How Businesses Can Respond To The Pandemic: Lessons From China

In late January this year, the situation in China looked glum. The country was the epicenter of the Corona Virus Disease (Covid-19) which would take more than 3,000 lives. But the crisis is spreading. What was once concentrated in the province of Hubei, is now spread to almost every country in the planet. Some of the hardest hit are the United States, Spain and Italy.

Today, many countries around the world are enforcing stay-at-home orders and ordering the closure of many “unessential” businesses. This means theatres, art galleries, restaurants, pubs and bars, cinemas and many more are shuttered. Countries are also scrambling for an appropriate response because so far this disease has no cure.

Each country is clearly facing different challenges. However, there are opportunities that companies and businesses can learn from what happened in China. With Wuhan lifting lockdown restrictions in the city, the country appears to be on the verge of starting an economic rebound. While this recovery is still vulnerable to a new wave of infections, many Chinese companies are now looking towards post-recovery planning.

Here are some lessons business leaders and companies can learn from China.

Constantly Reframe Business Model  

The Covid-19 pandemic has led businesses to unchartered territory. Not only because it disrupted supply chains when the disease broke out in China but also because it spread worldwide rapidly, causing many governments to become unprepared.

Unlike the 2002 SARS epidemic where it primarily spread to Asian countries, Covid-19 is on a worldwide rampage with numbers of infection and deaths surpassing SARS with a large margin. In order to cope with uncertainty, business leaders need to constantly reassess and reframe their business model.

For example, businesses in China quickly learned to shift from brick-and-mortar operations to an online model. There were businesses that were quick to realize that with lockdowns in place, nobody would be able to go to grocery stores and shop, which is why many of them shifted focus to online efforts or by supplying small stores. As a result they were able to recovery more quickly.

Create Clarity And Security For Employees

In times of crisis, it can be hard to find clarity. It seems that during this Covid-19 pandemic there is too much uncertainty and constant change which is confusing not only to individuals but for employees as well. Since the environment is always shifting, guidance and official advice might be contradictory, out of date or even absent. It is natural for employees not only to become confused but also to find new ways to adapt. However, they won’t be able to do so unless there is clear and consistent information from upper management.

There are Chinese companies that crated guidelines and support to employees early. This proactive kind of leadership provided guidelines in terms of organizational procedures for employees. For example, there should be a instructions for employees to limit exposure to other colleagues when dining and emergency plans should such situations arise. Chinese employers required regular health checks for their workers and their families during the early stages of the outbreak. Many companies also procured safety equipment such as masks and PPEs to ensure that workers are kept safe even while at work. As a result, there were companies that were able to reopen production lines around mid-February.

Be Labour-Flexible

Many businesses in China were hit hard by the Covid-19 pandemic. Restaurants, bars and pubs had employees that were vulnerable to the changes that happened in the country. Many restaurants were forced to close down especially in locked down cities.

In order to provide work to their employees, creative Chinese businessmen reallocated employees to other businesses that needed manpower. For example, in areas where there were cinema, restaurant and hotel closures, employers shared their workforces to other companies instead of furloughing them. They were shifted to a new retail supermarket chain owned by Alibaba to help with delivery services due to the increase in online purchases.

Shift Sales Channel Mix

Many brick-and-mortar stores were affected by the Covid-19 Pandemic in China. With many businesses shuttered closed and citizens ordered to stay at home, sales from traditional forms of business quickly dwindled to nothing.

Agile Chinese businessmen were quick to adapt to these changes. A cosmetics company called Lin Qingxuan for instance was forced to close most of its physical stores including those in Wuhan, potentially leaving many employees out of a job. Their strategy to avoid this was brilliant. They deployed over a 100 beauty experts from those stores and turned them into influencers and used tools like WeChat to engage customers. As a result, sales in Wuhan were able to see a 200% growth compared to last year’s sales.

Look For Opportunity

With many businesses forced to close in order to curb the spread of the virus, many business leaders and owners felt hopeless. The pandemic has impacted many businesses and the Chinese economy. However, there were also companies that thrived and even saw a boost in their sales and profit.

Lockdowns and pandemic can bring unexpected opportunity too. B2C (business to ecommerce), remote meeting services, social media, hygiene products, health insurance and other businesses were able to find opportunity despite the hard times. For instance a social video platform called Kuaishou promoted online learning in order to compensate for school closures. They partnered with the country’s Ministry of Education to open a national cloud classroom so students can continue to learn in the safety of their homes.

Bottom Line

As the pandemic continues, more lessons can be learned not only from China but from the USA, but from Korea, Spain and Italy too. Companies that are quick to adopt changes in to their organizations can protect their employees and businesses more quickly. Since the Covid-19 pandemic is quickly changing how we do business, an adaptive approach should be applied broadly and beyond crisis management.

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Starting An Online Consulting Business

Today, terms like “social distancing”, “shelter-in-place” and “work from home” are becoming common. The Coronavirus Pandemic is changing the way we live and do business. It is forcing businessmen and workers to reassess and adjust in order to survive these hard times.

The good news is that the internet is Covid-19-free. This is why it is ideal for businessmen to focus their efforts online because many people are turning to the internet not only to stay connected but also to shop, do business or get advice in order to avoid close contact with other people.

Transitioning or starting a consultation business from the physical world to the digital is relatively easy. If you’re a consultant who wants to go online we have some tips for you so that you can capitalize on this opportunity.

Assess Your Strengths and Skill Set

Most of the time, consultants are hired in order to solve problems businessmen can’t. Therefore, it is important to have a deep knowledge in an area that can offer value to your clients. Otherwise, why would they hire you if they know how to solve their problems?

There are many kinds of consultancy services you can offer. For instance, if you have a lot of knowledge and experience about computers, you can be an IT consultant. If you specialize in accountancy or taxes, you can be a financial or tax expert.

Assess your strengths so that you know which areas you can be of service. Take a look at your weaknesses and missing skills too so that you can work on filling those gaps. Depending on your expertise, you might also need certifications or licenses before you can provide consultancy services.

What Does Your Market Need?  

Consultancy is a service so you need to be ready to provide what your market needs in order to be successful and relevant.

Start by identifying a niche and think what kinds of questions and pain points businesses in your area of expertise have. The best way to find out is to ask. Start by finding online blogs in your niche. What are thought leaders writing about? What area has a lot of confusion? What debates are they having in the comments section?

Another source of information is your network. Chances are, there will be people who are willing to talk to you about your industry, what areas need to be improved or the current trends.

Get Ready To Go Online

If you already have a consultancy business and want to go online or if you’re found a niche and is ready for the internet, the next step is to get ready to go online. Before doing so, you need to arm yourself with the right tools in order to make the job easier.

Some of the most basic tools include:

• Video calling software for direct communication with clients.
• Messaging and email service for communication.
• Calendar for scheduling appointments.
• Online payment system for receiving payments.

It is better to find an all-in-one system in order to consolidate and simplify your business.

As a consultant it is important that you have an easy way of communicating with clients. Video calls are a good option because it takes the place of a face-to-face conversation. It also makes the whole experience more personal and professional. In times of social distancing and stay-at-home orders, video calls are the next best thing.

Emails and messaging services are important too. This is a good platform for exchanging and sharing files and communicating when video calls are not possible.

You need to be on top of appointments too so having a calendar for better scheduling and to remind you of appointments is important. The calendar should also allow clients to confirm and cancel their appointments automatically.

Lastly, you need a streamlined online payment system. This can be tricky because not many clients want to pay upfront. A good compromise is to have a payment in escrow. The money is then transferred when the consultation is over.

Set Up Your Website

Now that you have the necessary tools in place, you can begin setting up your website. If you’re a total newbie to website creation, you can follow the steps here so that you can get your business online.

Basically all you need are 3 things:

• A domain name.
• Website hosting.
• A website platform like WordPress.

WordPress is a good platform for newbies because it is easy to set-up, free to use and has a robust community for support. WordPress is also the preferred platform of over 30% of websites online so you’re in good company. Constant Contact website builder, Weebly and Shopify are good options too.

Promote Your Website

Your website can’t generate revenue unless you promote it. Once you’re online you need traffic in order to generate leads and sales. Therefore promoting your website in order to let people know that you exist is important.

Some of the best practices for website promotion include:

• Good SEO practices including local SEO
• Blogging
• Promoting on Social Media
• Pay-per-click advertising
• Use landing pages
• Online directory listing
• Email marketing

Always remember that people need to know about you in order to avail of your services. Advertising and promotion can cost money but it is essential in order to make money. You can always start small with word-of-mouth advertising but the beauty of being an online consultancy service is that people around the world can hear about you and contact you. This gives you a wider reach compared to brick-and-mortar consultancy services.

Bottom Line

The Covid-19 Pandemic is keeping us apart from each other, but it does not necessarily mean that we’re alone. Being online means being connected not only with family and friends, but also with clients and customers.

Transitioning from physical and digital is not hard. Learning how to do it with research will pay off in terms of being more accessible to clients even when we can’t do business normally in times of social distancing and work from home orders.

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How Businesses Are Changing Due To The Covid-19 Pandemic

In just a few short months, the Corona Virus Disease (Covid-19) has changed the way we do business. In many countries like Australia where lockdowns have been imposed for weeks, shops, restaurants and other services have closed their doors to customers and clients.

The Covid-19 outbreak has delivered a blow to businesses worldwide but business closures do not mean that these businesses are dead. Many corporations and businesses are asking employees to work from home and employ a skeleton force in order to minimize contact between employees. Grocery stores, pharmacies and restaurants are also closing their doors to dining customers and clients and turning to delivery to satisfy demand.

While many businesses are adapting to these big changes to the way they do commerce, the big test comes in the next couple of weeks with countries like the Philippines, United States, United Kingdom, Australia and many others extending lockdown to keep citizens indoors longer in a bid to stop the spread of the virus.

So how are businesses adapting to the changes brought about by the Covid-19 pandemic?

Teleconferencing

Governments around the world are implementing social distancing as well as work from home orders to individuals and companies. This has led to a demand in teleconferencing software like Zoom and others.

Aside from meetings, teleconferencing is also the favorite go-to platform for other services and businesses. Online yoga classes, collaboration, webinars, demonstrations, press conferences and learning are now taking advantage of streaming platforms.

There are also reports of streaming being used for weddings, funerals, bar mitzvahs and other events. In the absence of physical presence, many people and employees are turning to video conferencing in order to get the job done and feel a sense of community.

Delivery Services

Many delivery services are experiencing a boom thanks to stay at home and work from home orders. With many businesses around the globe ordered shut to prevent people from congregating together, restaurants and shops are closed. The good news is that many of them are focusing on deliveries in order to make money and serve their customers.

Food delivery is a good space for restaurants right now. While many families are cooking food, it can be tiring to cook all the time. Many individuals also feel that cooking for 1 is too much of a chore so ordering food and getting it delivered.

Aside from restaurants, many services are focusing on home deliveries too. In many parts of the world, pharmacies, grocery stores, bakeries, retail and other services offer deliveries. Having goods delivered is a good way to follow stay-at-home orders and avoid crowds to follow social distancing rules.

Cashless Society

According to studies, paper money is even dirtier than the average toilet. Money is hospitable environment for germs, microbes and even viruses. These infectious organisms can last on paper money surfaces for more than 48 hours. In these uncertain times, cashless payments are a godsend.

While cashless payment is nothing new in many countries, many are embracing it nowadays thanks to the pandemic. Implementing cashless payments mean that both delivery service and recipient have minimal physical contact.

Cashless payment can be made through credit card, debit card, e-wallets, mobile wallets, UPI apps and gift cards. As Covid-19 infections rise so will the use of cashless options in order to limit contact between seller and buyer.

Wrap Up

Businesses especially small ones are hit hard by this current pandemic. With no relief in sight and lockdowns being extended, finding ways to survive and thrive are critical.

Taking advantage of this situation, observing how other businesses are coping and being innovative can keep businesses ahead of the competition. While it will be harder for small businesses, it is not impossible to weather this storm.

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Reasons To Market During Recession

As we know by now, the Corona Virus Pandemic (Covid-19) is disrupting businesses around the world. What started as an outbreak of a new disease in Wuhan China is now a global pandemic with thousands of people infected and many governments imposing lockdowns and shelter-in-place orders in a bid to flatten the curve.

Because of this, many businesses are closed, many workers out of jobs and employees are asked to work from home. This has caused a global economic recession due to a large drop in spending. The good news is that many businesses are focusing on online marketing and selling in order to survive this ordeal.

This recession can give your business a leg up. It takes a lot of effort to make money during an economic boom but it takes a lot of business savvy to achieve the same results during an economic slump. The key to successful marketing during a recession is understanding how the consumer changed and having the foresight to look ahead.

Here are some reasons to market during a recession.

Decreased Competition Equals Affordable CPL

One of the ways businesses cope during recession is by lowering their expenses. This is usually done by reducing manpower or doing away with redundant marketing ideas. In the digital marketing world, this is good news because it means less competition especially when it comes to pay-per-click advertising.

Since businesses are slowing down, you can expect the bidding wars on search results to ease up a bit. This is because fewer businesses are investing in their SEO strategies so the cost of advertising space plummets.

You can say that recession is a good time for digital marketing because it results in a decreased cost per lead meaning that it is market share that is for sale at a discounted price.

Fewer Product Launches

During recession, businesses are more cautious of their spending. They want their money close and want to avoid unnecessary risk. Since they are picky on their investments, many of them will delay product launches because they don’t want to gamble launching a new product on a slow market. This is good news for you because it means less competition.

In times like this, it is better to strengthen your lead against competitors rather than rest on your laurels. Recession is a great time to increase your market share through advertising.

Consumers Change So Advertising Needs To Evolve

Many companies will be tempted to recycle their old content in order to save costs. Resist this urge because consumer behavior changes during a recession.

Take a look at the result of the current coronavirus pandemic. Many people are being ordered to stay at home and to practice social distancing. Many businesses like bars, restaurants and department stores are closed too in order to limit physical contact. Since many people are stuck at home, content needs to evolve in order to show empathy.

For example, many consumers will be shifting their buying power for essential supplies like food, disinfectants and home entertainment. This means that your content needs to evolve in such a way that it is useful during times of pandemic. Preparedness tips, health advice and coping with being cooped up are good examples of content that is relevant today. You can use this for email marketing, newsletters and blog content.

Always remember that people today are looking for reassurance as a way to manage the uncertainty of the impact of the disease. Bringing them factual content that is useful is a good way to reach out to potential customers.

Cutting Marketing Costs Can Have A Long-Term Effect

 

Businesses will always look for ways to cut cost during a pandemic and one of the expenses that always takes a hit is marketing. However, cutting off marketing can have a big impact on your business. Not spending on advertising can sabotage your business which can reduce your profit. This will result in the business trying to recover the loss when the economy improves. However, since profit is reduced, you will have even less money to spend during the recovery period.

It is easy to feel overwhelmed and pressured during a recession. The important thing to remember is that recessions are temporary. The world economy follows a cycle of recession and boom so things will naturally normalize in the future. Companies with good foresight can recover and see exponential returns when the economy starts to rebound.

Wrap Up

A good marketing strategy during a recession can help businesses cope with the economic slump. Performing well during a recession can make businesses recover quickly afterwards. Keep in mind that fluctuations can bring about opportunity and businesses should look at recessions as such.

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Best Practices For Small Businesses During A Pandemic

As the world grapples with the coronavirus pandemic, many businesses are shut and a third of mankind is in lockdown. By all accounts, this is going to be a long recession with lasting impacts for all of us.

This is a nervous time for small businesses and we’re still on the downward slope. Many businessmen will be forced to make hard decisions in order to survive. As you shift into survival mode, keep these practices in order to get through this tough time.

During the worldwide financial crisis during the late 2000’s, it took over 2 years for the economy to rebound. Expecting that this recent slump will be over soon is unrealistic. According the experts it’s going to be a slow recovery so corrections won’t happen overnight.

The secret to surviving this recession is cash flow. Here are some tips that can help improve your balance sheet.

Reduce Outflow of Cash

Basically this means, cut expenses.  You can do this by:

• Reducing monthly rent – you can ask your landlord to reduce monthly rent. You can ask them to lower rent in exchange for a longer lease. Remember that your landlord is a businessman too. He might be in favor of having you rent is space at a lower rent compared to having the space sit vacant for months. Don’t be afraid to ask and negotiate.
• Find cheaper utility rates – consider your normal utility providers like internet, cable, phone bill, electricity and water. For utilities like internet, cable and phone bill there look for cheaper alternatives. Call their competitors and see if they are offering cheaper services. If you tell them you are willing to change vendors, they might be willing to have you sign on at a cheaper rate. Once they know you are switching, call your current vendor and let them know. They might be willing to match the offer so that you won’t actually have to go through the trouble of switching.
• Cut discretionary spending – perks can nibble away your bottom line. Pandemics and recession calls for tightening the belt so don’t be afraid of doing so. Cut off discretionary spending like subscriptions, employee birthday cakes and entertainment. On the other hand, a well-stocked coffee machine and fridge are morale boosters and are affordable so keep them around.
• Lease rather than buy – need a new furniture, computer or laptop? Explore leasing options rather than buying right away. You might end up paying more in the long run but during a recession it’s all about the cash flow. If your business runs out of cash in 6 months, having a computer that’s paid in full won’t matter anyway.
• Pay payables later – call vendors for better terms. Try to see if you can negotiate a 30-day term into a 45-day. Having cash on hand for an extra 15 days could be a big factor for your business’ survival.

Increase Cash Flow

This is basically the opposite of the above. Now that expenses are cut, increase more money by doing the following.

• Collect receivables – get more cash flowing in by enticing your customers to pay sooner. For example, offer them a 1 to 2% discount if they pay early. Make sure that you’re offering this discount only to your best customers. Stop giving all customers free credit because you’re not a credit card company.
• Keep customers – downsizing is normal during a recession and pandemic but don’t cut down your workforce so much you can’t service your customers anymore. Good service is a reminder to customers why they chose you over your competitors. This is a good time to remind customers that you have good service and the exceptional value you offer.
• Appreciate your best customers – many small businesses will see their businesses dry up as a result of slower spending. This can be catastrophic for small businesses and this is the reason why you should appreciate your best customers. Give them a call or send them a card thanking them for their continued patronage. Ask them to come to you first if they have needs or if they are thinking of changing vendors. Showing them your appreciation will tell them that you care about them and their needs.

Position Your Business For A Recession

A recession environment is very different from a normal one. Consumers spend differently so it’s up to you to adjust to their new behavior. Here are some ways you can adjust.

• Lower inventory costs – a lot of cash is tied on inventory. Now that consumer spending is lower, do you really need 100 units of every stock sitting on your shelf? Reducing the amount of inventory can free up cash. You can also liquidate your lowest performing products and free up more shelf space and cash.
• Revamp product line and marketing campaign – during a recession, customers will buy what they need as opposed to what they want. This is why you should reposition your product and align it to their needs in order to survive. The same is true with your advertising. Focus on relevant content that the customer can use instead of bubbly messages.
• Find ways to leapfrog competition –turn this pandemic into an opportunity to get ahead of the competition. Launch initiatives that can allow you to take a bigger piece of the market share so that you can put your business in a better position for recovery.

Boost Productivity  

Employees are usually the most expensive part of running a business. However, employees are also the source of your value. Slashing labor costs while boosting productivity is like walking a tightrope. But managing it will enable you to survive the recession.

• Cut once, cut deep and do it soonest – layoffs suck but it is important to ensure business survival. If you have to lay off employees, make sure to cut deep so that you won’t have to do it again in 6 months. Making shallow cuts will only distract the remaining employees because they know there will be more to come and they will be more scared to lose their jobs. Laying off employees sooner rather than later means you can afford bigger severance packages and will prevent remaining employees from worrying and let them get back on the job.
• Reduce hours first before reducing salary – if you ask workers to take a 10% cut and ask them to work the same working hours, they will resent you and reduce their productivity. Reducing hours is better because it retains productivity and lets you save the same amount of cash.
• Cut or eliminate your salary – you have to cut or eliminate your salary first before you cut your employees’. If they don’t see that you’re sacrificing more than they are it won’t matter if you saved 20% from their salary because their productivity will drop dramatically.
• Get everyone on the same page – don’t be afraid to open up to your employees. Let them know where you are in terms of how the business is doing. Cultivate a “we are on the same boat” atmosphere so that they can be part of the problem solving process.

Keeping your business afloat during the Covid-19 pandemic will be difficult but not impossible. Having a realistic goal and plans for the next 2 years will help you get through the survival process.

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Protecting Your Business During The Covid-19 Pandemic

The Covid-19 Pandemic which originated in China late last year is currently on a world tour. Because of this many governments around the world are asking businesses to shut their doors in a bid to help slow the spread of the disease. The impact of this pandemic for businesses is devastating since country-wide lockdowns have kept people inside their homes for quarantine purposes.

However, surviving the pandemic is possible for businesses. For countries like Australia, some of the strictest lockdown policies are being implemented with schools, pubs, restaurants and theatres shut down and people are being asked to practice social distancing. However, many essential businesses like those providing food, manufacturing, health services and other essentials kept open to supply the needs of people staying at home.

While China seems to be embarking a comeback by slowly easing quarantine restrictions in the hardest-hit region of Wuhan, the rest of the world is still coming to grips with the pandemic. Let’s take a look at some tips that can help protect businesses and help them rebound during the Covid-19 Pandemic.

Update Your Covid-19 Intelligence

While Covid-19 is a new disease, it is caused by the coronavirus which causes ailments like the common cold, cough, SARS and MERS. It is primarily spread from person to person through small droplets coming from their nose or mouths when an infected person coughs, sneezes or breathes. The droplets can land on surfaces which transfer to another person when they touch the contaminated surfaces and then touch their face, nose or eyes.

The problem here is that Covid-19 is a new disease. While we know the basic information regarding the disease, there are still many unknowns which in turn fuels fake news on the internet. Since it is a new disease, it needs a new strategy in terms of control, mitigation and treatment.

Knowing the correct facts regarding the virus as well as following only verified and reliable sources of information can help your business survive because the right information will help you prepare properly. As new developments arise in terms of new epicentres for the disease, strategies and potential cures, updating knowledge will make it easier for businesses to reframe their strategies.

Communicate Regularly

Now that you have correct and reliable information, it is important that other people in the organization also have access to this kind of information. Fake news, as well as Armageddon-like scenarios, are currently trendy on the internet causing many people to panic and hoard toilet rolls and essential supplies. It is therefore upper management’s responsibility to educate their employees of the right information so that they are armed with facts and can prepare themselves and their families properly.

Having the right information can also improve the mood inside the office. If your employees have the right info, they can prepare properly at home and have safety measures installed in the office they have peace of mind and can go about daily tasks confidently. This way their productivity is not affected.

Be Flexible

According to reports, over a third of humanity is in quarantine due to the disease. In countries like India, more than 1.3 billion people are being asked to stay at home. In the United States, over 80,000 people are infected and more than 1,000 have died. Many other countries like Australia, Germany, Italy and Spain are under lockdown in a bid to flatten the curve.

Now that many people are asked to stay at home, businesses have to become flexible when it comes to staffing the workplace. Work-from-home programs should be implemented whenever possible. Some companies should also explore deploying skeleton forces where only the essential employees show up at work or moving to a shifting schedule to reduce the number of people in the workplace. Being flexible means fewer people are exposed to the virus and more employees are kept safe.

Manage & Mitigate Risks

Pandemics are uncertain times for businesses. This means business leaders or upper management should continue to assess risks and consult with legal counsel regarding their operations.

For example, when implementing quarantine for returning employees who came from infected countries should be within WHO, CDC and other official guidelines. In other words, resist the temptation to make decisions or policies based on rumours or fake news.

General guidelines for management policy should include the following basic principles:

• Use only official sources for Covid-19 health guidelines when creating your own.
• Avoid determining risk based on race or country of origin when observing an employee’s health condition.
• Maintain confidentiality of staff with confirmed Covid-19 and address it as you normally do when it comes to employee issues.

Make Sure That Customers Are Safe Too

 

Customers are the lifeblood of businesses. Without customers, businesses would cease to exist, which is why businessmen need to take care of them too.

In this relation, you can always remind customers to practice basic Covid-19 prevention by posting signs to wash their hands regularly. You can also put up some hand sanitizer dispensers on your countertops or entrance and encourage them to use them often.

Studies show that asymptomatic patients can still infect other people even though they don’t show symptoms themselves.  If masks are available in your country, ask employees to wear them when dealing with clients and customers. Not only will it protect them from the virus, but it will also prevent customers from coming in contact with a potentially positive case.

Prepare Your Supply Chain

Stocks are probably the first to suffer during a worldwide pandemic especially since China is the world’s factory. This is why mitigating the impact on your supply should also be at the forefront of your to-do list to protect your business.

With airlines around the world paring down flights and countries shutting down airports, it can be challenging to maintain a healthy supply of your stocks. To meet this challenge you need to map your upstream suppliers back. Get to know them and develop a relationship with them especially if they are the source of your key resources.

Prepare to repurpose too. For example, hospitals around the world are in short supply of personal protective equipment or PPE which can protect them from Covid-19 infection. In response to this, many designers are repurposing their production line to make PPE for hospital staff and first responders. Businesses should learn how to be fluid and prepare themselves on how they can repurpose existing supplies and materials so that business can go on as usual.

Wrap-up

Covid-19 remains to be unpredictable and is keeping governments and businesses on their toes. In times like this, getting reliable information, staying informed and effective communication can help businesses craft a strategy that can tide them up during this upheaval.

This pandemic will continue to challenge businesses for many months to come. However, proper policies and best business practices are the best weapons businesses have to weather these tough times.

We are here to help in these difficult times to enhance your digital systems and help you adapt to remote work and digital delivery of goods and services.

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Pulling Through An Economic Downturn

The whole world is bracing for a massive economic slump as a result of the Covid-19 Pandemic. Nations around the world are preparing not only for contracted growth of their economy but for a coming recession too. Big and small businesses alike are already suffering from closures, slow sales and outright work stoppages. It has been a strange 2020 so far with no relief in sight.

Throughout the history of the world, countries and economies have gone through periods of growth and recession. For example, the United States went through the Great Depression during the early part of the 20^th century and the entire world benefited from the dot com boom during the early 2000’s. Despite the rollercoaster events in history, there are businesses that not only survived but thrived during these tough times.

Luckily, there are lessons to be learned as the world grapples with the highly contagious Covid-19 Pandemic. Not only is it re-writing the way we do business, it is also giving us valuable insights that businesses should know about as the world goes through this most recent global recession.

Here are some ways you can pull through during this economic downturn.

Act Now

It is important for businesses to act swiftly during economic downturn or pandemics. According to scientific models, the Covid-19 Pandemic could last 18 months and small businesses are the most susceptible during these times. The most important thing for businesses to remember no matter how big or small they are is to act immediately.

For example, there should be policy in place on how current stocks should be handled. Guidelines regarding employee safety should also be reviewed and put into action. With regards to inventory and ordering, contacting suppliers and following an adaptive inventory system can help replenish raw materials so your business can go on as usual.

The faster you act, the more resilient your business can be. It is also good to remember to be flexible during times like this because Darwin said that only the most adaptive are likely to survive times of crisis.

How Much Money Do You Have?

Money is the lifeblood of businesses. Knowing how much money you have will allow you to important decisions. If you know how much money you have, you will know how much you need to cut, sell or how much more you need in order to survive.

Aside from this, you also need money in order to buy raw materials or stock. It is also needed for your worker’s salaries. Basically, money is an essential survival tool for businesses and knowing how much you have will make it easier for you to make informed decisions.

Communicate With Customers

In today’s digital age, it is now easier to talk to customers thanks to social media. In fact, many people expect businesses to have at least 1 social media account. Social media is not just for promoting your business, it can also be a tool to communicate with customers.

Take time to communicate with customers regularly and not just for promoting your business. Customers are your primary source of revenue so it is important to understand their needs during this time. Their feedback can become a tool on how you can invest or innovate better. Giving value to your customers’ needs and wants will give you valuable insight and help you run your business better.

Use Existing Assets

With low sales, money can be tight during times of pandemic so it is natural to cut cost. One of the ways of doing so is by repurposing old content and managing assets you already have. For example, you can re-share most popular blog content. Not only will this save money and time in the creation of a new blog, it can be seen by new audience without having to spend another dollar.

You can also look into boosting your email marketing. Not only is this a cheap marketing strategy, this will allow you to reach customers who are already used to receiving content from you.

Invest In Your Brand

Customers are on a tight budget too so they might not be spending as much as they used to. However, this does not mean to say that they no longer want to hear from you.

Take this time to invest in your brand. Continue to engage customers especially on social media. Communicate with them regularly, ask them how they’re doing and tell them what you’re doing too. Customers want to feel that they are important and engaging them regularly will make them feel valued.

Wrap Up

It may take some time before the whole world can finally be Covid-19 free and recover fully. The impact of this pandemic is far reaching and still unknown. However, businesses need to know what to do during uncharted times like this so that they can survive and thrive.

Since many businesses are forced to close their doors in response to social distancing measures by many governments, perhaps focusing on online selling can help you build connections with customers and tide you over until this crisis ends.  

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