COVID 19, this one name is giving everyone around the world sleepless nights. While it is already wreaking havoc in the global economy, travel companies are getting the first heat. Hundreds of events, sports and tournaments have been canceled and postponed all around the world and owing to the nationwide lockdown, the lives of everyone have been almost completely disrupted. While the Coronavirus outbreak has caused a complete change in the routine life of people, it has also affected consumer behavior all over. This eventually is going to result in a fall in figures. And no, even your business is not safe either.
So, if you are an entrepreneur or the business head in any company, your job description already includes an unsaid rule, staying calm under pressure. And the present time is no different. In the crisis caused by COVID 19, you are going to get the blow for sure. But remember, you need to work on your growth strategies so that your business doesn’t suffer. How? Take a look at the following strategies that can help you survive the impact of Coronavirus.
Identify the Pain Points
Given the nature of your business, there will be some specific pain points that you need to identify first so that you can plan your next course of action keeping the current global situation in mind. Maybe you are worried about the supply chain disruption owing to the limited or no manufacturing, and low supply. Maybe you have to grant the facility of working from home for all the employees.
Maybe the present travel restrictions around the world are affecting your business a lot. The market uncertainty is probably turning yourestless. The cash-flow has been stalled. Shortage of inventory and supplies is also making people hoard which is affecting your business. Anything can be the pressure point for you right now. So identify it and that will help you decide the next course of action.
Go for Other Sales Channels
The retail sales globally have been affected a lot. Now, if you are a retailer who is presently dealing with such low numbers and the uncertainty of the situation is also making you wonder when the scenario will change for good, it becomes imperative that you embrace the other sales channels. For example, if your retail store is taking the hit, think of expanding on ecommerce. After all, people will need to buy things, either from the offline stores or online. So, create the much-needed ecommerce platform where your customers can buy what you are offering. If currently, you can’t think of developing a full-fledged website for that, Facebook stores offers you the platform to sell. So does Instagram and LinkedIn.
Get Ready for Pent-Up Demand
If anything you are learning from China, then you must know that there is a high pent-up demand just when the healthcare system could bring the COVID 19 crisis under control. And it was inevitable. When all the brands, irrespective of all industries, have suffered, the consumers had to radically change their behavior too. Now, once the primary crisis subsides, the demands of life will again come back to the forefront. This situation translates into higher demands than before from the existing consumers. And every brand all over the world should be prepared for that. No, there is no need to downplay the situation. Obviously you have to comply with the lockdown protocol in your country or state. But keep your strategies ready so that, once the situation becomes better, you stay ahead of the competitors in the run.
So, now as you know about the business growth strategies to survive the impact of COVID 19, stay calm and prepared. A calm approach is what matters right now the most.
Amilia Brown is a seasoned business writer & strategist who simplifies complex business concepts and turn them into engaging narratives. As a trusted business writer, she delivers actionable insights with precision.