It’s a scary time for businesses right now. These tips and some careful planning will help you protect your business in the aftermath of COVID-19.
Coronavirus has made a huge impact on businesses all around the world. We’ve seen hundreds of thousands – if not millions – of businesses close their doors for the final time because they simply can’t afford to stay open anymore. We’ve seen millions of people lose their jobs, and we’ve seen more devastation around the world than anyone could imagine seeing in their lifetime. As the world adapts to a “new normality”, you may be wondering how you can protect your business from here on out, and we’ve got some great tips on how you can do exactly that.
Focus on existing customers
Every business strives to gain new customers and quite often take their existing ones for granted. In many adverts, there will be a new customer only clause, and in today’s world, this could seriously damage your business. Reward existing and returning customers with money off vouchers and express your gratitude for their customers in every way possible. It’s much easier to retain current customers than gain new ones, so look after the ones you’ve already got!
There’s a chance you may have had to – or may still have to – let a member of staff go to help keep your business afloat. However, when this happens an employee can file for an unemployment claim and if this happens, your company will have to pay for it. Protect yourself by taking out insurance software for claims management so that if the unfortunate day comes, you’ll be protected.
Outsourcing is a wonderful way of getting tasks done without having to employ someone permanently. If you’re in need of a little admin assistance, or you’re looking for some high-quality graphics for your website, outsource people to do this for you! That way, you’re paying a fixed fee rather than risking employing someone to do the job full time. You can have the service as and when you want and most importantly, when your business can afford it.
Focus on your marketing
Many businesses have made cut backs in the marketing department due to worries of affordability. However, with many of the world still at home, now is a better time than ever to focus on your marketing department. People are more likely than ever to be scrolling through pages online and using social media, so use this opportunity to get your products and services in front of their faces!
Forge powerful alliances
Now more than ever before, businesses are competing against each other to win the sales their business so desperately needs. But why compete when you can team up? Forge powerful alliances with other businesses to create bundles and deals to help increase profits, grow your customer base, and increase your exposure online. These alliances will help your business thrive, and in the process, you’ll have made a lasting relationship that will forever work in your favor.
It’s a scary time for businesses right now, but with careful decisions and these tips, you can protect your business in the aftermath of COVID-19.