The recent Covid-19 Outbreak has become one of the biggest pandemic. Countries have gone under total lockdown and the situation has never been this worse in a very long time. World Economy has taken a severe as Covid-19 spreads and the small business and startups have been affected the most.
Due to spread of COVID-19, some businesses have come under complete halt and others are struggling to keep it running.
So we have come up with 5 smarter ways to safeguard your Business as the Covid-19 Spreads:
- Talk to your Suppliers
- Assure your Customers
- Ensure Safety of your Employees
- Cut Unnecessary expenses
- Grow your Business Online
1. Talk to your Suppliers:
If your business depends on other suppliers, contact them to find out about the situation at their end. Know about their inventory and if there are any delays in terms of delivery. Try to work collaboratively with your suppliers to keep a smooth movement of goods to meet your customer demands.
Map out some important products according to the customer demand and try to arrange them from other suppliers in the market even at low profit margins as it can enhance customer loyalty for your brand. You can also ask for a credit if you face any financial problems though it depends on your relationship with the suppliers.
2. Assure Your Customers:
Your customers should know how the crisis might affect their orders and deliveries. Inform them about any shortage of the product and change in delivery schedule. Let your customers know how you can help them in the present situation. You can start with arranging essential items for your customer on your platform.
Come up with some discounts and offers to maintain a steady cash flow. Do not take any orders you won’t be able to fulfill, instead let them know which services might not be available for some time. Restaurants delivering food can also assure their customers by informing them about the safety measures you are taking against corona virus.
3. Ensure safety of your Employees:
You probably won’t function well without your employees so you need to ensure that they are safe and their well-being is your responsibility. Make sure to inform your employers to stay safe and encourage them to work from home instead of coming to the office. If you have to keep your business open during the crisis, ensure hygiene at your workplace and ask your employees to wear masks and maintain social distancing at the workplace too.
Do not fire employees without a reason as there won’t be many jobs available in the market during COVID-19 crisis. If you are unable to pay all of the employees, try to adjust the salaries of the employees to evenly distribute the money and promise them full pay once the situation is under control.
4. Cut Unnecessary Expenses:
You should try to maintain a good cash flow and you might have to cut back on some of the things to save money. You should start with the most unnecessary expenses to maintain operations. You can lose the workplace if it’s rented as your company has to work from home. You can save on travel by practising social distancing. Connect with your employees online using Skype, Zoom, Whatsapp or Facebook messenger. Consider stretching the Work from Home option for a bit longer if your operations run smoothly.
5. Grow your business online:
If you have been thinking about taking your business online now might be a perfect time to grow! Go digital with your business with websites, social media pages and business listings as more and more people are going to be using the internet to purchase things instead of going out. Create a basic website, a unique logo or a Facebook page to set up your operations for your customers. So if people are unable to visit your store, they can just order your products and services online. Start promoting your business using Search Engine Optimization, Social Media Marketing and many other options to increase online traffic for your business.
Finally, you have to keep remaining yourself that all of this is temporary, you are going to be just fine whenever the situation cools down.
Be confident and get ready for a challenge!