The lockdown has pushed business owners into panic mode. They don’t know how to run a company with limited resources and have too many restrictions. Without the steady growth of the company, it is extremely difficult to fend for themselves and take care of the employees. That kicks a business owners business strategies down the drain.
The Covid-19 has given only 2 options to business owners:
- Die a slow death
- Devise a strategy for steady growth
The first option won’t help anyone. It won’t give a fruitful solution to anybody. However, the second option can save the livelihoods of many people.
In this post, we will discuss various strategies to run and grow a company during the lockdown.
1. Develop pandemic proof products: Lockdown has severely impacted the travel and tourism business. If your business is based on travel and tourism, then it must have incurred a huge loss in the last few months due to the lack of tourists. No one knows when the situation will revive. No one knows when tourists will start planning vacations again. You have to plan something to survive this period.
One way to survive is to start developing products that are in trend. Think about the products that are ‘pandemic proof.’ This includes sanitizers, gloves, masks, face shields, PPE kits, different types of cleaners, and so on. Think about the products that people need. Look at the sectors that are doing well even during the pandemic. Think about how you can develop new products and sell them.
If your business is in educational services, then you can organize webinars and workshops. You can give online training and coaching sessions through Zoom and generate revenue from there also. Ask your team to come up with topics people would like to know more about. Ask for their feedback and suggestions. Even if one suggestion clicks, your business may start repairing huge profits.
2. Opt for digital marketing: With limited manpower, you can’t use conventional marketing strategies right now. At the same time, you need to do marketing for your products to spread awareness. The most convenient option is to promote your products and services on the digital platform. Facebook, Pinterest, Instagram, and Google Adwords are to name a few. Your employees can promote those products from home. So team productivity won’t be hampered. You can save their jobs, and at the same time, your products will be advertised properly. Set up a team for social marketing as that is the need of the hour. The team will work on marketing your services on social media and generating new leads.
3. Sell your products online: Whether it is old or new, you have to sell your products. Unless you expand your customer base, your business won’t survive in the long run. So, you have to think about ways to sell your products online. You can develop a website for your company and start selling the products through that. You can also sell your products through e-commerce websites like Amazon and eBay. The best part of selling products through e-commerce portals is that you can sell your products not only in this country but in other countries too.
4. Look at the financial statements: The pandemic has shaken the economic stability of the country big time. As such, you have to re-evaluate your finances and change your spending plan to survive the unofficial recession period. Take time out from your busy schedule and look at the 3 important financial statements. These are:
- Balance sheet
- Profit and loss statement
- The cash flow statement
All the 3 statements are of equal importance. They give you an overall idea of the company’s financial health. And that helps you make smart decisions on the financial front.
The balance sheet gives you an idea of how much debts you have, how much money you have to pay off those debts, and the leftover money. You can analyze the growth of your company. If your debts are way more than your company’s net worth, then you have to take steps to reduce them. Many entrepreneurs use credit cards to cover business expenses. If you’re one of them and have a huge outstanding balance, then take steps to start reducing credit card debt. It is required for your survival.
What will you do if your business sinks with a huge amount of credit card debt? Who will bail you out?
The profit and loss statement helps you to understand if you’re spending more money than what you’re earning. If your business is incurring a loss, then you have to make a few strong financial decisions.
Next comes the cash flow statement where you can find out how much you have to pay for the employee wages, tax, lease, etc.
All 3 statements will give you an idea of what you should do right now. You will have to change your business plan for sure. You have to restructure teams and set new targets to generate revenue. Otherwise, your business may sink without leaving any trace. Remember, even the great Titanic sank despite having the best amenities.
You can win 50% of the battle with a positive attitude and belief in your employees. Conviction is extremely important. You should have the conviction that no matter what happens, your business will thrive and be successful. You need to have hope and also faith in yourself. Hope gives you the drive to do everything for your business and make it thrive even during the pandemic.
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