The number of COVID-19 patients is increasing with every passing day. The deadly impact of coronavirus is soaring everywhere and there is no fixed solution till now.
It has drastically impacted the business environment. For businesses, it has become quite challenging to keep their finance on track due to less revenue churn and uncertainty in the future.
Here are some steps that businesses should take to beat the adverse impact of COVID-19:
1. Closely monitor the business expenses against the revenue status
During this pandemic, every business must conduct a proper assessment of its fixed and variable expenses along with the generated revenue. Proper tracking or assessment will help a company to check their financial condition and plan accordingly in the current disconcerted market. This strategy will not only be helpful in the present pandemic situation but also provide a better balance in the future as well.
2. Analyze the feasibility of the business model
There is no stability in the current business market. So, it becomes important to analyze the feasibility of the business model in terms of capital investment and revenue. Businesses need to consider multiple things such as sales, business collections, bad debts, etc.
3. Connect with your valuable customers
Businesses can run only if the offered product or services are in demand. Be transparent with your customers. Share the informative content with your targeted customers. They can empathize with your offered services or products, as long as your communication is transparent and informative.
4. Maintain a healthy bond with contracted parties
Delaying in pay-out to the vendors or suppliers during the current pandemic situation is very common. Being a business leader, you must show your leadership quality and inform your vendors, suppliers, landowners, etc. in advance in case there is going to be any delay in the next payments. It reflects your sincere effort and undoubtedly builds strong relationships with your contracted parties during the COVID-19 pandemic.
5. Keep your team engaged
The success of every company depends on teamwork. At present, most of the companies are working based on a work-from-home model or with 50% employee strength. Being a business promoter, always stay connected with your team members through video conferencing solutions such as Google Meet, Zoom, and Hangouts. It produces new energy within the team and balances the workflow of the business smoothly.
6. Be Creative
The current pandemic is not the time to fall back on your traditional marketing approach. It’s a perfect time to take a few risks and be creative with your marketing strategy. When it comes to reaching your potential customers, the more creative you are, the better opportunity you will get to influence them.
Being a business leader, you should follow a unique way to make your business stand out from the market competition. Needless to say, spicing up your marketing strategy with creative ingredients can help you to grab the eyeball of new customers.
7. Promote things on social media platforms
People regularly browse different social media channels and that’s why there are millions of profiles on various social media. The count of social media profiles is increasing with every passing day. So, if you want to promote your business among a large audience, then there is a great opportunity for you. To grow your customer base amidst the deadly coronavirus, take your strategies to social platforms.
You only need to be active on social media channels, and do the given things:
- Join business conversations
- Create sponsored posts
- Post business content more frequently
- Have an online contest
- Inform your customers about your service updates
- Promote festival and seasonal offers
Social media can be used as a virtual weapon to create a business buzz among the large group of potential customers even in a limited time. Additionally, it allows you to market your business inexpensively.
8. Improve your online presence
At present, the coronavirus is in full swing. People are very likely to manage most of the things online. This is the best time to move your business to the digital world. Having a solid online presence can assist you in building a brand image and additionally drive a huge mass of quality customers to your website.
Furthermore, it makes your business all the more promptly available to the website visitors so they can discover more information about what your business brings to the table. The number of internet users has increased amazingly in the last couple of months. With such a significant number of people investing their leisure time in the internet world, there is a great possibility to increase business revenue.
The online presence of your business can provide you surprising business benefits. You only need to:
- Create informative content
- Integrate research-based keywords on your web pages
- Do participation in online communities and forums
- Optimize your business website for mobile phones
- Provide enhanced user experience
9. Maintain social distancing in the workplace
Do you know a large number of the working population in various offices and production houses in India tested corona positive due to not following the safety measure of social distancing?
We know very well that maintaining social distancing in all the places is practically not possible, but some proven technologies can help you in this regard amazingly. Wi-Fi-based monitoring, video-based monitoring, and wearable sensor monitoring can be used effectively to maintain social distancing in office premises during the COVID-19 pandemic.
10. Follow current market trends in a complementary way
Sometimes understanding the current market trends becomes difficult and unpredictable. But, there is a great chance to market the business and generate business ROI. If you can understand and integrate the same trend professionally in your business workflow, then you can definitely optimize your business’s positioning during the COVID-19 pandemic.
The above-mentioned steps will help you to make your business stand out from competitors during the COVID-19 pandemic. If you want to build a brand image even in the present pandemic situation of the world, then you need to put some additional effort into your business. Closely monitor the marketing efforts of your competitors and design your next step of business accordingly to set new benchmarks in your domain.
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