While the COVID-19 crisis has resulted in many businesses suffering and there being no certainty as to when and how things will go back to ‘normal’, it’s a smart idea to use this downtime to think about the business strategies you can use to help you bounce back.
Don’t wait until the COVID-19 crisis is over to think about how you can make a rapid comeback. Use this downtime to make plans for the future that won’t cost you much money and can help bring your business back to life, and be bigger and better than before. To get you started, in this article we present nine business strategies to help your business make a comeback after we’re out of isolation from the COVID-19 crisis.
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1. Make a re-opening plan
Work out what you will need on the first day your business can open as normal. Make sure you have your supplies, stock and services ready for when the government gives the go-ahead. Work with your team to develop a launch plan and checklist.
2. Keep in touch with customers
Make sure to be honest and communicate transparently with your customers. If they think you are withholding information or being immoral in any way, many of them won’t return when your business can get up and running again. If you want some inspiration as to how you can use marketing to enhance the customer experience, see another one of our articles. You might also be interested in ‘Staying Connected With Customers is Critical During the Covid-19 Crisis’.
3. Assume that customers won’t remember you
This is an interesting approach that can prove very effective. Just because a customer has used your products or services once, it doesn’t mean they will automatically think of you the next time. You are competing for their attention with thousands of other distractions every day, not to mention the impact that COVID-19 will have had on everyone. So, if your business provides services to other businesses and things have gone quiet, reach out to them and let them know that you would appreciate working with them in the future.
4. Communicate with your suppliers
Keep up constant communication with your suppliers. Determine your inventory levels and construct a contingency plan in case there is a shortage of inventory. Also, identify back-up suppliers in the event that your primary supplier can’t support you in time.
5. Keep your team informed
Make sure your staff know their responsibilities during this isolation period and what is expected of them after the COVID-19 crisis has settled. Communicate your policies clearly and quickly.
6. Plan re-opening promotions
Decide how you’re going to entice customers back to your business after the COVID-19 crisis. The economy is going to struggle for a while as the globe comes to terms with the impact of the coronavirus outbreak. While lots of the public may flock to their nearest restaurant, pub or fashion franchise in excitement when restrictions are lifted, lots of people may be more wary of how they spend their money in the long run. Therefore, it’s more important than ever to be the first choice for customers.
For some inspiration, cocktail bars could extend their ‘2 for 1’ happy hour to help them stand out from competitors. Or your business could offer 25 percent off to the first 10 customers that share your official re-opening statement on Twitter. See our tips for marketing your hair, beauty or cosmetics business.
7. Think about new ways you can cut costs
When business slows, making certain members of staff redundant may be the first thing that pops into your head. But laying people off can actually end up inhibiting growth. Before taking this approach, make sure you really have cut out everything else you can and review how you can lower expenses elsewhere in the company.
If you’re a café business, you could take a look at your menu offerings. If it emerges that out of your 40 items, customers were only really ordering 30 percent of them, think about streamlining the menu to cut ingredient-related expenses.
In case you don’t already know, check out everything the UK government is doing to support businesses through the COVID-19 crisis.
8. Prepare for co-operation
In unprecedented times, like we are experiencing at the moment, you may need to co-operate with competitors to make sure critical suppliers stay in business. Working with competitors to help support each other and your suppliers could help ensure your business stays afloat and send the right message to customers.
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9. Stand out from the competition
While some companies may need to take their previous business strategies into consideration more than others, this doesn’t mean that you shouldn’t shine a spotlight on what makes your business unique and worth parting with cash for. To help your business make a comeback, consider whether you are differentiating yourself from other businesses.
Small business owners often benefit from pinpointing their niche and developing products or services that are tailored to a certain market. Rather than trying to convince everyone to be your customer, try focusing your efforts on a specific group.
Use these 9 business strategies to survive after the COVID-19 crisis
Hopefully you should now have a better idea of how to manage a business through a crisis and use business strategies to help your business bounce back bigger and better when the outbreak is under control.
We have lots of COVID-19 crisis-related content, lots of which we have referenced throughout. You might also find reading ‘Create a Crisis Contingency Plan for Your Business’ and ‘12 Tips to Help Your Business Survive the COVID-19 Crisis’ helpful. Or select an article from the list below:
- How the Covid-19 Crisis Will Forever Change the Way We Live and Work
- 15 Tips for Staying Positive and Being Supportive During the Covid-19 Crisis
Becky Martin, Point Franchise ©