It’s rock-bottom for most people with the ongoing lockdown, fast growing number of coronavirus cases and fatalities by the hour. People are confined in isolation, many can’t work – or have totally lost their jobs, probably worse than the 2008 and previous recessions combined.
The worldwide economy is taking a hard beating from the “financial flu” pandemic causing plummeting stock market, massive lay-offs and people tightening their belt.
Only when the tide goes out do you discover who’s been swimming naked. Warren Buffet
It’s good to run a business in bull economy – but it takes a different grit to storm a bear market.
It can’t rain forever. But why wait? It has been proven time and time again that while most are in wait-and-see mode, those who pivot and adapt quickly to the situation are the ones that don’t just survive, but thrive in any given climate.
That said, what are the things you can do to weather the storm?
Cut down on unnecessary expenses
Whether on software subscriptions or third party services that aren’t really impacting lead generation or revenue is a good start. Since we’re working from home – this is a setup worth considering even after the lockdown has been lifted. Depending on your industry and type of work, you can either adopt partial remote working or embrace it completely to save on office and equipment costs, not to mention the time lost in traffic.
Pivot your service offering and how you cater to customers
Essential products are of the advantage these days but most brick and mortar businesses don’t have proper infrastructure to operate on-demand and remotely. Invest on a website where people can place orders, make sure your social media pages are active and at synch with all your digital assets. Partner with marketplaces and list your services with FoodPanda or GrabFood.
Invest on sales-driven digital marketing
While most are canceling their marketing budgets – now is the perfect time to spend on sales-driven or leadgen ads. Remember that on any given auction like that of Facebook or Google, when there are fewer advertisers, overall cost per clicks get relatively cheaper. You get more traffic with a lesser ad budget. Just make sure these are ads that target the right people with appropriate messaging that could potentially translate into a lead or sale.
Email marketing is also a cheaper way to nurture your sales pipeline and up-sell to current customers.
Focus on organic branding
Many customers are in survival mode and are tone deaf to anything sales. Use some of your time to be active on LinkedIn and your website, build your brand through content and find ways on how you can help your community with the fight against covid-19.
Get out of the stock market and re-invest in your business
It’s probably too late to gain a positive return on investment on your stocks and investments but the worst is yet to come. Withdraw everything and use that money to re-invest in growing your business or to cover your personal expenses while your sales pipeline are dragging.
Innovate and find other income streams for your business
Given the worldwide crisis we’re facing, we’re so lucky to be in an era where technology has made it possible to do almost anything at very minimal costs. Most people are taking it for granted using the Internet as entertainment or as escape. Don’t waste the opportunity to be creative and innovate.
There will be a lot of losses left and right, but with optimism and perspective, focus on the things you can control and act. Hang in there, this too shall pass!