5x Practical Tips Businesses can implement right now to help survive Covid-19

Fortune favours the brave, and there is no better time to be brave than right now. No matter what business you’re in, you will be affected in some way by Covid-19. This will be a water-shed moment for community, society and business as we know it. The future of “Business as Usual” will look different so now is the time to seize opportunities and look at ways to adapt to the changes that are coming.

A lot of it is about mind-set and perception. We cannot afford to hide our heads in the sand, we must acknowledge the disruption and take some comfort that everyone is affected. We must also embrace it; great businesses and brands (no matter how big or small) rise above adversity and take the challenge on. Opportunities abound and every business should adopt some form of mindset where small improvements and advancements can be made every-day, and in times of crisis.

1: Keep on the Radar:

While many businesses are reacting and retracting, now is the best time to push and respond. Communicate with your customers and clients via phone or email at the least – reassure them and ask them if they are OK and how YOU can HELP them? The sentiment will not be lost, and it all goes toward great customer relationship management and building trust. Give them every reason to support you and tell others about you.

If you are on Social Media, now is the time to post meaningful and specific content, share good-will stories / blogs, promote your customers or strategic relationships. If you’re able to trade, promote creative specials and help drive brand engagement, likes and followers. Keep your brand at the top of customer’s minds so you are in a better position later on. Don’t just bombard the market with sales and deals, market them with your overall value proposition and personalisation: It’s all about relationship and trust.

2: Think and Be Agile:

To embrace change and react to a disrupted market you need to think agile and be able to act quickly. Now is the time to clean up your systems and procedures, do away with cumbersome old-school methods. Many businesses have reported improvements in productivity through using technology: Zoom will be the new normal for business and even client communication / interaction – even when we can physically interact as before. We have also seen that many can work remote, and even produce better outputs while maintaining a healthy life balance.

What if the business didn’t need an office, or those lengthy meetings, or those bottle-necks? Online, cloud based and paperless are good places to start. Even for industries requiring hands-on work, how can we create efficiencies in work-flow, throughput and communications? Place yourself in the customer’s shoes – is their experience of your business / service painless, valuable and engaging?

Importantly, how do we as business owners and decision-makers think and act agile? Do we allow easy decision making and ideas to progress our business, or do we procrastinate and continue with the ‘old’ way?

3: Build Relationships:

Relationships and trust are two critical factors in any business climate, especially now during Covid-19. The marketplace needs to have trust in YOU, your PRODUCTS/SERVICE and your BRAND. The marketplace is not just your customers and clients, it’s also your suppliers, professional service providers, local and overarching governing bodies. Look to add to the conversation within your industry and be a proactive, leading voice for others to follow. Would a health and social service provider sit back and ride it out, or would you be actively talking with other agencies, ministries and being proactive?

Think of some ways to collaborate with other local businesses, bundle some products or services together, leverage your value and build those relationships to endure long after Covid-19.

Of course, no better time than now to really engage with your existing clients, talk to them, find out their urgent needs at this time – not just from you but all areas, you might know someone to refer or connect them with. How can you support them and keep on their radar as above?

4: Pivot and Innovate:

Look at your P&L and Cashflow, how can you reduce costs? Think about the long-term, do you even need bricks & mortar? Do you need to hold all of that stock? Can you pivot to an online platform? What will the customer buying habits be like in a post Covid-19 world? Can you cut out the middle-man and sell direct to the customer? Can you engage your customer base virtually?

Now is the time to think innovatively about how you will do business in the future. What does bundling up your knowledge and experience look like into an online subscription service? Can you diversify your offering to fill new gaps in the market? What does contactless delivery look like for your café? Can you run a tourism business when there are no tourists (likely no international for a very long time)? The answer of course is YES.

5: Look at the big picture:

For some businesses there might not be much you can do right now due to the restrictions. But allow this time to plot and scheme about the future. Do you see areas you can diversify, new opportunities or ways to deliver you products and services? What does the future hold for your clients, how will they be affected by the economy and in turn how does this affect their buying ability?

What trends can you see in your industry and can you see any significant problems arising? These could be in areas of supply / demand, sales channels / methods, communication, engagement and more.

And if you really do have to close the doors? So what. Nothing is a failure, build on your learnings and experiences to try the next thing. For anyone in business, at any stage it’s really important to surround yourself with the right people to feed into your business life. Having a good business mentor to help you navigate is important. Whether you pay for one or have a network of experienced business minds to chat with, it’s a lonely road doing it alone.

Lastly, keep yourself in check – mental well-being is very important and the statistics for New Zealand already read bad for depression, anxiety, stress and suicide in our business community. It’s okay to reach out for help.