Businesses can help soften the brunt of this economic situation and protect the well-being of their company and that of others by pivoting their current business strategies to lessen the negative financial impact that the COVID-19 pandemic is causing:
1) Work to Retain Your Existing Customer Base
As businesses contract, so do their budgets, resources, and infrastructures. If you are a B2B (business-to-business) company, think of the ways you can offer more for less, or add more services to your existing client relationships.
This could be as simple as providing a few more hours of work “on the house” or adding some services free of charge that are of no cost to you or take little time to accomplish. We are all in this together. Contributing small gifts or services within your community helps fellow business owners to ease their stressors, but also augment existing relationships, and contributes to the overall economic vitality.
2) Communication is Key - Try Not to Scale Back Marketing Too Much
Creating content is an essential ingredient for tactical marketing campaigns and for keeping in touch with your existing customers. Let people know what you are doing differently to make things easier for them during the pandemic by posting your updates and services on social media, website and blogs, and newsletters can go a long way for everyone. People will share your posts if they feel you’re offering real value, and posting content not only informs your community on innovative things you are doing to help; it’s also a form of free advertising.
Additionally, you should try not to scale back marketing efforts too much if your budget allows. It is often tempting for business owners to remove all forms of paid marketing and advertising during uncertain economic storms. There are many digital advertising strategies you can implement for less than $100 per month that could have huge impacts during times when other businesses are spending nothing – making you stand out among the few in the crowd.
3) Make Sure Your Company’s Virtual Infrastructure Is Sound
Now, more than ever, it is critical that your business has the appropriate infrastructure needed to conduct its operations virtually – both for internal employee operations, and client services and communications. Being able to conduct business remotely has been one of the backbones in riding out this crisis. It is terrifying to imagine how this scenario would be without it.
VPNs (Virtual Private Networks) are essential for remote work to be conducted in today’s business environment. The modern company has nearly all its files and sensitive information within shared drives and network intranets; that is why having a secure, private connection within your remote setup is so important. VPNs are private, reliable, and offer network stability. They protect your company’s data by preventing outside, malicious attacks.
As the Coronavirus continues its destructive course, we can be mindful of the steps we can take, not only as business owners, but also as employees, and ultimately, human beings who share a common cause.