Many experts are comparing the scale of alarm and panic created by the current Pandemic caused by Coronavirus COVID 19 to the wave of panic created during the Second World War. Not just health systems across the globe, but businesses of all kinds are taking the biggest toll since the great financial crisis. Airlines and Tourism industry have been brought to their knees and there is no clear sign as to how long this situation will prevail. Recently, Facebook pledged $100 million in grants to small businesses hit hard by the COVID-19 outbreak.
Though Governments and Philanthropists will do their bit to make sure that the impact of the economic slowdown is minimized as far as possible, every business needs to take certain measures so that they survive the harsh economic climate.
This is the time when you need to keep your basics right. Here’s a list of 6 basic business protocol you need to adhere to during the current and upcoming economic situation.
Adapt your Brand Strategy to the changed Global Situation
According to The Brand Strategy, this is the perfect time to think long term and review your overall Brand Strategy. “Delivering the right brand positioning at the right time will be fundamental to success in the emerging post-crisis market.” the article says. The Brand Strategy also suggests that companies should invest in brand strategy to define the optimum brand positioning.
Reach out to your clients
These are definitely tough times and your clients know this as well. Reaching out to your clients regularly through calls and Emails and letting them know about the current business situation is a great thing to do. Letting them know how grateful you are to them for their continued support will go a long way in building confidence in your clients. This will also assure your clients that once things get normal, you will get back to business as usual.
Don’t shy away from Marketing
During an economic slowdown, customers become restless and the chances of businesses losing clients increase. This is exactly the time when you should stand firm with your marketing decisions. If you don’t, other businesses will. Amidst all the turbulence and noise, getting your voice out can be a bit difficult. A carefully drafted marketing plan can play a great role in saving your business.
Offer more than what you usually offer
This may sound paradoxical but this is exactly the time when you should offer more than you usually do. You might be wondering when the finances are not good, how can we offer more? The thing is, during crises, the competition will increase manifold. Offering more doesn’t necessarily mean offering more products or services at the same price. It could also mean offering better personal service than normal including improved customer service.
Track your finances on a daily basis
During a recession, your finance graph may go down too quickly if you don’t have the habit of tracking it continuously. Therefore, you should make a habit of tracking your finances on a daily basis. Depending on the overall macroeconomic situation, your business might get impacted on a daily basis and therefore it is important to track your finances on a daily basis in order to avoid a shock at a later stage.
Keep your employees’ morale high
Keeping the morale of your employees high can be really tough when the whole world is feeling the heat of reduced economic activities. However, you should make sure that your business doesn’t suffer because of the macroeconomic sentiment creeping in the minds of your employees. Your leadership qualities should come into play and you should make sure that the fear of layoffs does not impact the performance of your employees.
