How Your Business Can Survive The COVID-19 Crisis
During this pandemic, we still need to get to a place of stability. We can only get to this point when we can successfully manage our businesses. If you are at that stable stage, then good for you; if not, it’s an opportunity to transform what you do, and work on what will change your world positively after this pandemic. Here is a complete guide on what you can do so that your business can survive this crisis.
Most entrepreneurs and businesses are currently struggling in the current environment. However, the current crisis should be viewed as one of those crises that offer you the chance to create something from nothing with your business.
The two main things you need to harness are decisiveness and empathy. Once you can leverage the two, then you are indeed ready to pick your business up from the crumbles caused by the current pandemic. You will attract support and loyalty once you can empathize with people in your business, and your meaningful relationships will get you the help you need. To move the needle forward, you have to be decisive towards your business’s survival.
Focus on Innovation and Business Growth.
Growth is essential to everything on earth, and your business is not different. Can you increase the customer’s LTV? You’ve got to know how to make your customers spend with you long term. Learn how to create new leads for your business. While some marketing channels cost money, you can also try out some that don’t. It’s is the right time to try out new things that would make your business grow – things such as creating blogs, social media, starting a new content channel like the popular podcasts or webinar, or newsletter.
Speaking of Innovation, there are three things you need to try out. These are:
- Taking advantage of electronic information and telecommunication technologies (such as Telehealth services).
For instance, if you are a veterinarian, the only way your business can survive during this period is by making use of the popular telehealth services. To be clear, Telehealth is referred to as the distribution of health related-services and information using electronic information as well as telecommunication technologies. A platform like that(Telehealth services) is one of the services you’ll get when you hire Bytegrow IT Solutions.
- Virtual Assistant.
The current “Lockdown” rule that’s been enacted all over the world won’t affect your business if you have a platform where you can easily share files and vital information with your employees and colleagues. The perfect examples are G Suite and Dropbox. Bytegrow IT Solutions is a company that suited to helping you design a unique Virtual Assistant Platform for your company.
- Video Classes.
If you are an instructor, your best bet is to create a Virtual Classroom. Bytegrow IT Solutions will not only design a web application for your brand, but they will also create a Video Classroom for you as an instructor. So, you need not worry as you can contact them on their official website.
You need to pay attention to some new business model innovation. If your business has dropped off the pecking order due to the current situation that we are in, it is possible to think outside the box and create something different from this crisis. So, there are three levels of innovation you need to work on. These are the incremental, sustaining, and disruptive levels. Before going further, you need to understand your business’ purpose – once you can set a clear path for yourself business-wise, then you’ll be ready to go to the next phase. When you know why you do what you do, then the rest of this piece will make sense to you. When you know the ‘why,’ the ‘what’ as well as the ‘how’ will come naturally to you.
While sustaining innovation is about adding a product or a service that complements your brand identity and what she does, but you aren’t offering yet. This is when you drive your business towards serving a market need that you view, that you are good at offering – and you will require some business changes too.
Lastly, the incremental innovation we are referring to is one that can be something as little as using what you are currently offering a product and services. But this time, pay attention to the sectors that are doing well during this time.
Cash is Vital.
For every business owner, every cash you own is essential. Money is key to your business’s existence. When it comes to that, there are few ways to raise some cash in your business: volume, price, overheads, cost of goods sold, accounts receivable, accounts payable, and inventory. As an entrepreneur, you must establish a path to optimizing your cash flow – but you need to take note of the equity and debt too.
You Should Downsize.
Listen, this might seem like a tricky situation, but it’s always right to downsize. At this juncture, you need to downsize so that your business can survive. If at the end of the day, your company survives this pandemic, its best to slash salaries.
The pandemic will undoubtedly be curtailed; you should make that a policy. Contracts that can be slashed should be slashed as soon as you can. Cut down on marketing sales too. Any decision you make now that has an impact on your business finances will do that on your later cash as well as your cash horizon.
Taking charge of your business should be your topmost priority. If the cash is not flowing, how will it be possible to get to a place of stability in the first place? But in case you have confidence, then its time to transform your business strategy. At this point, the primary tool you need is an effective IT solution. And that is where Bytegrow IT Solutions comes in – they are more than a development and designing company, they can help with a proper Virtual Assistant platform, a virtual classroom for all instructors out there.