A lot of countries are being suffered by Coronavirus. The deadly epidemic virus COVID-19 is making people live with fear and caution. People’s lives and businesses are struggling to survive because of the serious virus. We here would like to share some key survival tips for businesses during COVID-19:
1. Evaluate the Damage
It is a good starting point to access the current damage of your business so that you can understand the loss size and status and be able to set plan to prevent the loss. The evaluation result will also enable you to set an immediate strategy to survive your business.
2. Engage with Existing Clients
While you are difficult to find new clients during the epidemic period, try to engage with your existing clients as much as you can. You can determine whom they are and what they really need to get through in the next few months. You can ask them the contact number/give them your contact so that they can keep update about your available products or services. If you can provide something new to what they want that is great. For example if you are selling food, you should give them a safe distance or safe food cooked with hygiene or always keep your tables and place clean, etc. This shows that you care for your clients in the hard situation.
3. Update Your Business Budget
Your business could eventually encounter bankrupt if you do not carefully manage your budget. You should regularly review and update all sources of your revenue and expenses whether you can cut some unnecessary cost on staffing, office rent, outdoor services, etc.
4. Do a Short Business Plan
In order to prevent the sudden impact by the unforeseen COVID-19, you could quickly develop a short-term 3-month business plan/strategy. The plan will guide you with precise steps to mitigate loss and improve your current operation in the set period. You might move your products to online with free delivery instead of selling it at your shop or restaurant or change to another product or service category which has a high demand during this period.
5. Special Discount
During the pandemic, many people do not want to spend their money on unnecessary stuffs. If you have a special discount on your products or services, it could attract their intention. Both online and direct sales promotion is needed to convey the message of this offer to your target clients.
6. Government Support
The government in each country that affected by the Coronavirus has set a clear plan to assist businesses in their country. Keep updates with the latest news regarding any interventions from the government that could support your business in any parts such as to enhance your credit flow, offer temporary financial relief, etc.