Running a business is tough at the best of times, but the emergence of Coronavirus is the biggest challenge most companies have ever faced. Unfortunately, not all will survive.
The effects of the virus have been all-encompassing, felt by businesses big and small around the globe. The figures are frankly terrifying and, on a scale, not seen since the Great Wars. By September 2020, it’s forecast as many as 195 million workers could lose their jobs.
Nobody knows for sure how Coronavirus is going to pan out, but most experts agree we are at the thin end of the wedge, and things are likely to get much worse before they get better. Including finding the rights balance of communication, advertising, and business management strategies. Working with professionals like Pedram Zohrevand, who can help guide you towards making the most of your at-home business.
For those who cannot or are not in a position to hire an external business management firm, there are still steps you can take now to mitigate the future impact of the virus on your business.
Invest in your website
Without exception, the businesses which have survived best through the outbreak (and in some cases even profited) are those that already had a streamlined website and prominent web presence.
With so many consumers moving online and a general fear of going outdoors, in today’s new reality, your website is quite possibly your company’s greatest asset.
Moreover, with the increase in home-working, businesses are being forced to embrace new technologies to operate and survive. There has never been a more critical time to invest in your online infrastructure and, in particular, your website.
Improve your use of social media and your social marketing
Social media has been an integral part of the corporate marketing mix for a good number of years; however, during the virus – with more people spending more time at home and online – effective social marketing has become crucial.
A well-implemented social strategy increases your company exposure while allowing interaction with your clients (new and existing). Invest more time and, if required, money in your social media marketing.
While the usual suspects will always be valuable (i.e., Facebook, Twitter, LinkedIn), don’t forget the smaller channels like Pinterest, Instagram, and YouTube – each of which can be hugely beneficial for your company’s marketing. In particular, YouTube is the world’s second-biggest search engine – ignore it at your peril.
Apply for a business loan
The bottom line is that companies need capital to operate and, if the forecasts prove true, it’s quite likely your company is going to need a cash injection to see you through the pressures of the coming months.
Online financing has exploded in recent years, with independent companies offering tailored solutions at unbeatable rates and staggered repayment schedules. There is now a huge range of loan companies operating online such as Biz2Credit offering bespoke funding plans for businesses of all sizes and sectors.
Consolidate assets
In times of financial difficulty, consolidating your business assets and resources can help streamline your business and reduce your overall operating costs.
Look at re-purposing assets or perhaps even retraining members of staff, so they have special skills. By increasing your productivity and mitigating downtime, you will gain added value from existing resources while reducing your operational overhead.
Outsource more
Outsourcing presents many advantages to companies – particularly companies looking to reduce fixed costs. By outsourcing, you only use resources when they’re needed and can also pick freelancers on a project-by-project basis, precisely matching their particular skills to the job in hand.
Outsourcing removes downtime and your liability for covering sickness/unemployment benefits. Resources are enlisted purely on an ad-hoc basis – as and when you need them.
The short-term (and possibly long-term) future for business points to a rocky road ahead. It will be a case of survival of the fittest, and unfortunately, not all will make it through to the other side. Making sensible preparations today will help you weather the predicted storms of tomorrow.
