This guide outlines 12 ways to work on business even when you are forced into downtimes such as lockdowns or other disruptions, when you fear you might have to close down.
The scenario of the pandemic showed that business requires changes and the design of strategies to face a crisis or down times, requiring adjustments in the commercialization of goods and services by companies. Entrepreneurs look for solutions to stay in the market through adaptations in logistics, e-commerce and, in some cases, changes in the sales segment. Coronavirus caused a double crisis: first, in the global health system and, second, in the protocols needed to control the infection, which led to an economic crisis by abruptly interrupting much of economic activity ( Kuckertz et al., 2020 ).
Furthermore, the reflex was negative in certain lines of business, while others meet high demands due to the changes triggered by the pandemic. The impacts of the new Coronavirus pandemic span the entire world. The economic repercussions are serious and, according to the Organization for Economic Cooperation and Development (OECD), it could become the biggest threat to the world economy. As it had negative effects on tourism, it affected production and productivity, the supply chain, stock exchanges and economic consequences between countries ( Siddiquei and Khan, 2020). Thus, the COVID-19 pandemic represents one of the most significant environmental changes in the modern history of marketing, which could impact Corporate Social Responsibility, consumer ethics and basic marketing philosophy ( He and Harris, 2020 ).
Furthermore, in China, the country that witnessed COVID-19 for the first time, and considered the second largest economy in the world, the growth rate decreased, showing the services center as the most affected ( Siddiquei and Khan, 2020 ). Government actions seek to alleviate the imminent pressure, in particular on the most vulnerable companies, such as those in the tourism/travel and hospitality industries ( He and Harris, 2020 ). The economic crisis has effects on the lives of individuals through increased unemployment, reduced income and increased uncertainty about future jobs, such macroeconomic conditions cause complex effects on health ( Banks, Karjalanem and Propper, 2020 ).
Thus, the impacts manifest themselves on companies in different ways that require them to work on business, such as interruption of the supply chain, shortage of labor, shutdown of production facilities, reduced demand or difficulties in accessing financing ( Hassan, Hollander, van Lent and Tahoun, 2020 ). The retail industries, while retailers of fashion, furniture, and electronics, followed the guidelines and kept the establishments temporarily closed. Food retailers, on the other hand, continued to negotiate in order to meet market demands ( Jones and Comfort, 2020 ). Finally, the same situation occurs with the pharmaceutical industry and other health-related segments.
Furthermore, the economic crisis and measures of social distancing will affect some industries and regions more than others ( Banks et al., 2020 ), so it is observed that different sectors need diversified strategies, according to reality and the demand. Considering the magnitude of uncertainty that has plagued the global economy since the beginning of the COVID-19 pandemic, the need to investigate how entrepreneurship is being impacted by the pandemic is evident ( Brown and Rocha, 2020 ; Nassif, Corrêa and Rossetto, 2020b ).
Despite their important role, Small and Medium Enterprises (SMEs) were the most threatened by the COVID-19 crisis due to their relatively vulnerable financial position ( Doshi, Kumar and Yerramilli, 2017). In this way, the originality and relevance of this article focuses on highlighting the strategies used by entrepreneurs from different segments in the COVID-19 pandemic crisis, which is still little explored in the literature. In due course, the discussion about impacts and opportunities in times of crisis is expanded. In this perspective, Liu, Lee and Lee (2020) highlight the importance of strategic agility in order to insert management practices to face the global challenge and Nassif et al. (2020b) point to the insertion of innovative strategies to meet market demands.
Options to work on business during down times
Watch Netflix, the news or play cards? These are typical choices we were hearing from business owners who were forced into hibernation during the pandemic lockdowns. After watching the entire box set of Game of Thrones for the second time round you realize that there is only so much Netflix that can be watched. Another alternative is washing your hair, cleaning out the kitchen cupboards or heaven forbid, the stove. What no takers?
There is a great alternative to take the time now whilst you do have time and work on business operations. Even if you can’t trade then you can build your potential client base and so much more. Have a look through our 12 tips to work on business and see what is it that you need to do.
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Be connected, meet other like-minded people
The more you surround yourself with high potential people the better your chance at success. Family and friends will care but they don’t always understand your challenges.
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Brainstorm your options
Pivoting today requires some creative thinking, often it is one spark of an idea that can set you on a course that will change your world. There are loads of new things happening out there sharing is a great way to gain new ideas.
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Improve your systems
These are the jobs most of us dislike, like invoicing, appointment reminders and making appointments. Today there are programs to automate these, imagine how much time you could save and money with some good systems. And the biggest benefit may be to your sanity.
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Grow your audience.
Are you getting new leads by marketing into social media? If not now is a great time to build your connections, you never know who others are connected to.
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Develop your marketing assets
I would blog/ vlog if only I had time to create things. Well now that is no longer an excuse. A simple way to start is to create content answering your clients Frequently asked questions.
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Automate your marketing
Stop the “spray & pray” form of marketing. This is a BIG win and it is so much more effective because you can build automations that happen without your involvement. And most importantly you send your clients information when they want it on topics that they are interested in.
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Review your unique sales proposition
Is it unique and relevant? Try to understand what makes your business and you unique and ensure you are clear on why you are different.
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Review your sales funnel:
is it working, do you need to develop new products or services?
As you move people from awareness to purchasing you need to take them on a journey of engagement. It is extremely hard to go from first meeting to a $6000 package, it’s like a marriage. If you are having trouble converting, then it’s time to review what you offer.
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Develop your capability to transact online
If you have something to sell a good or a service, then you need to be able to transact simply online. Take a moment to think about your customers what do they want, this is a great starting place on what you need to implement
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Develop a process for testimonials
Imagine every time you provide goods or services to a client if you used a process. This comes back to those repetitive processes we mentioned earlier. It is important because testimonials are integral to your sales.
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Review your pricing strategy
Do the prices you have set cover your costs? Are you competitive in the marketplace? This is your chance to review your pricing and ensure that it aligns with your brand.
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Build a team of collaborators to create a pipeline of referrals
Collaborators often have the same clients as you but are not competitors. When effectively built a collaborator team can amplify a message exponentially giving you amazing results.
Social distancing is not the same as isolation. Now that you have time why not build your connections, meet new people online and start building great relationships. More info about the Business Building program https://businessinheels.biz/order-19680483
