How to Sustain your Business in a COVID Economy

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October 13, 2020

In a world of crisis, with a visible increase of the COVID cases, every small/large business is somehow under effect. And the huge bulk in stats shows that it is not going anytime soon. So, the only way to deal with this pandemic is to learn how to accept this fact and learn to use your strengths to get on top of it. A major damage is caused to the economy, hence, causing damages to businesses and to be even more specific, small businesses or startups. In this article, we are focusing on how to sustain your business in a damaged COVID economy.

Empathy is the key

To get started the key element for surviving the current situation is empathy. Let’s face it, everyone is having a hard time, trying to make peace with the situation and the adverse effects of it. So, being empathetic to your customers can be very fruitful for your business. In order to sustain your business, you need to focus more on how to keep your current customers then on making new customers.

For generating a reasonable revenue, you need to work on your customer relationship to begin with. You need to check up on your customers, talk to them about the situation and how they are dealing with it. Stay empathetic towards them and provide them a top-notch service, even if it costs you a little on your pocket.

To bring all this into action, you will need to have an interactive portal (if you don’t have one right now) where you can make communication with your customers such as an interactive portal where they can freely express their concerns about the products and seek help. Give them surveys and use the research of these surveys for their help.

A little help in these hard times provided by you will make a huge difference not just now, but will also go a long way.

Digital Transformation

One thing every business has learnt pretty well as a result of this pandemic and that is the importance of digitalization. Every company which has made digital reforms in the past few years is now enjoying the benefits out of it and whoever stayed lazy to own the approach is.. well, not so happy now.

With everything becoming remote, a very strong command on online services have helped in making huge profits for most of the businesses.

Even if you have not practiced this approach in the past, it is never too late for it. Go digital now! You need to start with e-commerce platforms and social media presence. Let us see how.

• Make sure to be visible to your customers even if you are physically not present. Spend a normal amount on this transformation and make sure to not go overboard with it.
• Write newsletters, blogs, social media posts and to be even more prominent, make channels and do live webinars or podcasts.
• Pay for the ads as they keep your business visible in the market.
• Make the most out of social media presence as people have a lot of time on their hands and they can use it to learn about you. There are a lot of social media platforms and you can always pay for ads as well as blog posts to keep your business afloat.

Take baby steps towards the approach but make sure to be innovative and consistent. It will make a huge leap in your business world.

DO NOT Lose Value and Quality!

I know it might sound easy but with the other factors kept in mind, make sure you do not, at all costs, lose the value and quality of your products and services. This can be challenging but it will put you in a very bright spot when it comes to keeping the customers happy and content.

If your customers have any complaints about the decreasing quality, take effective and rapid measures to give them what they need. It goes without saying that DO NOT lose the quality of your products. Focus on everything that you can control and make visible improvements. If you are able to maintain the quality now, you will achieve customers’ trust and it will yield very positive results.

Cut the (Unnecessary) Costs

Of course, every business needs a whole lot of stability to make sure they can move towards cost cutting techniques. In an uncalled-for situation like this, you are supposed to take onerous steps to save yourself from falling under the bus. One such step is to cut the costs of your products or services to a specific percentage.

It is a very important step as it helps you look good in the eyes of your customer and gives the other business a tough competition. As I already mentioned, it is a hard pill to swallow but it will in return give you very visible results.

However, please be very careful on this as the key requirement on doing this is for your business to be stable and secure. You need to make sure that the cost cutting does not put you in a dark spot, from where you cannot very easily emerge back.

This pandemic is going to last for a while now, according to the expert opinions so make sure that the cost cutting is efficient and smart. Do not make it a losing proportion for your business and make extremely safe decisions.

Learn from fellow Entrepreneurs

No matter what you do, there will always be some competitor with an amazing technique to make their business grow. Learn from your competition. Make sure you make the best use out of the market techniques other people are using. Read their articles and listen to their podcasts or webinars.

Make sure that you make the best use out of every resource available online. It does not cost you anything to learn new techniques from the other entrepreneurs and implement them resourcefully, especially in these hard times when everyone is thriving to get out of the crisis and sustaining the business.

Summing it Up!

There is a lot of damage the situation has already caused and even in the best-case scenario, it will continue to do so for at least six to seven months. The best way to deal with it will be, keeping your cool in the situation and make sure the damage is not only repaired but also controlled.

It may seem to be a lengthy and tiring process at first, but with every strategy making some positive outcome for your business, you gain the right motivation. Do not get afraid to take risks or big leaps and make sure you make the best out of the provided opportunities. I really hope these tips and tricks I have discussed and talked about prove to be helpful for your businesses’ growth in the long run.

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