The world is in big trouble when the COVID-19 pandemic hit on the world.
Undoubtedly the people are facing a ‘new normal’ life and this made our lives more challenging. We are getting a hardship with our financial freedom and can’t turn back into our regular life.
We all have a major concern about how to keep a business running in this situation!
Running a business can be difficult even without a crisis like the COVID-19 pandemic. There are seasonal demands, bad partnerships, poor financial plans, employee absenteeism, unsatisfied customers, wrong decision and so much more.
A lot of stuff could go wrong along the way, but we’re generally used to it. It’s just business. We can sit in a corner or take the bull by the horns and do better.
But now we’re witness to an unprecedented crisis that’s shaking the ground beneath our feet and feeding us with the fear of uncertainty.
But what would you do to keep the business going during the outbreak of covid-19? how do you think businesses can survive this pandemic!
During the outbreak of Covid-19, What Would You Do to Keep The Business Going
Table of Contents
- 1 During the outbreak of Covid-19, What Would You Do to Keep The Business Going
I know, right now the situation is very cogent.
Our hands may be tied a bit, but there’s still a lot we can do to ensure business survival.
While you’re making a plan for managing the coronavirus crisis, consider basic steps to alive your business.
Here I’m sharing my personal opinion that will help you improve your business development ideas during covid-19.
Keep A Focused And Positive Mindset
Covid is not the first pandemic that happened globally!
If you research the previous history you’ll get to know that many more pandemics were hit globally and no vaccination was invented, but people found another way to live and deal with this.
The extreme death toll of the “Black Death” badly affected on 14th century’s economy and 40% or 60% of Europe’s population killed pathetically.
The impact of the Black Death on big and small business was more difficult to judge, It was so huge!
But business turned into another place and running like a racing car than before.
So, we’re in the same line now….
Do you really think that Covid-19 force us to stop our regular life?
No! People of 2020 are more creative, we are more advance about technology and if you start knowing about the recent business situation you’ll get a clear visualization that technology actually making another way to survive in this pandemic situation.
Amazon, Zoom is the best example!
You just need to focus on your goal and take patience, stay calm, and be positive.
We can’t do anything but accepting the present situation. Time will make a big change and one day we’ll overcome this situation evenly.
Yet you have to focus on how you need to maintain the business during covid-19!
- Don’t make an immediate decision
- Increase your patience level
- Make planning what you need to do before this pandemic is over
Adapting Current Market Trends and Opportunities
“In the middle of difficulty lies opportunity”
One of the main challenges for businesses right now is to overcome the present situation.
Business needs to modify their strategies more than thinking about sales quantity.
Pandemic is a global crisis, so don’t just sit and think about the problem, start thinking about a flawless solution!
If you start holding yourself back and think there are no reliable opportunities, then it will be your biggest mistake!
So, How you can adapt extensive marketing ideas during covid-19?
Start making a plan and research for the current market trends such as- how today’s top businesses survive with their contemporary master plan, how they build their own path of business, and how they compete in today’s marketplace.
You have to make a better plan to convert your challenge into a splendid chance.
Transform your traditional marketing into digital marketing, showcase your product through social media, describe your service, and make them user-friendly, think about your customer’s wants, needs, expectations, and what they decide to purchase.
Make a higher level of engagement with your customer. Remember one thing clearly that “In a pandemic, we buy what we are familiar with.”
If you look into the present marketplace, which platform makes shining every day?
E-commerce platforms are successful business strategies nowadays, exactly they made a convenient place to marketing their business.
They made their significant opportunity that makes their business moving more acceptable than before.
So right now make an alternative decision to run your business will be the best destination to heal what you lose for Covid-19 and don’t shrink your opportunity to make a gigantic business rebuild.
Understand SWOT Analysis Terms
Market research always prepares you for changing market and prevent your business from being left behind by the competition.
Growing your business without analyzing your competitors is risky. A SWOT analysis can be a useful way to assess where you stand in your market and so your competitors are!
SWOT is a tool that identifies the Strengths, Weaknesses, Opportunities, and Threats of an organization.
It’s a common and easy way to analyze your business. A SWOT analysis can help you to-
Build on strengths (S), minimize weaknesses (W), seize opportunities (O), counteract threats (T)
This analysis during a pandemic is constantly changing with the changing market conditions and should be re-evaluated during your regular flow of work.
A SWOT incorporates the changing environment of the unpredictable business enemy.
If you have no plan in place, the SWOT allows you to immediately focus on energy and communication.
Use Digital Channels to Extend Your Reach
Pandemic virtually changed everything!
Before COVID-19 most of the institutions were promoting digital solutions, digitalization, technology and were beginning to take advantage of the modern technologies available for improving marketing effectiveness.
During the first stage of covid, we observed a lot of problems happened with consumers’ and entrepreneurs’ communication.
Basically, the total communication was near to lost between them.
They had no communication about service, how they will get a solution to bring something with the new or regular process, which can be a suitable platform now!
And all of a sudden everything happened so rapidly and now you’ll see a few businesses turned into a digital way.
Think about the quarantine or lockdown period when all of the restaurants were closed, what they did during this situation?
No sales happened inside the restaurant, they simply transform their business strategy.
They start a deal with the home delivery service, start marketing their foods either on Facebook or Instagram, and build a smooth and effective communication with buyers, provided that food to their buyer’s house with the necessary safety and that worked like anna’s magical hair!
This strategy turned their business into a new form and not only the food company but also many more companies are following the same procedure to stand out their business path.
Using any digital platforms in this crucial moment can save your business identity, financial privilege, and moreover, your total entrepreneurship is depending here!
Make a New Financial Plan
The pandemic is changing the way people think about money. It going to continue impacting your personal financial planning.
In this crucial moment, you need to make dynamic financial planning for your business because it has destroyed economies and businesses.
Try to make a new financial plan which will add your emergency savings, reconsider your debt strategy, give a new budget makeover and nevertheless try to use your credit card responsibly.
It’s common thinking that if you start spending your present money in the same way you spent it before Covid-19, it will make the biggest dropping on your financial terms.
Suppose that you had a habit of eating ice-cream every day and not only that, you spent lots of money on travelling per month.
So, is it make any sense that you have to do the same at this moment?
No! It’s better to skip those and cut the spending right now!
Make new financial planning where you need to keep only necessary expend there, such as- house rent, the cost for groceries, treatment cost, and other essential expends.
Moreover, you just need to learn money management tips and tricks to alive your business and stable in a financial plan during Covid-19
Retrain & Motivate Your Employees
“Employees are the most valuable assets, They are the hearts and guts of a company”
I know that we are having great troubles that actually broke us mentally and we’re failed to achieve our success. In fact, many of us lose our job, failing to get a job again.
We are kind of financially broken!
But if you think of terminate your employees, that will hamper your business more than ever.
You need to make another way to keep them motivated and try to retrain them.
Now a question could arise in your mind!
Why do you need to motivate and retain them?
Never push loyal employees to the point they no longer care.
Take care of your employees and they will take care of your business.
If your employees work in a stifling environment, giving them space may renew their sense of purpose.
They will be more motivated and hamble to stay there.
So, What you can do to retain and motivate your employees?
- Provide guidance
- Recognize good work and good deeds
- Trust your employees to make decisions
- Praise them after any achievement whether it’s big or small
- Ensure their health condition and allow workers to work from home, where possible
- Motivate them if you feel that he or she is feeling down
- Find out loyal, hard-working, creative, and smart employees
Nothing last forever and as a human being, we always try to find a path to overcome our struggles, obstacles, and our troubles.
If you think this situation will last forever and you have to do nothing in this pandemic situation, you’ll miss your biggest opportunities.
So, it’s high time, you need to make a strategy to alive your business during this outbreak of Covid-19.
In order to succeed, your desire for success should be greater than your fear.
Action is the foundational key of everything, But you just need to learn which type of action you need to apply whenever you need.
Accepting everything I shared here you also need to increase your communication skill. Because of the importance of communication skills for an entrepreneur is a must to keep your business alive during this pandemic situation.
Stay positive, dream high, and work smartly to pick up your desired magnet of success.