5 Strategies to Help Your Business Recover from Coronavirus
COVID-19 is turning large and small companies upside down but here’s the secret to limiting the damage.
The Coronavirus crisis is causing widespread havoc worldwide, particularly regarding the economy. Air travel, sports leagues, restaurants, and many other industries are being adversely affected. Most public health officials and scientists are telling the public that the worst is not over yet. In times of crisis, it can be a challenge to stay calm and remain optimistic. For business owners, like yourself, staying calm and collected under pressure is a part of their day-to-day responsibilities.
Here are key strategies and insights to help your business recover quickly from the market adversity.
Review Your Public Liability Insurance PremiumsBe sure to review all your business insurance, including public liability insurance, to make sure your premiums are affordable and your coverage is adequate. Times are tough and you don’t want to spend more on coverage than is necessary.
You can do some online comparison shopping when you check out BizCover’s website by clicking here. Take a few minutes to get a public liability insurance quote. You can get even more coverage information, as well as an estimated premium either online or over the phone.
If you don’t have a public liability plan, then you’ll want to get one right away. This type of insurance will keep your company from absorbing financial damages and legal fees associated with negligence, including property damages and personal injuries. By having a public liability policy, you won’t have to dip into your company’s checking account should you find yourself dealing with an unhappy client.
Your clients probably have a few different pain points related to the COVID-19 virus. This is something you want to anticipate so you’re prepared to keep your customers satisfied. Start off by thinking strategically about how you can help your clients, what you can offer them. Adjust your sales pitch accordingly and design your business marketing around the worries we listed below.
– Will you be able to get all the appropriate supplies to finish the job? Can you access enough product inventory to meet demand? Or are you having issues with your upstream suppliers?
– Is your service business following all the social distancing and sanitation rules to prevent the spread of COVID-19? Are you doing daily temperature checks for your employees? Are your team members wearing masks, gloves, shoe protection, and sanitizing worksites?
– What are the local COVID-19 guidelines? How do these rules impact your operations? How can you adjust, comply with local public health guidelines, and still take care of customers?
Managing business challenges is part of your everyday life but the virus pandemic has certainly exacerbated your concerns. Your role as a business owner is to find a way to reposition your company. You want to make sure your business remains helpful and valuable to clients throughout this crisis.
Get Involved in New Sales ChannelsEven though the world has been in lockdown, people still have needs and wants. The more your clients stay at home than the more they may want to purchase your products or access your services. For instance, if you are a painting company, you may find commercial property owners think it’s a great opportunity to hire a painting crew. Since most employees are working remotely, your painting crew can quickly and easily freshen up the office space with new paint.
Here are some great prompts to get you thinking about how you can keep a strong relationship with your customers during such a crazy time:
– Will boosting your online marketing help solicit some sales?
– Are you using your business website, LinkedIn, Facebook, and other social media platforms to reach customers?
– Have you called or emailed all your leads and business partners to solicit new business?
Commerce is still being handled but it’s taken a different form. You’ll need to adapt as well.
Nurture Your ProspectsThe slowdown caused by the Coronavirus gives you a good opportunity to re-evaluate your operations, processes, suppliers, expenses, and other aspects of your business. Once you have a good grasp of your company’s current position, then you can do long-term strategic planning.
Now is the perfect time to nurture any new leads or big projects that you’ve been trying to secure. Keep checking in with your prospects, reassure them of how your business is taking big precautions if need be. Let your customers, old and new, know that you’re open for business.
This uncertain situation is obviously causing a lot of cancellations for business conferences, sporting events, and airline reservations. You may have gotten a few calls from clients looking to cancel or postpone their orders or projects. These scenarios can throw off your spending and investments.
That’s why we recommend you continue to nurture every business lead. Keep in mind the big picture even if things feel uncertain.
Prepare for After COVID-19Eventually, there will be a vaccine to control the Coronavirus and we’ll all be able to get back to a new normal. You want to keep your painting service up and running now so you can meet the demands that are surely awaiting you after the pandemic passes. You may find your phone won’t stop ringing during the post-crisis recovery.
Will you be ready to meet the need? Will you have enough staff available? Will you be able to get the required supplies? How much work can you reasonably handle? Will you need to work for your staff seven days a week?
Think ahead now to what might happen once the Coronavirus subsides. Begin preparing for different outcomes so you can quickly seize on the recovery and get your employees back to work quickly.