In recent months we have seen the United Stated economy set a record number of declines in stock market trading, a rise in the unemployment rate, a record number of restaurant and retail business go out of business, all because of the Coronavirus. This deadly disease has stricken our nation nearly helpless but, did you know there are ways businesses can adapt to a Coronavirus economy?
Since the beginning of the spread in November of 2019 in mainland China, people have begun to re-invent their businesses to the drastic changes in the economy. Below are the ways businesses can adapt to a Coronavirus economy in the United States and abroad.
1. Take care of your employees
Texas Roadhouse CEO and founder Kent Taylor will give up his pay for the rest of the year so that his salary can go to “front-line workers” amid an industry crunch due to restrictions aimed at slowing the spread of COVID-19, according to reports. He is willing to help struggling employees amid the novel coronavirus pandemic, the steakhouse chain executive will forego his pay from March 18, 2020, to Jan. 7, 2021, MarketWatch reported Wednesday. The company will also suspend its dividend during the crisis. When was the last time you gave an employee a financial bonus for doing a great job or meeting a goal?
2. Take care of your customers
Show all your customers you care and appreciate their business. Strong customer relationships help not only build goodwill but help build referrals.
Recently, we reminded an e-commerce customer to take a few extra steps to let their customers know they would sanitize their packages before they’re mailed them out. We also recommended they place content, similar to that which Wal-mart has on their website. Many national and international retailers like Walmart are letting their customers know what actions they have taken on their website to prevent the spread of COVID-19.
3. Give back to your community
The Dallas Mavericks gave back to their community by purchasing breakfast, lunch, and dinner for workers at Dallas’ coronavirus testing sites and Emergency Operation Center during the week of March 25, 2020. In addition, numerous Mavs front-office members coordinated the food delivery process.
These types of good deeds bring about Goodwill to the Mavericks brand but you can do something similar for your business.
4. Develop a sound financial strategy
It is time to get rid of excess expenses, needless trips, and conferences. Hone-in on what matters the most, cash flow. Find ways to liquidate any unnecessary inventory, equipment, and supplies.
Collect on old debts by working out a short-term payment plan. Develop a meaningful conversation with your accountant and or tax consultant to plan for better tax deductions.
5. Develop an overall new strategy to “Re-evaluate” part of your business
Your new strategy should consist of how your business will operate without customer contact or help with the Coronavirus pandemic. As you may know, there is a shortage of ventilators for those who have been infected with COVID-19. The good news is the Ford Motor Company and General Motors have switched production in some of their factories to build ventilators for Coronavirus patients in need.
We are not suggesting your factory switch to producing ventilators. However, we are recommending a new way of looking at ways to add or continue your business’s income streams. You will if you haven’t already, re-evaluate your sales team’s approach to cold calling customers in person and become more proficient online and over the phone solicitation.
It’s time to call in your marketing team or marketing consultant to help develop the re-branding or evolution of your current brand. Sharpen your web presence or better yet have a web marketing expert review your web presence and perform an SEO Audit to break down what needs improvement for you to reach more customers with less in-person contact. If you have never done any significant e-mail marketing, now is the time to begin! If you know nothing about search engine optimization (SEO) then learn SEO from an expert!
6. Execute your new strategy and action plan
Once you have developed your new strategy it’s time to take action. Create a list of each action item needed to fulfill your strategy and complete the re-invention of your business. Each action item should have a deadline and assigned to yourself or someone on your team that was involved in the overall strategy.
7. Track and Evaluate your action plan
The tracking of all marketing campaigns and promotions is essential, especially in our current economic times. You should be tracking all calls, emails, and website visits by their source to enable you to evaluate all marketing. If all this sounds technical or confusing – you have one of two options. The first is to learn where and how to track all calls, emails, and website visits inexpensively. The second option is to hire a marketing professional to help you.
8. Rinse and Repeat as needed
No, we are not talking about your laundry. We are referencing repeating some of the essential steps (Steps 1, 3, 6, and 7) to keep your business fresh and profitable during economic downturns. some of your initial strategy and plans make not be feasible with your current resources or as you execute a particular plan you noticed you were missing a key element so you have to revise your plans and try again. Failure helps us learn what not to do and places us on a better path to success.
The core focus of the eight ways businesses can adapt to a Coronavirus economy or any recessional economy is the adaptation or re-invention of your business. This is not an end but a new beginning with new opportunities and it’s up to you to seek and find those the best fit your business.
During our current uncertain times, we hope this article has been helpful in bringing to mind some great ideas for you and your business to succeed. If you need any web marketing services, feel free to visit our website – we are here ready to help.