The coronavirus pandemic is wreaking havoc on the global economy. Air travel is being hit hard, sports leagues and big events are being cancelled, countries are putting up travel restrictions to try to keep the virus outside their borders, and public health officials and hospitals are bracing for the worst. In times of crisis, it can be hard to stay calm and be optimistic. Fortunately, for entrepreneurs and business leaders, staying calm under pressure is part of the job description.
By taking proactive steps now, you can put your business in a more secure situation to stay strong and recover faster once the crisis subsides.
Yes, we’re witnessing a crisis unfolding. Not only people get gripped by the coronavirus fear. It’s like a stroke for most businesses — some will recover, some won’t.
Does this corona crisis necessarily mean a failure for your business? If you play your cards right, Covid-19 could spell success. So, no need to read coffee grounds to tell what awaits your business, expert’s advice on how to make the most of the current situation.
Depending on what industry you’re in, your customers might be having some specific new pain points connected to coronavirus. Think strategically about how the pandemic is affecting your customers, what is keeping them up at night and how you can help. Then you can adjust your sales pitch and design your marketing around how to address these specific challenges and worries.
Embrace new sales channels
Even as more of the country goes into lockdown, people still are going to want and need to buy things, creating opportunities to serve your market via alternative sales channels. For example, if coronavirus is cutting down on foot traffic to your retail business, look to expand your e-commerce offerings.
People are staying at home. There’s no telling what damage coronavirus will bring for travel services. It could take months for the industry to recover from the tailspin the coronavirus has sent it to. So, many of them will have to lie low unless they find a way to adjust.
Another wave of impact runs through e-learning: Covid-19 compelled the shift to virtual learning.
Coronavirus increases users’ reliance on it. For example, China has moved half of its medical care online. This dramatic increase in virtual visits slowed down coronavirus transmission. Virtual services, like online symptom-checking tools and remote consults with doctors, could keep the so-called “worried well” from flooding hospitals.
Covid-19 is likely to fuel areas like online shopping, e-learning, healthcare, delivery service, and remote work.
Clearly, it’s no longer business as usual, no longer a regular market, especially if you’re leading a startup or a small company. Given different degrees of preparedness across companies, we’ve prepared a common action plan to tackle this pressing challenge:
Estimate the risks and test your assumptions about customers and revenue. You need to figure out your actual burn rate and runway in this new environment now.