You might have heard about the recent outbreak of Novel coronavirus, this seems that isn’t going to pass without leaving some long-term business and economic consequences, the economy falls at the time of lockdown is almost INR 1.6 lakh crore every day. So ask yourself what is going to happen for your business and it is a crucial time to plan the future of your business and also be prepared for consequences what are going to come next. Instead of asking questions to yourself, it is better to make a new strategy for your business so that you can use it as a tool to grow your business.
Find leads and customers ahead of time:
As the situation gets controlled, many businesses are going to struggle to maintain their running operations, it could be a new opportunity to build a connection with your new customers. Even though it could be more challenging at this moment, but putting time and efforts in creating new leads will ensure that you have a pool of potential customers to depend on, once things move better. Also, your lead should have increased faith on your business and if you are looking for a new client at a time, you can show your customer that you are on top when your competitor is going through a crisis.
Adapt your services to the current situation:
Across the world, the public has been instructed to stay at home poses serious difficulties to businesses. If your company has a B2C model and depends on in-store interaction with clients, it becomes a serious threat for the long run. So be creative and figure out different ways to offer your products and services. One obvious example, restaurants operate home delivery or giving discounts vouchers of Rs.1000 by Dineout to customers to stay ahead of the competition.
Market your solution with COVID 19 in mind:
You must have product or service which could be additional use amid coronavirus. Adapt your marketing to reflect this, especially when you are introducing a unique service/ product during the outbreak. You need to be increased and flexibility marketing, to wonder people whether a certain business is still operational. Make sure that your target audience knows you are still providing great service.
Identify the challenges to your business:
During the outbreak, you have to identify the challenges so that you can strategize for different scenarios and take every possibility into account. Consider everything from disruption of supply chains to difficulties in communication, generating customers and competition with other businesses in your market. Regardless of how you wonder the outbreak will end up, how it is going to affect you, and many worst you can imagine.
Implement tech upgrades to keep communication flowing:
Due to coronavirus, employees are working from home for some time, now it is important to plan how to ensure communication will remain as efficient as possible. Due to home distractions, phone calls and chats are not fast enough. Consider online platforms which are having a growth of 35% during Covid 19 for your planning, use Google Docs for collaborative documents that everyone can edit and comment. Asana is for business planning which keeps your employees on the same track.
Until now, there is no sign has shown that the situation will unfold. Now, we might be facing a global recession a year down the road and India’s GDP growth may fall below 3% if lockdown extends, says KPMG report. So finally, I would say instead of making your mind to give up, it is better to make a great plan for your firm.