Clickitch reveals the measures of businesses that need to take to stay profitable during the coronavirus pandemic.
Here are the crucial things you should be doing for your business right now, as well as answering your worries about reopening your business after the coronavirus lockdown has passed. Suggesting that this period of downtime should be seen as a great opportunity, not a detriment to help your business survive during Covid-19 closure.
1. Health is your number one priority
Don’t take any chances because you’re the driving force of your business. Be sure that you are healthy physically, mentally, and emotionally. You have got to be ready for a successful clapback, and to maintain your health, you’ve got to manage your stress because, if you don’t, it’ll have too much of an impact on your immune system. You can’t afford to take that risk.
2. Take time to reflect
Rather than spending your time watching the news over and over, think about that to-do list you have, the things you continually procrastinate with, we all have time to attend to these jobs now and this extra planning will accelerate your success.
3. Don’t bury your head in the sand
Entrepreneurs are seeing this as a time of opportunity. There’s a Chinese proverb that goes: “Great generals should issue commands in the morning, and then change them in the evening”. It’s a different world now and we need to accept this. Make changes and constantly reassess your understanding of what’s going to happen.
4. Shift your perspective
Every time there are massive universal changes, there are also opportunities. What are the chances for you to do better? We have a phrase: “Luck happens when preparation meets opportunity”, and that’s what we want to create for you now.
5. Boost your team’s morale
Your team’s morale will likely be very low during this crisis uncertainty. Good or bad. you must be able to communicate with them on a regular basis. This is the time to look at your team and how they perform as an entity, as well as assess how successful you are as a business owner. There are lots of online courses available so, if you think now is the time to upscale, it’s time to organize that.
6. Communicate with clients regularly
You’ve got to communicate with your clients, past and current, and reassure them of your business status via social media and newsletters – whatever it takes. If you stop all client communication then you have no backlog of pent-up demand. Stay on their radar to show that your relationship with them isn’t purely transactional.
7. Shift your marketing to show support
People are in a panic mode and thinking differently, so you have to be thinking about your marketing from that perspective. Taking this time to sort out your marketing will be one of the best things to happen to your business. The most important question to consider right now is: “How can we help our clients in this time?”, be helpful and people will always buy from you.
8. Adopt a “now” attitude
Think about where you can reduce your costs right now – don’t delay things. It’s a scary time financially, so manage your cash flow carefully. If you need to make time to speak to your accountant, do it. It’ll give you peace of mind over the next few weeks.
9. Secure credit fast
Across the world, governments are putting millions into funding small businesses for financial assistance and if that cash is available, even if you don’t need it right now, take it. In most countries, you can also have a three-month mortgage break called a moratorium, so take it for yourself and bear your staff in mind.
10. Remain positive
In the current situation, everyone is telling the same stories. People don’t need any more negativity. They will naturally gravitate to the people and brands that are positive about what’s going on, so be that person. Also, organize some sort of routine for yourself – don’t go to bed without having a plan for the following day, so every day you have a reason to get up.
11. Remember, you will rise again
Keep the faith and get ready for your ‘rise again’ moment – there will be one. Here’s another saying: “A bend in the road is not the end of the road, unless you fail to make the turn”. When the recommended restrictions are lifted, you can look forward to an influx of business; just make sure you’re ready for it.