Protect Your Business
Our unseen enemy is causing much harm than we could imagine. The health sector is not the only one affected in this global outbreak of COVID-19. Now that is officially a pandemic, its next biggest victim would be the world economy. As a matter of fact, it is already starting in most countries now – and the micro, small and medium enterprises are the highly affected ones.
If you are a struggling micro or small business owner, this can help you. Below are a number of dynamic ways to protect your business from the potential economic impact of the COVID-19 pandemic outbreak.
1. Establish your brand through social media
Social media is the way to go during this time of crisis that strongly requires physical distancing and quarantines. Keep your business alive by letting your consistent customers know that you are still up and running, at the same time, invite new customers in. Since social media is where most people are during this season, it is a great channel to market your business continuity online.
2. Go in for an e-commerce website
Although the social media is a great platform to advertise, it is not an advisable means to actually sell your products and services, as well as track all your orders seamlessly. A website can aid in all these and more – you can even customise some of the features to suit your needs. A stable and reliable web hosting and builder can make your transition towards the World Wide Web more manageable and adjustments are somehow painless.
3. Keep your cash flow running
Besides all the production/procurement and marketing efforts, you also have to make sure that your cash flow is actively running. This means continuous tracking and accounting all expenses while striving to push earnings in. Through this, you can still declare ‘business as usual’.
4. Start cutting unnecessary costs as early as now
One of the best practices in terms of keeping your cash flow active, especially during a crisis is through cutting costs early on. Keep that best practice and begin reducing as much expenses as you can possibly get and try to operate within your means.
5. Preserve steady customers
Connect to your old customers and show how valuable they are to you. If you still can, provide some discounts or V.I.P. promos for them too.
6. Find a reliable way to deliver what you offer
In order to continue operation, you must have the means to deliver your products or services. Therefore, search for a dependable one to assist you.
7. Boost your marketing efforts online
Although it is very tempting to cut all marketing costs in this season of economic threat, you shouldn’t. You can trim some things on the promotion aspects and just use more creativity to compensate. But never ever completely let marketing die down. You can always find more thrifty yet creative ways to do this, especially online.
Critical times require swift and cautious actions. So try to make the above-mentioned suggestions count.