All businesses have to bear financial losses all over the world due to pandemic. This crisis took devastative financial impacts to break the backbone of the economy. But, this is not the time to lose hope or courage but to put effort to build gain. Because no storm can ruin your passion. Let’s learn some effective strategies to cope with the crisis. First of all, we need to explore multiple online platforms to increase the awareness of the brand as we were not doing before. Like, we can also use live stream and video call strategies to keep connected intrinsically. On the other hand, we can optimize the cost of goods sold to cut the extra expenses. Similarly, we can offer high-quality services or product to become worthy to ask high prices to increase revenue. Moreover, we can appreciate employees through incentives or awards to encourage extra working hours. Besides this, we can have the opportunity to hire a downsized individual to make the most of their potential at a low pay scale as a win-win chance. Simultaneously, we can reduce expenses by channelizing waste space into opportunity. How? Let’s have a look in detail.
- Diversify your marketing channels
Marketing is a tool to influence the buy button. Yeah, but in COVID-19 the purchasing power parity reduced all over the world. Now the situation is going to normal again. So you also need to pay attention to diversify your offerings through different online platforms. The huge number of online presence means a high level of conversion. Like, if you were not on Facebook, Instagram, YouTube, Snapchat, Twitter, or LinkedIn for marketing purposes, you are missing the opportunity of remarkable sales by a huge population on these platforms. Even those who were utilizing online platforms for businesses, succeed to fight a financial crisis during a lockdown.
So if you try to promote your business through a vast and dimensional online presence, no pandemic will affect you in the upcoming 18 to 24 years. For this, you can promote your gift cards to attract the majority. Besides this, you can have a live stream or video chats to know about their current opinion to deliver accordingly. Moreover, you can keep them engage through Instagram stories and multiple posts. Because posting multiple posts regularly is the most followed strategy to remain in the market as a brand. So people will press your buy button unconsciously.
- Attract through quality
Quality is one of the most required elements for consistent growth. Because quality satisfies the customer. And, this satisfaction increases sales through referrals and repeat purchases. Because quality sets the standards and builds a reputation of the brand in the market. This is something which allows you to offer your product even at high prices. And people like to buy that product without considering the high price due to brands’ reputation. This strategy will multiply revenue.
- Optimize Cost of Goods Sold( COGS)
The post-COVID-19 period brought fewer sales experience with it. This is something alarming for any business. To counter this issue, business persons can cut their expenses to manage sales; loss. Like, they can make changes in menu-pricing, PMIX optimization, packaging, and portioning accordingly. They cannot compromise not quality but the quality of the product to cut their expenses. On the other hand, reduce supply expenses. Moreover, you can also consolidate insurance policies or bank accounts.
- Do a thorough cost-benefit analysis
This is the time to learn a lesson. Most of us didn’t save money for bad times. But now, it is. Plan your business investments and expenditures through thorough cost-benefit and future forecasting. This will help you to survive in a dark time or also will help to expand business in the future. Give thought to the opportunity costs and the effect of debt payments on cash flow to counter future financial crises.
- Appreciate your employees
Appreciation is most important to push employees to work hard with dedication. To recover the financial losses during the crisis, it is time to work rigorously and passionately to compensate for the previous losses. For that, you need to keep your employees motivated by recognizing their work openly. And, this appreciation through words, increments, incentives, awards, and trip opportunities will motivate other employees as well to deliver their best.
- Hire downsized as win-win
You need more employees with less pay scale to increase production. You can give an opportunity to downsized individuals as well. So you can hire online employees or physical to establish or run your business efficiently. It is a win-win situation for employees and employers. How? Because you can convince them to work at a low rate for you to grow your revenue instantly. On the other hand, they can also support their families by earning an appropriate amount of money to meet the necessary needs.
- Channelize waste space into opportunity
Let’s analyze that how much space you are using at your workplace. If you have some common wasters at your office, for instance, too many supplies, piles of paper files, inefficient furniture placements, etc. remove them. Moreover, you can also consolidate or centralize in different departments. Like, you can use one place for dual purposes. For instance, you can use one room for a meeting, as a break room, or as a storage room according to the nature of the business. This saving of space will help you to increase staff or decrease the rent amount. Or, we can rent extra space out as well.
- Adjust offerings for new customers
According to the pandemic environment, you need to offer more modified offerings with hygiene consideration. Like, you need to offer properly packed products or “grab and go” to provide ease. Because a sense of hygiene is the most demanded element in a pandemic scenario. You can also hire digital agency – Xtreme Technologies to improve your online presence. So you need to add it to satisfy your customers’ needs. On the other hand, you can increase offering to facilitate them. For instance, you can o0ffer home delivery without extra charges to keep the customer in long run.
COVID-19 opened our eyes that how less our savings were. And how bad we were running a business. This lockdown period made us more competent than ever. As we know that “Diamonds are to be found only in the darkness of the earth, and truth in the darkness of the mind”. We have learned that diversity in offerings, channelizing potential, and delivering quality are essential elements to grow in the post- lockdown period.