As the situation as of now, businesses are struggling to navigate their operations So what if we tell you 8 Strategies for Businesses to survive in COVID-19. The Covid-19 outbreak is slowly choking the life of may vectors and horizontal businesses. To say the least, every minute we are seeing a challenge. Rising and then decreasing curve of Covid cases and, its toll on the people has put businesses in great predicament . Government is doing their best to keep it controlled and indeed, it is the crisis businesses have not seen coming at such large scale. But on a positive note, we are adapting to this new normal.
Several states have gone the way of mandatory lockdowns and vigilant businesses programs to ensure economy holdup . Still, businesses are incurring some losses, and it could be a year or two before we are back to previous normal.
The reports of the National Federation of Independent Business Research Center is saying only one-quarter of business is affected. Moreover, it is the future we should be more worried than present
An uncertain future is held to bring more bad business than uncertain present.
To conclude, we have come up with some of the best business strategies for businesses to navigate covi-19 crisis. All these strategies are intact with future disruptions and will improve your businesses drastically.
– Customers as of now will focus more on keeping essential goods than the non essential ones. To deter this challenge business can adopt number of techniques. Sell your stock at huge discounted prices or give them as a gift along with purchases. Do a charity of your stocks and in return get the tax waivers. In the end, this will increase your cash flow, clear deadstock and more room for essential stock.
Efficient technology usage can be a win-win situation for both businesses and customers. Integrate technology to adopt to new normal. If customers can’t go out, reach out them via personalized business apps/website. Built your own delivery channel or partner with an existing one to keep free flow of your products right at customers doorstep. Moreover, it will keep the corona check and keeps your business running.
– All across the word, government are providing relief and economic packages to businesses and people. Additionally, tax waivers are being given to businesses especially small ones. Your business can obtain low interest loans and get the necessary cash injection via these government schemes. As of now, Indian government have released a 5-part stimulus package adding up to Rs 20.97 lakh crore for all businesses.
– If you are business running on this margins, gift card strategy is the best. A gift card will ensure your future survival and meet your immediate cash requirement. Also, a collaboration with local businesses will help you out navigating operations in covid-19. Furthermore, considered a digital card for no human contact and advertise it on your social platforms for banding & promotion.
– The whole world is middle of crisis and what’s keeping it together is solidarity. To tell the truth, people are understanding the predicament we are in. Most businesses have turned online and and those who don’t community directs are helping. More importantly, there is a sense of unity in us. Different community based initiatives are step up to help out small businesses. Businesses can pre plan their sales on this sentiment and help put out words for others. And can directly asked them to pay in advance for essential goods. An people are not shunning it, rather they are coming as big support.
– Social distancing and quarantine sessions have forced most of our time usage on social media. Besides Social media is the new fad for marketing and it does look the future. Instruct your sales team to remain vigilant on social media and start building connections. Moreover, strive towards empathetic & user-friendly experiences to gather new followers and sustain previous ones.
– As were are evolving more towards online businesses, it is your duty to make lives of your customer easier. Free delivery shopping will only not help people’s quest of more savings but also helps you gain traction online. Additionally, you can imbibe an option to buy online and pick-in-store. Majority of businesses are already doing it.
– The 80-20 business rules is now should be your go to option. It states that maximum of your business earning comes via 20% of your customers. Therefore, it is the right time to target those of your customers. Boost your sales by targeting maximum revenue generating customers , deliver them a text or email and even go for a 1v1 personalized chat experience.