Navigating Changing Business Landscapes in the Time of Coronavirus
It’s a strange time we’re living in, and the prospect of things getting worse before they get better is sinking in on a global scale. Economists who, just weeks ago, projected the global economy to bounce back owing to pent-up demand worldwide, are now shaking their heads as the number of cases across the globe continues to spike and the race to find a vaccine presses on. As of Friday, March 27, the US recorded 100,000 confirmed coronavirus cases, becoming the first country to break six figures. As of this article’s writing, there are 598,667 confirmed cases worldwide and 27,626 deaths as the virus continue to spread, hitting all continents except Antarctica within just one month (source: bloomberg.com).
With nations grappling to balance cushioning their economies while implementing extreme measures to flatten the curve, many are wondering just how long we will all have to live through this corona-induced state of limbo. As all the data funnel down to you and me, the question on the minds of most small-medium sized business owners swings between, “What can I do to help?” and “How do I keep my business afloat?
What follows are a few tips we’ve rounded up for your consideration as we collectively attempt to project and set the trajectory of our businesses at a time when most everything seems to be up in the air.
Curb Cash Outflow and Explore Avenues for Cash Inflow
Rundown your list of expenses and strike out items that have little to no immediate benefits, such as app subscriptions or entertainment expenses. You could also find out whether the terms on your leases have been adjusted in light of the imposed lockdowns. Likelier than not, you may apply for negotiated terms for one-time and recurring expenses.
On the flipside, scope out avenues through which you can infuse cash into your inflow stream. One worth paying attention to is new sales channels, particularly online. Inasmuch as people are off the streets, they are most definitely on their laptops, desktops, or phones. Find out how you can boost your marketing materials through targeted digital campaigns and take your sales conversations online by engaging your customers through different social media platforms and e-commerce portals.
Run stress tests and Keep your Eye out for Growth Opportunities
Run stress tests to see what the worst-case scenario looks like for your business and then work your way up from there. There are many available resources for stress tests online, and as you follow the process, you may be surprised to find opportunities for growth or profit that have been hiding in the margins, or that haven’t been there at all. This leads to the second point--spend some time in your customers’ shoes.
A global pandemic of this scale is bound to create a new pool of consumer needs, and you may want to consider how your business can respond to any given one. Has the pandemic created new pain points or challenges for my customers? Are there new factors that now drive their business processes in light of the outbreak? In assessing these corona-derived needs and pain points, intentionally seek out ways in which your products or services can bridge the gaps.
Respond Now, Recover Later
Airbnb recently announced that it has begun to find temporary lodging for front liners (first responders, healthcare workers, etc.), calling on its community to either donate to lodging funds or volunteer their Airbnb spaces as lodging options. This is great, but who says that only large companies can roll up their sleeves and get into the thick of providing aid in this pandemic? Find out how your business can contribute too.
It is times like these that give you the chance to see how your business can step up to the plate with the greater good in mind. This would be a wonderful opportunity to engage your own community of shareholders and customers in a meaningful way as well. The truth is, most people want to help but just don’t know how or where to start. Study how your business could possibly provide a starting point.
While this doesn’t necessarily guarantee that you will recover later, it will show your shareholders and your customers what your company stands for and how reliable it can be in times of great stress, encouraging support in the future. If anything, that would do more for your brand identity than any marketing campaign could.
Collaborate - Because Social Distancing aside, we really are all in this together
Lastly, cliche as it sounds, this is a call to link arms (albeit virtually for now). Many businesses are on the same boat as yours is on and now is as a great a time as any to see how we can collectively respond to the needs created by this pandemic. Collaborations forged today could set your business up for stronger recovery tomorrow by simply creating a semblance of business continuity and cushioning the economic blow on a small scale.
Take for instance the Pulitzer Center for Crisis Reporting, a non-profit organization that supports independent global journalism. The organization recently put up a fund that aims to “develop innovative approaches to reporting on the novel coronavirus crisis using collaboration among journalists and newsrooms.” An article on their website describes the initiative as such: “At a time of scarce media resources, the coronavirus story challenges newsrooms to find creative ways to bring accurate, compelling, and timely information to their readers. We are eager for proposals that break traditional notions of scooping and competition and instead use the power of sharing and collaboration to increase reporting capacity and expand the reach and impact of stories.” The same heart can be carried across other fields.
On that note, make sure to maintain the collaborative spirit internally as well. In addition to giving your employees a “quarantine-friendly” set of tasks, endeavor to hold regular video calls to check in on them and engage them in the maintenance of your business processes. Challenge them to modify their workflows in ways that adapt to this temporary, but potentially long-term, business landscape. Make riding out pandemic a team effort. Granted, it’ll be good for your own mental health as well.
That being said, we at Smart Virtual Assistants are ready to extend our services to your business as we navigate through this unknown terrain for the foreseeable future. Not only is a virtual working environment our forte, so are remote support and online collaboration among other things.
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