7 Strategies Businesses To Respond During Corona Virus Outbreak
Posted on May 7, 2020
Corona Virus outbreak has disputed worldwide businesses. About 85% of the businesses globally have anticipated the revenues to be declined over in the next 6 months. There isn’t much you can’t do, with countries globally being locked down, but you can take steps to protect your company from being financially crippled. Though there is no one size fit solution for all businesses, the following are the strategies given by the industry experts that will help your business keep you afloat surviving the pandemic.
1. Identifying the challenges to your business
In order to let your strategies implement and work effectively, a good starting place is to make a list of challenges that your business is facing during this pandemic. It is crucial to strategize for different scenarios and take every possibility into account.
Consider everything from the disruption of supply chains to difficulties in communication, generating leads to gaining customers and competition with other businesses in your market. Regardless of how you think the outbreak is going to pan out and how it might affect you, plan for every scenario, including the worst you can imagine.
2. Be Proactive, & Communicate with Your Customers Now
Your customers, as well as potential clients, will be reassured by seeing that you’re available to address the potential issues. What’s more, you will be stepping up your game to not only do your part but to take care of them.
- During pandemic let your customers/clients know that you are open for business.
- Don’t assume people know you’ve taken additional precautions to keep them and the community safe.
- Get these communications out to your clients via email, your website, social media, etc.3. Finding new leads and customers – this is the right time
As most of the businesses are focusing on the present situation – struggling to maintain normal running operation, this could be a perfect opportunity to build a new network of prospective customers. Put your time and efforts in generating new leads which ensure that this pool of potential customers to rely on once things have calmed down.
When you are looking for new clients at a time when most of your competition is going through a crisis, you’re showing your customers you’re on top of things.
4. Forecasting the cash flow
Your company’s survival depends on addressing financial/liquidity issues during this crisis. You must consider your cash flow needs looking ahead after thoroughly reviewing fixed and variable expenses. Seize every opportunity to maximize cash inflow by offering cash reductions to customers and clients who pay more quickly.
When negotiating with your vendors, keeping in mind that many of them are facing the same issues you are. Create a 12-week cash flow forecast, which should be stress-tested to explore likely scenarios, including worst-case scenarios.
5. Reaching out to your potential contacts
Establishing and maintaining healthy channels of communication with your clients and collaborators during such times is crucial. Be proactive and call each of your key business relationships—customers, suppliers, partners, consultants, and anyone else critical to your company.
Ask how they are doing and vice versa. Let them know that you want to work with them to find possible ways for everyone to make it through the current situation. This gesture of sincerity and goodwill is sure to be appreciated by these individuals.
6. Communicate transparently with your existing customers
We all know that everyone is facing this crisis together, so be transparent about what your business is going through. Customers can empathize with their brands facing a crisis if you communicate with them properly.
Communicate with them about the steps you’re taking to mitigate risk and give them insight into the steps you’re taking to help the community. Keep your employees and your customers safe by being as proactive as possible about cleanliness.
7. Don’t Panic And Don’t Stop Selling
Avoid panicking, it is never going to help. And stop assuming that it is the end of the world. Instead, keep selling and prospecting. Most of the businesses are now seems to be on the verge of panic because of coronavirus.
Life may not totally go back to normal right away. So, look for ways you can adapt and keep doing business. Your business deals may get stalled in your pipeline. But make sure you keep them warm. And keep checking in with your leads. Some companies may hold back on investment until the uncertainty resolves. But look for the first signs where you can make up for some temporary losses very quickly.
There is no telling how this situation will unfold. Things might return to normal within a few weeks, or we might be facing a worldwide recession a year down the road. For businesses of all kinds, it’s important not to give up, and by implementing the above strategies can help them to remain adaptable and flexible in order to remain successful.
So, get creative and brainstorm different ways you can still deliver your service or products. It is important to be flexible and adapt your services so that they are not only useful during the outbreak, but remain the best choice once everything has calmed down.
Download these Applications During this Isolation
Posted on April 22, 2020
The world as we know it is changing, we have been quarantined either due to exposure or are doing our part to socially distance our self to help prevent the spread of the virus. This lockdown has seen record breaking download of applications. After so many Netflix must watches and the work from home, we are most likely to get bored. So, we are recommending applications you can download and keep yourself occupied during the quarantine.
Best Applications to download this Quarantine
Nike Training Club
An application that is good for your health and body is a must have. Since we cannot go out to our gyms or even for a run, it’s important to keep ourselves healthy and fit. This application offers about close to 185 free workout options and different levels of skills which cater to different goals such as strength, endurance and mobility training and you can choose them according to your preferences.
An application designed to spread positivity, cheer people up and to remember never to give up all done through the power of quotes. With about close to 160 variety of categories to choose from, you can either read other peoples quotes or create your own. It could be a simple text quote or image quote or a video quote that you can create and also share them across various social platforms. download this application and help spread some cheer during this tough time.
If you are working from home, and if you are not used to it then there is chance you may face a lot of distractions and it can be a challenge. So, in order to make sure you manage to keep your productivity in line download the application Todoist. It will send you regular reminders and help monitor your deadlines.
We all are maintaining a social distance, but that does not mean in the virtual world we cannot connect with our friends and family. Instagram one of the most popular video and photo sharing applications helps you remain in touch with your friends and family. Not only can you post pictures and videos but can also explore a variety of features that it has to offer. Get creative and get connected via Instagram.
Sometimes you need a break and also, it’s the best time to develop a new skill and learn something new and fun. Recreate and enhance your photos using this application called Genie lens. It helps add fun elements and features tour photos. Its extremely easy to learn and can brighten your photos but making them look naturally beautiful at the same time.
In this time, we need to make sure our mental health is given as much importance as much as everything else. Take some time out to meditate, to exercise and to just spend time doing a hobby you enjoy. Take time to express gratitude, to be thankful and just stay upbeat and positive. Downloading a mindfulness application can help you do that.
Words with Friends
The board game scrabble is now online. A fun, addictive and intellectual game, it allows you to play with up to 40 people. It alerts you when it is your turn to make a move and you can either play with your friends or random people. This game will help expand your vocabulary.
Self-isolation, social distancing and quarantine time has brought down the time we spend out time with friends and family. This application comes to your rescue and allows you to see and hear your friends and family from the comfort of your living room. It allows up to 8 people on video calls and notifies you when you friends and family come online.
Stay Safe and Stay Healthy
During this tough time, we not only need to be safe and healthy, we need to take care of our mental and physical health as well. Our health and safety are in our hands and we have technology to help us face these times. So download these applications and make sure you keep yourself occupied in the quarantine time.