In a crisis, such as the current COVID-19 pandemic, it becomes very easy to get stuck in the uncertainty and this can often lead to the failure of many business – from small local businesses to large scale corporations.
That is why it is extremely important to ensure you are doing everything you can to help your business survive whatever else is going on in the world, including potential recessions. This article covers some of our tips on how to ensure you are doing everything you can to support your business during the Coronavirus pandemic.
Evaluate the Potential Risks and Asses Your Finances
Before making any plans, it is important to understand where your business stands at that moment. It is worth assessing your existing finances, including any outgoing funds. It is not always necessary to cut spend in any areas, especially not initially, but having an understanding of the financial limits of the business can help you to monitor the situation as it progresses in order to make potentially significant decisions.
Repeating this step frequently throughout the crisis and running comparisons will help you to establish whether you have any need to cut back on costs.
Do as Much Remote Working as Possible
Whilst it may seem obvious, it is a government recommendation to work from home wherever possible. The only people leaving their homes for work purposes are those considered key workers.
It is extremely important to adhere to these restrictions to prevent the worsening of the pandemic, and for many businesses this means their entire workforce is now working remotely. This form of working definitely fits some businesses better than others, but even if remote working does not allow you to carry out your normal business activity it is certainly worth looking into how you can adapt to this new style of life. This time can also be taken to review and improve your business processes to ensure you are truly providing the best service possible.
Continue Marketing Your Business as Normal
One of the first costs people tend to cut in times of crisis is their marketing budget. It may be one of the easiest ways to limit outgoings but cancelling your marketing activity can actually have even more of a detrimental impact on your business in the long run.
Studies have found that consumers don’t actually cut their spending much – if at all – during times of recession, which is not the usual assumption made by businesses. Continuing your marketing activity in the same way actually helps you to retain customers and can even help you to attract new customers too!
Another great way of marketing your business during a recession is to utilise your existing feedback – which Trustist can help with. We help you by using your reviews to get you stars in natural search results, which makes your listings more attractive and increases the amount of traffic your website receives.
For more information about why it is important to continue marketing in times of crisis, please take a look at this article.
Communicate with Your Customers
In a situation like the one we currently facing, there is no person who is not impacted in some way. This means your customers are able to relate to exactly what you are currently experiencing, and they will understand if things have to change within your business e.g. extending delivery times or rescheduling appointments.
The best thing you can do is be transparent with your customers and allow them to be a part of the changes you are making within the business. Keeping them in the loop will only help you to build customer loyalty when the pandemic ends.
Prepare Your Business for After Lockdown
Whilst it is extremely important to spend time ensuring your business is able to survive the potential repercussions of a crisis like Coronavirus, it is equally as vital to ensure that your business is prepared to adjust back to normality when the pandemic is over.
Preparing a plan, including worst-case scenarios, will allow you to cover all potential risks to the business and also give you time to put solutions in place for those issues before they arise. One of the main aspects to look at is how you will respond to the lockdown being lifted, including any reinstating any cuts you may have had to make and building revenue back up if any was lost. All businesses should make having a successful and solid business when this is all over their priority, as this is the only way to ensure your business can recover or continue to be as strong as it was before the crisis.