Keep in mind that crisis is also a new opportunity.
Recently, a joke has become popular: “Who is responsible for digital transformation in your company? A. Technical Director. B. Director General. B. COVID-19.
There is some truth in every jokes. Most entrepreneurs and businesses are going through difficult times due to coronavirus and quarantine measures. But every crisis is a new opportunity. The only important thing is whether we can use them.
How can businesses survive coronovirus, quarantine to prevent the spread of the epidemic, and the crisis it creates? Experts offer some advice.
Read: Coronaviruses and Economics: How States Help Businesses
Money is the most important resource
For entrepreneurs, the financial issue is now the most pressing. It is extremely important for a business to analyze its current income, expenditure, financing availability and then develop ways to optimize cash flow. First, experts recommend leaving expenses only on what will bring income in the future (or now).
Currently, revenue is about attracting customers and retaining customers. To achieve these goals, the company needs a customer relationship management (CRM) platform. If you don’t have one, take the time to set it cheaply and upload it all the information about your customers. You work blindly until you see all your customers.
After installing CRM, first think about how your customers are doing. In the current situation, empathy plays a very important role. Help them with the product or service they need, even if you make money from it. Your support during difficult times can help build strong, long-term customer relationships.
Read: How coronovirus kills successful companies: Airbnb case
Focus on growth and innovation
Another important aspect is development. Think about whether you can now find potential new customers for your business? It is now very important to pay attention to the detail of your audience. There are many paid marketing channels (for example, advertising on Google) and free. Use quarantine time to optimize your pages, launch blogs, webinars or podcasts on social networks.
Innovation will not only sustain your business, but also grow it. Think about which innovative solutions are right for you based on your line of business. Currently, industries like healthcare, e-commerce, telecommunications networks etc. are booming. Are you connected to these industries in any way? A vivid example – many hotels now offer “quarantine zones” to governments of different countries.
Innovations may be more fundamental, for example, a new product or service that complements what you are doing, but is not part of your proposal right now. And disruptive – such innovations usually turn the entire business upside down, fundamentally changing the business model and promising their business one of two things: either complete collapse, or rapid take-off and success. . If you are ready – look, try, implement innovations. Who knows, there may not be a better time to experiment.
The crisis has affected everyone. Businesses are going through difficult times, regardless of experience and size. And no one can predict how long the crisis will drag on. Only the owners are now entitled to make decisions that will either allow their enterprises to survive (and possibly prosperity as well), or further exacerbate the situation. One of the most important rules – do not lose optimism and stay calm. Remember that crisis is also a new opportunity. You need to look for them and use yourself and your business for good.
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