Coronavirus, How to keep you business on top during panic.
Yes we will all be affected by Coronavirus, some more than others, but how do you keep your business afloat and ride the wave of fear?
1. Look at the Positives - now is a great time to re-evaluate your business
2. Planning & Forcasting for the year ahead - how will this affect your business? You may be experiencing low sales now, but when the coronavirus passes there will be high demand are you ready?
Make use of your quiet time for planning.
3. Cash Reserves - don't stop spending, but spend wisely. Usually the first cuts are in advertising, but smart businesses will increase their spending, especially online with more people indoors.
Coronavirus will pass, like every other virus and natural disaster. You are not helpless, use this time to think outside the square.
Ask yourself, if people are stuck indoors what will they do?
Netflix, Foxtel, Playstation ... ok but then what SHOP, SHOP, SHOP!
What will they shop for? Everything
This means every business has an opportunity thanks to Coronavirus, but you need to act.
Do you have an online store?
While it may take some time to develop a website complete with shopping cart, if you are in a hurry to move stock, you can quickly add a shop through bigger sites like ebay, and amazon.
How are you marketing it?
Getting value for money online can be hard, but think about what gets your attention? Articles, Reviews, Promotions, or is it Customer Reviews. The more stars you have, the more sales you will get right. It's easy to get bad reviews, people make an effort for that, but how do you get the Good Reviews. We like AddMe.com, an Australian company that helps small to large business take the hard work out of customer feedback. They also offer SEO, PPC campaigns that will increase your rankings as well as customers.
5. Communicate - Be proactive, reach out to your customers and offer support.
6. Take care of yourself - Use the time to take a break and recharge your batteries and reduce stress.
7. Know your Market! If you can reach them online, now is your time to go flat out. If you are in travel, services, restaurants and events, when the madness dies down, are you ready for the demand. Take advantage of either situation, be ready or get ready now. After every tough time, there is a good time.
Coronavirus is not so different to other Media hyped crisises like SARS, 911, Y2K, the GFC, natural disasters of all kinds, but you not on survive but thrive if you make wise decisions and build in resilience to your business model
Take advantage of this advice. Businesses that tend to survive challenging times like this are the most proactive ones.
Consumers and B2B buyers WILL ONLY buy online! Retail and events will be significantly affected, but this is an opportunity for Ecommerce Businesses.