The coronavirus is affecting all businesses and industries in unprecedented ways. Overnight, many startups have seen all of their clients become “at risk.” With less disposable income, their business operations may slow, along with sales. Preparation is key in circumstances such as this one. You must recession-proof your business and prepare to recover your business from the effects of COVID-19.
Here are some tips, that could help your business recover from the pandemic.
Prepare for Increased Demand
Many businesses are suffering from a lack of customers due to lockdowns and quarantines across the country. As a result, sales are declining and revenue is dropping fast. Many companies are choosing to decrease their production and supply levels in order to prevent further financial loss. While cutting back will help to alleviate some of the financial stress, be sure not to cut back too far.
It is necessary to prepare now in order to best benefit in the future.
Create New Sales Channels
One thing that many businesses are learning due to the massive shutdowns caused by coronavirus is the ultimate need to have multiple sales channels. Non-essential businesses that have only one sales channel, such as customers coming in-store to a brick and mortar location are struggling. With quarantines and lockdowns in effect for weeks and now months in some places across the country, those businesses with few sales channels have very little if no revenue.
This is why flexibility is important for any business.
The easiest way to create a new sales channel is to market your business online or create an e-store. Your shoppers may be confined to their homes, but some of them are still are making purchases, just online.
The restaurant industry has truly embraced this idea. With channels such as Zomato & Swiggy among others – restaurants are earning a profit, even with empty dining rooms. Restaurants have combined these food delivery platforms with call-in orders, drive-thru, and takeout, making all types of customers able to continue making purchases.
Once you do create new sales channels, don’t forget to broadcast and market it. Using the restaurant example again, you’ve most likely seen a ton of “We’re Open” or “Take-Out and Delivery Only” in front of the local restaurants in your neighborhood. These businesses have adapted to the current situation and are letting their customers know.
Continue Working on Leads
With so much uncertainty and caution due to the virus, it may seem reasonable to abandon and leads you were working on prior to the pandemic. This may be necessary for some industries, but not necessarily if you work in business to business sales.
While individuals are canceling vacations and airline companies are canceling flights, businesses are still maintaining their typical services for now.
If you have large leads in the pipeline, continue to nurture them. Address the current situation, and put even more energy into capturing these leads. By letting them know how your company is handling the current situation, you prove the adaptability and value of your business.
While we may not know how the economy will recover from the effects of the current epidemic, we do know how businesses can recover:
- Prepare now for a probable increased demand
- Remain flexible as a business by creating multiple sales channels
- Consider how the needs of your customers have changes, and provide for them
- Continue working on leads, especially if you work in B2B sales
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