This post was last updated on April 7th, 2020 at 12:40 pm
As a business owner if you are worried about your business in this situation of crisis, then you are at the right place. Here are the four things that you can use as a business owner to increase your sales, support your customers and employees during the Coronavirus pandemic.
The Coronavirus pandemic is spreading across the globe very quickly, with the new information flying in each minute. Because the state of affairs evolves, several little business owners are not sure of steps to require to remove risk, defend staff, support customers and increase sales (in the current situation and also in the future).
According to economic experts, this disease is going to affect the world economy for the next 3 to 6 months.
So, here are the four things that you should learn to save and stabilize your business in this era of economic crisis.
Online Source of business helps you to stand out in the time of crisis
With thousands of people already working online, there are hundreds of tools, platforms and websites that a business owner can utilize to stabilize his/her business, increase sales and customer reach, facilitate the employees and manage the daily databases. All you need to do is to make a policy and implement it.
For this purpose, you can use Microsoft teams to hold meetings with clients and employees. You can assign tasks and deliverables to each employee through E-mail or Skype. To increase your sales and customer reach, all you need to do is to be online through your official business website and Facebook page. There are hundreds of businesses that are using this method to run their businesses. For example, when China locked down Wuhan City, Apple Inc., Alibaba, and other big giants closed their stores. However, they kept on providing services online through their official Facebook pages and websites due to which they did not face the loss of even a penny.
Do Not Depend On Single Source Of Income, No Matter How Strong It Is
Due to the COVID-19, the world is facing a massive economic crisis which now is leading majority of the people to unemployment or underemployment. So, the question arises here is, How to Avoid this Situation? Well, if you are a business owner, the answer does not rely on a single source of income. Take advantage of the crisis and multiply your business.
Let me explain you with an example. There is a pharmaceutical company in China that makes antibiotic tablets, but when they saw the COVID-19 effects on their business, they started making masks and hand sanitizers because they knew that these two things are going to be in high demand. That is how they save their business and earn even more than by selling antibiotics. You need to apply the same formula. It requires focus, attention and of course, a little bit of investment.
Do not Suppose Future as Must Be Golden; Be Ready for Worst and Hope for Best
What could happen if Apple Inc. and Alibaba do not take immediate decisions in this situation of economic crisis? They could be gone down as a company because if they do not provide services to its customer on time, the company will lose that customer. The same thing applies to small business owners. If you think you have enough money in your account to survive for next six months or you think that your business is proliferating and you do not need to plan for the worst, then you are the dumbest businessman on this planet!
Because you are not losing only money, you are also using your reputation, customer reach and last but not the least the bad customer feedback will negatively affect your business. So, be ready for the worst situations, plan your things for the worst-case scenarios and keep on doing hard work. Because God always payback one’s hard work and smart work.
Do Share Your Money with Needy People; it’ll Pay Back
Have you ever thought that why the wealthiest people or businessman do much charity? Because they get the payback. It is an investment in which profit is guaranteed. The more you spend on needy and poor people, the more you will get the payback. So, try to spend a specific percentage of your profit on poor and needy people. It will increase your customer reach as well as your company’s reputation.
There are several Non-Profit organizations with which you can collaborate, or you can open your non-profit organization to help the needy ones. However, it will cost you a lot that is why it is recommended to collaborate with any organization. Big companies like Google and Apple have also applied the same strategy.