or professional experts to plan the right way to communicate with stakeholders, customers, and employees. Have an honest conversation with your entire team about the situation and its impact on your business. Any unfavourable message should be delivered with utmost empathy along with transparent reasons. The best approach is to keep your consumers updated about every development. Consumers can understand and empathize with companies facing a crisis as long as the communication is transparent.

Market your business with coronavirus in mind –
Ask yourself whether your product or service could be of additional use or relevance amid the COVID -19 crisis, and align your marketing strategy to reflect this, especially if you are introducing a modified service for the duration of the outbreak. Enhanced and responsive marketing strategy is extremely important right now, as many people will want to know whether certain businesses are still in operation. Make sure your intended audience knows that you’re available.

Use alternative approaches to maintain day-to-day operation –
If you haven’t already done so, COVID -19 is likely to disrupt your travel arrangements, communications, staffing, and possibly even supply chains. Rather than simply dropping business plans, events and trips, brainstorm creative alternatives and solutions.

Implement technical upgrades to keep communication going –
With the perceived threat, if not all, most of your staff will be working from home at some point, it is important to plan accordingly to ensure that communication remains as efficient as possible. Phone conversations and messages aren’t going to be fast enough, particularly with all the domestic-life interruptions. Consider using digital platforms for your planning and communications.