5 Business Tips for Staying Ahead During the COVID-19 Situation

In addition to the direct health effects, the economic consequences of the coronavirus outbreak have damaged many businesses and individuals. It has become apparent that this situation could last quite some time, so it is important that your business can effectively adapt to the volatile circumstances. While simply weathering the situation may seem like a good outcome, being proactive and planning ahead during this period will help your business come out the other side on top. Here are five tips to help you get on the right track. 

1. Be proactive in finding leads and clients 

For many of your competitors, staying afloat and maintaining operation will be the primary focus, but this can be an opportunity for your business to find new leads and clients. By being proactive in chasing leads and clients during this crisis, you increase their confidence in you by showing that your business is managing the situation well. Even if these prospective leads and clients are not in a position for your services at the moment, you will have established a valuable pool of contacts for when things settle down. In this way, you can in invest in the future of your business for relatively little cost and ensure you have some potential customers on the other side of the crisis. 

2. Adapt your offerings to the current situation 

With the Australian government’s social distancing rules, and a general decrease in demand for most industries, many businesses have been forced to change their offerings to cope with the situation. A prominent example is that most restaurants have had to cancel their dine-in service, becoming delivery or takeaway only in order to stay operational. If your business’ offerings are also being affected by the situation, you should brainstorm and consider changes that could help you to deliver your service or product. This could range from opening an online store to video calling clients. While the exact measure will depend on your business, the internet does provide some great opportunities for alternative delivery methods. 

3. Adjust your marketing to be COVID-19 focused 

If the coronavirus situation has given your product or service additional relevancy, it would be wise to tailor your marketing to this. This is especially important if you are offering altered services during this time; it’s no use changing offerings if people don’t know about it. Relevant and flexible marketing is very important right now, even for businesses with minimal change, as it communicates to customers that you are still operating during this trying time. It can also help to build brand relationships as you show customers you are in this situation together and are adapting to the crisis well. 

4. Identify potential challenges and plan solutions 

This is a volatile situation, and your business should be prepared for every possibility if it is to succeed through this period. You can start by identifying any challenges that could affect your business in the future, no matter what you think the likelihood is. This could range from issues like supply chains being disrupted to the government issuing new restrictions. Once you’ve got a list of challenges, you can start planning for solutions or ways of reducing the damage caused by these potential changes. This way your business will be prepared to face any new threats head on, and you can avoid being caught unprepared by already having a contingency plan  

5Take advantage of technology  

With the new government restrictions in place, it is likely that you are already working from home. The affordance of the internet means that there are many programs to help you remain productive through this period. Video calling platforms such as Zoom mean that you can still hold meetings and conferences, while instant messaging apps like Slack will allow you to remain in constant contact with your team. If you have multiple people working on the same project, Microsoft SharePoint or Google Docs allow for the collaborative editing of documents to make sure your team is on the same page, literally. Adapting to the use of platforms such as these may even help your business in the long run, as their usefulness could extend beyond this coronavirus situation and into the future.  

Summing it up 

While the current situation offers some difficult challenges for many businesses, it helps to remember that everyone is in the same boat. Those that handle this situation effectively will be those who come out with an advantage. By being proactive, planning for contingencies and remaining flexible, you can help to ensure that your business stays ahead.  

If your business needs advice in navigating these difficult times, contact Link Advisors for a chat.