COVID-19 affected the people and businesses alike. As far as people are concerned, their mental health (in many cases) deteriorated. On the other hand, some businesses were forced to shut down and others did not make as much profit as they did before the pandemic.
I would always be grateful to Desk software, my team, and the support from loved ones that I was able to operate from home with ease as well.
So here are tricks that helped me to keep my business running in these hard times:
Adapting to Market Trends
Current market trends are difficult to comprehend and predict. But you can make this situation work to your advantage as well. However, that can only happen if you are quick to take action when it comes to understanding the landscape. Once you succeed in doing so, you will have to re-optimize your position in the market.
You might not realize but your business may be capable of catering to the customers remotely. If you put an effort to reposition yourself, you will have a capitalization opportunity when the lockdown ends. And that will be more profitable for your company.
Learn from the Competition
One cannot ignore the competition. Because you have to perform better than them. However, if you see that your competitors are performing way better than you are, then you should learn a lesson or two from them. Especially from the ones who are making it through this pandemic with ease. You should pay attention to what are they doing differently that is making them succeed.
Over here you should know that looking at your direct competition is not enough. Instead, you should also look at your indirect competition. Apart from that, no one is asking you to imitate what they are doing, but you can adapt their strategy and adjust accordingly.
Value of Time
Measuring everything in monetary terms is not how to go about looking at your business’s model. Instead, you should also take this time to evaluate how much time you are spending on your business. After doing that, see if this time is worth all the money and efforts that you are injecting into your business.
After doing a thorough analysis you may realize that reducing your burn rate to zero is what will keep you alive in the industry. So, you should do it accordingly. However, during that time, you should look for other opportunities for yourself as well. Because the sitting ideal is the worst you can do to yourself.
Finding Leads Ahead of Time
One should not have to wait to find leads or customers. This is something that you should do ahead of time. Especially during the pandemic. Because many businesses are looking here are there in this chaos. So, it is your chance to tap this opportunity and build a new database of audiences. However, you will have to put in effort and time to generate new leads for your business. Make sure that the potential customers are such who will stick to your brand even when the lockdown ends.
Marketing Solutions with Coronavirus in Mind
For this, you will have to see if your services or solutions are something that can be of help during the pandemic. If so, then you should take this opportunity to market yourself as a brand that is providing Coronavirus related solutions.
Adapting your marketing solutions to the pandemic will be useful for the brand. Remember, that flexibility is something that everyone appreciates. And it is crucial during this situation as people are not sure whether some businesses are operating or not.
Relevancy After the Pandemic
Ensure that your business remains relevant after the pandemic as well. Because making it through the pandemic with success will not suffice. You need to equip yourself with a survival kit for after the pandemic as well. Therefore, ask yourself if your strategy is such that it will allow your business to flourish after the lockdown is over or not.
If your answer is NO, then you should re-strategize. Thinking that things will be as normal after the pandemic as they were before would be the biggest mistake on your part. Act and plan accordingly.
Stay Positive
One trait that can help almost everyone to get through these trying times is maintaining a positive attitude. I agree that the world is a very unpredictable and scary place as of now but that should not stop you from being positive. Businesses (especially small ones) face challenges but only the open-minded and strong people get through with ease.