5 Things Every Business Should Do To Survive Bad Business During Lock-down! Due to the Covid-19 slump followed by social distancing and a nationwide lock-down, businesses are experiencing major impacts no matter how established they are.
These are some of the points to consider to survive through the pandemic.
Build Social Presence
The use of digital platforms have been on the increase during this period and very rightly. As a small business, you cannot be everywhere because you most likely do not have the resources (finance and manpower), so what is advisable is to “go deep and go wide.” Find out what platform(s) your audience congregate and create high engaging content and begin to build human interaction.
Revamp Branding Materials
Nothing tells the story of a business as much as its brand materials. Beyond the promise and messaging, these elements that make up a brand sppeak directly to the target market. These, among other things, will aid in giving your company an appeal in a very attractive way. With adequate feedback through communication with customers and your team, you can birth something that will keep your target audience glued to your brand
Managing employees & related optimization
For large companies considering layoffs, the primary option should be to cut the salaries of the higher paid exec/employees to try to retain the people who can least afford to lose their jobs employed. However, when the time comes to make the tough call, do it with compassion look out for government directives, and offer extra compensation as and when required. Such implementation should be carried out only once and not in stages .
Communicate transparently with your customers
Everyone is going through tough times, so the ideal way is to stay transparent with your consumers about what your business is going through. Customers can empathize with companies facing a crisis, as long as the communication is transparent. Communicate with customers to understand their perception of the product/solution offered by you.
Communication to stakeholders
Consult with your investors or external experts to plan the right form of communication with stakeholders, most importantly customers and employees. Have an honest conversation on the situation and its impact on your business with your entire leadership team. Any negative message should be delivered with utmost empathy along with transparent reasons.
