1. Think 10 Steps Ahead
The first case of the coronavirus was recorded in Wuhan, China. The province served as a ghost town during the lockdown. The residents are forbidden to go out of their homes to limit their mobility and prevent them from contracting the virus. However, it was not an isolated case. After a few months, COVID-19 cases have been traced to other countries, including the United States, France, Canada, and others. As preventive measures, quarantine protocols were implemented to mitigate the spread of the virus. With this, companies needed to adapt to continue their work. Since the employees’ safety is of utmost importance, companies started letting their employees work from home.
The damage happened one after the other. If you are not going to think ten steps ahead, your company will not survive—you will be left behind. If you belong to software companies and internet service providers, you are lucky enough. Although some companies already have a remote set-up program, the extension of the pandemic has gravely impacted their fund and workforce.
A part of thinking ahead is preparation. Expect the things that you feel are not going to happen, just like the pandemic. There is nothing worse than being unprepared. One piece of advice would be to create contingency or crisis plans to know what to do to your company once a bad situation happens.
2. Keep Moving Forward
Challenges are not new in the business. Obstacles are inevitable, but actions must be taken over emotions. Even if your company’s revenue dropped, you should not let your guards down and feel demotivated. You should not only think of yourself but think about those people who are dependent on you, including your family and employees.
One thing you need to do is to find solutions and alternatives. Some procedures will not work during the pandemic. However, you need to be innovative and creative. Try to reinvent your company’s products, services, and processes, and do this as quickly as you can.
To have a clear overview of how owners see their businesses and companies’ situation, there was a recent survey conducted by 2checkout. In their study, it was revealed that 12% of small merchants expect to benefit from the current situation, 28% are expecting a loss, and 32% are hoping that their crisis response plans will be well-executed to lessen the negative impact of the case to their companies and businesses.
You need to be flexible, innovative, and creative to keep your business from moving forward. Luckily, there is technology to aid you in reinventing your business. Take advantage of these opportunities.
3. Know Your Priorities
As mentioned above, you need to prioritize the safety and well-being of your employees. It would be best if you do not leave them from moving forward. They were with you in putting up your company and must acknowledge their contributions. Working from home can result in an additional financial burden. You need to provide them with laptops or computers, internet or load subsidies, and others. This part of readjustment is essential and should be prioritized. With this, you can continue to market and implement campaigns online and get some customers.
More importantly, you need to assess your products or services. Put priority on those products or services that are still getting sales, and put on hold those that are not.
4. Digitalize Your Selling Process
The pandemic has opened opportunities for business owners to connect with their customers online. This digital marketing and online selling will not last for only a short period. This set-up will prevail for more coming years. It would be best to adapt to these changes as fast as possible. Conduct an online meeting with your team and come up with digital marketing strategies.
As observed, the selling process in most of the industries, including B2B, is now conducted online. Entrepreneurs started digitalizing their selling flows since they can find their clients on different online platforms. For instance, restaurants were forced to close during the first few weeks of the lockdown. The restaurants that survived and still thriving are those that used online selling strategies. They created social media accounts and websites to reach their prospective customers. Surprisingly, some restaurants were built and put up during the pandemic. It goes to show that digital transformation is effective for businesses and companies.
5. Communicate With Your Customers or Clients
Communication is essential in all facets of a business. Keep your lines of communication open to your customers or clients. For old customers, please continue to keep in touch with them. You can share something new about your business or tell them your plans. In this regard, you are earning their trust at the same time lessening their anxiety. Also, have some moments to ask for what they need, and let them know that you are willing to help them in any way possible. You can optimize your company’s social media accounts for new customers to hear their feedback and suggestions. Since you are trying to work on new strategies, their participation will be a great help.
The pandemic has closed so many doors, and you should be the one creating opportunities for your business or company. Having the ability to reinvent and reshape your business is a good quality of an entrepreneur. With the use of social media and technology, you can still operate and thrive despite the limitations. The current situation is just one of those challenges you have overcome or will be facing in the future. Thus, thinking ten steps ahead will prepare you and make your company or business resilient.