Times are unpredictable, the global economy is shifting and is increasing in volatility, and the modern way of life is going through a drastic change. As a result, companies are forced to close their doors and send their employees home, not knowing when and if they will be able to resume their operations – which invariably leads to lay-offs, huge financial losses, as well as the closing of entire businesses and niche markets. While it is unfortunate that the Coronavirus pandemic has created such an unstable business environment, that doesn’t mean that you are powerless against it.
In fact, there is plenty you can do to stay afloat during these trying times, and if you adapt to the current trends, you may even capitalize on a global crisis while at the same time helping others stay safe and preserve their livelihood. Let’s take a look at the five tactics you should employ in order to stay afloat during the COVID-19 pandemic.
Research trends and competitors
First things first, if you are to build a financial strategy and a plan that will allow you to thrive internally and externally amidst a global crisis, you have to collect, collate, and organize relevant information into actionable reports. Always remember that the best business decisions are founded in relevant industry, consumer, and market data, and that following your “gut feeling” is just like shooting in the dark – the only thing you’re bound to hit is your own brand’s reputation and image.
With that in mind, it’s imperative that you stay on top of the latest developments in your industry so that you can discover potential opportunities and revenue streams, and figure out what to focus on first. You also need to keep a close eye on your top competitors to see how they are tackling this crisis and whether or not their tactics are successful. If not, you’ll know not to follow their example, and if they are successful, you will be able to implement them yourself and even improve on their success.
Integrate Ecommerce into your business model
The whole of the global business sector is rapidly migrating to the online world in order to maintain their operations as much as they can and with minimal losses and downtime – and so should you. Yes, the global pandemic has certainly inflated the Ecommerce industry, and yes, Ecommerce is becoming more competitive as a result, but that doesn’t mean that you can’t capitalize on its integration into your own business model. In fact, integrating Ecommerce is probably one of the best things you can do regardless if there is a pandemic or not.
The digital world offers numerous opportunities for business growth and new revenue streams, allowing companies from every industry to sell their products and services, or resell products and services from other providers. For example, one of the industries that was hit hard by the pandemic was the auto mechanic industry, however, savvy mechanics have quickly started selling parts online along with coaching for aspiring mechanics, while providing their audience free advice to keep brand engagement high.
Optimize your credit card use
One of the biggest mistakes that business owners and their employees make is that they keep using their credit cards the same way they did before the COVID-19 pandemic. This is, of course, a grave mistake because now is the time to rethink and optimize your spending in order to minimize your expenses as much as possible, and save as much money as you can. That said, it’s not just about spending less, it’s also about getting money back on certain expenses as well.
This is why researching credit card plans and choosing a plan that’s better suited to your current needs. For example, there are many no annual fee credit cards to choose from and cutting all unnecessary costs such as credit card fees can be very beneficial during uncertain times. Optimizing your credit card spending is a simple yet effective way to minimize your expenses, so don’t dismiss it.
Build a thriving remote team
Some might think that the Coronavirus pandemic spells nothing but trouble, but experienced leaders will tell you that there is always an opportunity to capitalize during a time of uncertainty, such as when you have to send your employees home without any idea how to keep them busy. If you’re running a digital business of any kind, you now have the opportunity to create a thriving remote team and build a productive digital office space. Be sure to use a project and employee management tool to stay in control of all internal processes, conduct regular staff meetings, and be sure to communicate on a daily basis to keep all tasks and projects moving forward.
Ensure long-term success through marketing
Finally, now is not the time to cut your marketing budget. It might seem counterintuitive, but now is exactly the time to invest in various digital marketing tactics in order to drive traffic to your website and social media, improve brand awareness and visibility, and build a loyal community. It will be this exact community that will help you thrive as a company in the post-COVID-19 world.
These might be uncertain times for the business world, but that doesn’t mean that you should sit idly by and hope that everything will be okay. Use these tactics to take matters into your own hands and grow your company despite the odds.