How can Business Owners Battle Coronavirus?
Businesses of all sizes are being hit hard by the escalating coronavirus outbreak. Many have been forced to close or reduce operations to eliminate the spread of the virus, so it’s crucial that business owners take some time out to consider the vital steps that must be taken now to protect your businesses when we emerge on the other side of this mess.
Everyone’s in this together, and together we will get through to the other side, stronger than ever. After all, winners never quit, and quitters never win.
Look After your People
Your staff are the most important element of your company. Without them, you would just have an empty shell. If your workforce is currently working from home, establish a strong level of communication with them to ensure they still feel your recognition for their hard work and adaptability during this difficult time.
Reassure them as much as possible. Whilst this is an extremely anxious time for you, your staff are also on tenterhooks about how the virus will impact their job security. Where possible, provide them with reassurance about how you plan to support them through this.
Don’t Run the Risk
Depending on your industry, a risk assessment may already be in place. This virus should be given the same treatment as any other disease, and even if you have an existing risk assessment, it may need to be reconsidered. Put a focus on the hygiene and safety factors required to safeguard technology, humans, finances and operations throughout the pandemic.
N.B. Although there are no requirements to put any specific measures in place for individuals that have come into contact with suspected cases whilst waiting for test results, a self-isolation period of 14 days would still be recommended to avoid the spread.
Market Like you’ve Never Marketed Before
Thinking about putting a hold on marketing? Think again. A profitable business should be able to survive a few weeks/months of low income, but what you might not be able to survive is cutting communication with your customer base. Where will the build-up of demand come from? Your customers will appreciate the continuity in communication with them – even if you aren’t currently selling anything, get in touch with them. Do it via phone, via email, via Facebook. There’s a lot of people out there who are currently craving a connection with the outside world, they might not know it now, but they’ll realise it when you do it.
You will reap the rewards when the time comes.
The easiest, and probably the first thing that comes to mind in an economic crisis is to cut prices. Take a step back to think for a second, reducing the cost of your product or service will affect your whole operation, from your supply chain to your distribution channel. Reducing your costs is only a temporary solution to an indefinite problem.
Step into the shoes of your loyal customer, they stay with you for a reason. They don’t expect their loyalty to be rewarded with a slight reduction in cost that will likely have a negative impact on the quality of your offering and their overall satisfaction.
Instead reward your customers by adding value. Assess what it is that you do and how you can develop your offerings, this way you can assure customer satisfaction whilst also being considerate of your profit margins.
Stay a step ahead of the game and be prepared for the return to normal business, whenever that may be. Having the best possible team in place for when you return will be vital to your success.
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