None of us saw it coming, but the COVID-19 health crisis will affect virtually every business. Whether or not yours will survive, or possibly even thrive, depends upon the flexibility, forethought, and fortitude you are able to demonstrate from this moment on. Here are some steps to get you started on a survival course.
Dust Off Your Business Plan
Moments like these (as well as day-to-day operations) are what business plans are really made for. If your company has been operating without one, now is the time to change that. Visit SCORE to learn how. For those of you who already have one in place, these challenging business conditions warrant a review. Think about whether your competition has changed. Maybe your top competitor has closed its doors, or perhaps a business you never considered to be competition has pivoted and begun selling similar products or services to yours. Look at revenue streams and projections to see if you are on course, and make adjustments.
Do you need to increase online sales goals in this currently virtual world? Examine expenses and look for areas where you can make cuts. Even if your company is not at risk now, we truly don’t know what the future holds, so if you can reduce money going out, it will definitely make your future more secure. For example, maybe you don’t need as much cleaning or landscaping services at the moment if no one is working or shopping on site. Determine whether or not your marketing plan is still valid. You need to find a way to go where your customers are, which may very well be in their homes for the foreseeable future.
Ramp Up Your Digital Presence
We don’t know when in person meetings, sales opportunities and events will happen again, so in this moment, each company’s digital presence has never been more important. Is your website up-to-date? Many companies are closing, either temporarily or permanently. If your website is outdated, then you may look like you are one of them. Make sure the products and services featured are available. Hours that are posted need to be current, and if they are different, be sure to highlight that your hours have changed to adjust to the current climate. If not, people may be unsure as to whether or not they are accurate.
If you don’t have easy access to making ongoing website changes then at least post a highly visible message on the homepage, or all pages, advising customers of what social media outlet they should follow for your latest information. Be very active on social media. It is crucial to be visible and interacting with customers right now. If they feel a personal connection, they are more likely to seek your company out to lend support. If your business is not yet on social media, now is an essential time to start. Take a class, hire an expert, or if your budget does not permit that, find a member of your team or personal network who is active, and may be willing to help you ramp up.
Have a Plan to Communicate with Customers
Staying in touch is crucial, but remember that nearly every entity has that same mission in mind. That means people may begin to get COVID messaging fatigue. Make sure the information you are sending is relevant. Don’t update them on all the ways your business has changed unless it could directly affect their service. Take the emotional temperature of your customers too, not just the physical. Demonstrate that you care how they are doing, and that we are all in this together. Offer links to helpful information in order to make their lives easier as they deal with the many aspects of this crisis.
If you have expertise or entertainment that you can provide, now is the time to bring all your skills to the table, or at least the virtual world. Do a livestream concert or cooking demonstration through a social media platform. Create tips on working from home or using possibly unfamiliar services like Zoom or Facetime. Demonstrate your knowledge and genuine willingness to be of service now, and they will remember you when they are ready and able to buy.
Diversify Your Products and Services
If all your eggs are all in one basket, it’s time to crack that plan open and shake things up. The key to survival in difficult economic conditions is to diversify streams of revenue. Look at the industries that are still working at full or near capacity and determine if you have a product that will suit their needs. Add options for people to pay in advance, buy gift cards, or give your products or services to someone worthy who may need or appreciate them.
If your business serves mostly a specific demographic or industry, look at alternatives. Can a product that was created for a business clientele now be marketed to consumers? For example, it may seem tough to sell office furniture to businesses these days, but a comfy chair and cool, functional desk lamp are all the rage in a garage turned office. Do you have a service that is geared toward adults that might now be altered to teach or entertain children who have gone virtual? Look at what you currently sell and challenge yourself and your team to find new applications of existing products and services or to create new offerings to serve audiences with money to spend.
Care for Employees.
Whether your workers have been deemed essential, and therefore still in the workplace, or are disconnected and working from home, keeping a sense of team is essential. Take care of them, first and foremost by providing proper protective equipment and safe working conditions. Show lots of appreciation to those keeping your company up and running. Schedule one-on-one time with telecommuters and provide them with tips and tools for being productive in their new home office environment.
Throughout the crisis, regularly ask for feedback on what is working and what is not. Listen carefully and make changes that are prudent and possible. Be understanding and supportive to those struggling to deal with new technology or isolation. Provide training and support. Schedule an occasional team call or video conference that is all about them with some fun incorporated. This uncertain time is taking a toll on all of us, so find ways to boost morale. Be transparent about your company’s situation, especially if lay-offs may be necessary. Send your team resources for anything that could help them as they navigate new waters. Stay connected.
Go back to basics and your company may actually grow as a result. Rediscover and reevaluate your core business. Adjust, if necessary, or get creative with your sales strategy. Do more with less. The proactive and innovative will survive. Changes we instill now, will likely last for decades. After all, there is a reason that necessity is widely considered the mother of invention.