- May 23, 2020
- Posted by: robert
- Category: Article
In business up and downs are usual. Mainly in the initial days of a business, it has to see many struggles. In regular business days, there are several challenges the owner has to go through and the very first thing stands constant for all the businesses is to have an eye on the Competitors. Coronavirus or Covid-19 news we got on the very first day of 2020.
The Stock market fluctuation, Shareholders, client services, etc are some of the everyday challenges. Meanwhile, if any external incident happens it aggravates the situation like a war, natural calamities, terrorist attack, or an epidemic.
You have heard rightly, ‘epidemic’ has also a great impact on different industries. We all can understand very well from the live example i.e. the pandemic Coronavirus. The first case that was found and came on the news was on 01.01.2020 in Wuhan, China. Then we all know how badly China has dealt with the novel virus and then Iran, Italy, Spain, France, the whole of Europe and later America and in no time it has spread to the whole world. Along with the hazardous effect on human life, it also affected several aspects of human life.
The Economic breakdown can be seen globally, all most all major industries are under the trap, and no-one has any clue that by when everything is going to be normal. The global economy is shaken by Covid-19.
The pandemic Covid-19 was something no one expected ever. I think the biggest threat is not Coronavirus disease but the threats are it is a very new disease and medical science has no clue about the virus. Science and research are struggling to get the vaccine for the virus.
As a business, our concern is “how to deal with the current situation and what strategies to be practiced to have a hold on the business.” This unexpected and uncontrolled situation of the epidemic has left us with limited options however they are effective for long-term branding. The strategies would differ from industry to industry. There are certain industries like Healthcare, Media and entertainment, Food & supplies, some extent Retail industry has got a major hike. Whereas the Travel Industry, Hospitality, Manufacturing, Real-estate, Construction, and Apparel are under crisis. It has been observed that the travel industry is going to incur losses for a longer time.
From the image, we can understand the industries that are affected by Covid-19 and the Industries that are having a good market. Health and hygiene are at their peak. The economic breakdown is due to loss in business, loss of payment, loss of employment, loss of business relations, etc.
In this article we have not discussed any particular sector, however, we will suggest 7 key points for businesses suffering from losses during the Covid-19 crisis. The big market players have not faced many difficulties the way middle-sized businesses and start-ups are going through.
The 7 points we are going to discuss here are suggested for any business in general. We are sure; this will help many in keeping their business spirit up. The key points to follow during Covid-19 are;
- Contribute to society
- Be considerate to your employees
- Go Digital
- Offer discounts, coupons
- Remember your existing customers/Ex-clients- Remarketing
- Nourish Business relations
- Communicate with Stakeholders
Contribute to the Society
Either as a citizen or a corporate, we have a certain responsibility towards the Society. We are here because of the society and for people. Hence, during such a crisis we need to be proactive and step forward to help the society, Government, and for the sake of humanity. This also helps in building a good reputation with customers, clients, the public, and partners.
Be Considerate To your Employees
Employees are your resources and you run the show by their help. Without the work-force, the work cannot be taken place. Hence, in this crucial time, it’s your prime responsibility to see the safety and wellbeing of your human resource. Let’s not impose the stress on them and let them feel motivated in double to get your work in better form. Cooperate with them and help them in giving their best on work.
The best platform to reach the maximum is to go digital. When people are at home and they are feeling caged, they spend much of their time on digital media. People are using digital media for work, for information, news, and entertainment. They are reachable on mobile phones, television, and laptops. There are several Social media platforms and websites available online. Social Media platforms and Email marketing can be used as marketing tools by companies during this time. Hence, these paths can be utilized for branding and marketing. The best use of digital media can be helpful during this time.
Offer Discounts, Gifts, and Coupons
Gifts, Coupons, Discounts are survival factors during low times. Into whatever business you do provide discounts, coupons on anything in free on your products/services. That will attract your customers.
Remember your existing customers/Ex-clients – Do Remarketing
As a business, we need to value our customers. During this epidemic, the situation is heated everywhere. All of us ate threatened by this virus. You must take this time to make your existing customers feel cared for and maintain the relationship healthy.
Nourish Business relations
You might have different kinds of Contracts with stakeholders, employees, partners, and customers. During this sudden situation study the contracts well and take necessary actions to be taken to keep the business relations intact.
Communicate with Stakeholders
Your stakeholders are the backbone of your business. Hence you need to have a clear conversation with them about the challenges and opportunities of your business.
The above key points are not enough to deal with the situation of Covid-19. There could be many more things to practice. But we as a business service providers feel that these are some basic and very important points to follow. Let’s apply and see the results.