The advancement of the pandemic caused by COVID-19 has made many entrepreneurs wondering how to keep their company running at this time.
After all, the world market has been experiencing a series of impactful changes in the way of doing business, of relating to customers and especially in their business models.
While the vast majority of people are in their homes, practicing social isolation, consumption habits are being revised – and companies working with home delivery services are experimenting with new ways of offering their products and services.
But unfortunately the quarantine – a necessary and very important care across the country, travel restrictions and measures of social distance should generate a sharp drop in consumer and business spending, destabilizing the economy once again.
Therefore, during this challenging period, knowing how to maintain your company will involve some care and the practice of some actions aimed at mitigating risks, reducing your losses and bringing a new look to the business – an exercise that can be very useful at the end of this moment. . Understand better with the following reading.
The challenge of maintaining business in COVID-19 times
Most entrepreneurs work with a survival mentality, based on five fundamental issues:
- How will your company grow under a factor that will affect the business?
- What are the apparent and contingent risks in your business and what to do about it?
- Is there an adequate resource for growth and, if not where, and how can you structure them so that your company creates long-term value?
- How to review your operations for performance and what to do to make them more execution-oriented?
- How to involve your team to assume a status of authority vis-à-vis the market?
8 tips on how to keep your company in the middle of COVID-19
Here are some important tips on how to best prepare to act positively in the midst of COVID-19:
1) Take good care of your employees
Establish a robust and efficient communication channel with your team to understand how they are being personally affected by the virus and to provide assurances, where possible, on how your company can support them.
This care is important to keep the team healthy and productive, in addition to telling your customers a lot about the positioning of your brand in difficult times.
2) Establish a crisis management system
Create a governance system for decision making – focusing on data, not emotions. This can include three levels:
- Immediate : people and day-to-day business;
- Medium term : conservation of cash and possible changes in operations and staff;
- Long term : possibility of great economic impact.
3) Perform frequent risk assessments
Knowing how to maintain your company at this time requires an existing risk assessment, which is permanently updated with changing scenarios – something common, as we have seen in this pandemic.
Establish a new one with a focus on the hygiene and information security measures needed to protect people, finances, technology and operations during the COVID-19 outbreak.
4) Boost your communication with customers, leads and business partners
One of the main values that your company can deliver in the midst of a crisis like this is trust.
So invest your efforts to reassure all customers, stakeholders and the general public about all the appropriate measures that your company has taken to fight the outbreak – and even contributing to a resolution.
The social media can be a great platform for that, as well as a means of getting ideas and maintain relationships with customers, and nurture leads even amid the crisis and the long sales cycles in B2B.
5) Assess supply chains
Make sure your customers are still customers and what they now demand from your company. Then, talk to suppliers about what they can offer you, suspecting that they may over-promise.
If money is scarce, remember that not everything needs to be done in currency: be creative and think about how your company can trade with other products and services.
6) Analyze operational risks
Evaluate all operational aspects of your company, such as kitchens, sales outlets or factories, and create a checklist before it starts to make sure it is ready to pick up pace as soon as the socio-economic scenario allows.
7) Use downtime productively
Make the most of all your free time to think about developing new services and procedures for which your team has not yet had time. Update your digital channels, promote improvements to your website, update your visual communication. Rethink internal processes.
Keep your team up and running and help them feel productive and valued by involving them in this process.
8) Explore digital marketing opportunities
Knowing how to keep your business at this point involves dealing with cash flow and liquidity issues, considering how to potentially redirect to keep operations under control.
The next step is to think about possible areas for improvement, such as the modernization of technology and a digital marketing strategy that allows you to support your business at this time and boost when the routine is reestablished.
To do this, count on the experts of Abdul Rimaaz Digital, who can make a free evaluation of your current digital presence and indicate the best actions for your current and future needs. Click below and get ready!