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.