he COVID-19 pandemic is rapidly changing the business landscape, making it difficult for many companies to stay profitable and remain open for their customers.
If you’re wondering how you can be proactive and prepare for COVID 19 recovery, there are several things your business should be doing to get your company back on track as soon as possible.
Whether your company is large or small, having a solid game plan will put you ahead of the curve so you’ll be ready to get back to business. Read on for some key strategies to practice that will help secure business growth in the future, even during these trying times.
Prepare Your Team to Work Remotely
The foundation of any successful business is the team behind it. Whether you already use remote workers or you’re planning to do so as part of your COVID 19 recovery plan, it’s crucial to get this step in motion as soon as possible.
There are countless tools and software programs you can use to implement a remote team strategy. Group chat programs like Slack allow you to set up teams, send direct messages, and participate in chats so that everyone stays on the same page.
Whether it’s Zoom, Webex, or another video conferencing program, these tools will help you keep your finger on the pulse of your team. With video chats, you can hold company meetings, set up training sessions, and just check on the welfare of your employees while you operate remotely.
Of course, the most important part of using remote teams is having the ability to maintain customer contact. Set up an interface on your website where customers can chat with your employees in real-time.
The simple act of being available to customers during this difficult time can make a huge difference as part of your overall business and disaster continuity plan. When customers can’t reach you, they can become frustrated and might move on to another business who is available to answer queries or address concerns.
Of course, putting a remote team in place takes some legwork on the backend. Make sure your employees understand the new rules, have the hardware they need at home, and that they’re ready and able to help from home.
Check on your employees frequently and let them know you’re available to help them make the transition. If they need a computer, office furniture, or other vital equipment, do your best to provide it so you can continue with business as usual (as much as possible).
Your COVID 19 Recovery Plan Must Include Digital Marketing
Regardless of the products or services you provide, digital marketing is an absolute must throughout these trying times. If you don’t already have a digital marketing strategy in place, it’s something you’ll need to develop right away.
Social media is an inexpensive, easy way to maintain customer engagement and inform people about your status. Whether it’s Twitter, Instagram, or Facebook, this form of digital marketing is low-cost yet it allows you to reach a wide swath of people all at once.
Revamp your email newsletters and include important updates pertaining to how you plan to continue business during the coronavirus crisis. Regular communication is key during this time, and digital marketing helps you get it done in a streamlined, effective way.
Aside from direct marketing, consider a few online ads that you can implement in a strategic way. Partner with other companies and exchange ads so you’re sharing a similar market.
You may need to “pivot” your business and your mindset and look for new ways to market your goods and services. Through digital marketing, you can create special offers, discounts, and update customers in an easy way that works for you.
The key to success in post-COVID-19 marketing is to put your finger on the pulse of what your customers want. Use this information to change business practices, do things differently, and to continue to reach out to the people who are keeping your business open.
Think About Sales and SDR Processes
Almost every business on earth needs an effective sales team to reach out to customers old and new. If you utilize SDR (sales development reps), you need to consider how your current processes may impact communications with customers.
Every business needs sales to stay profitable, but directly contacting customers right now might not be an appropriate step. Sit down with your SDR group and have a serious discussion about how you want to proceed moving forward.
Using SDR processes can help you generate leads, but during a pandemic, it’s wise to tread carefully. Come up with a new, detailed plan to utilize your sales teams and strategies in a different way.
Ask your sales team to do some research and find new ways to communicate with prospective leads that will be responsive and will help your business potentially land new revenue. You can do this by ensuring that they’re reaching out to potential customers who will understand why they’re being contacted more than just how.
Examine New Business Trends for Lead Generation
Looking at trends in business during a crisis or disaster is key to developing an effective COVID 19 recovery plan. For example, breweries, cosmetics companies, and other businesses have successfully transformed their main products from liquor or makeup to hand sanitizer.
No matter what you currently offer, there’s always a way you can adapt and change to make your business fit the current climate in a way that speaks to customers. Successful businesses will be able to innovate during this time in order to make things work.
Read headlines daily, talk to other business owners, and try to get a sense of what your customers want and need. When you actively listen and take notes, you can easily adapt to trends that will keep your company afloat and profitable.
Unfortunately, many small businesses will likely fold during this unprecedented time. Even if your business doesn’t end up with an incredible amount of revenue, anything you can do to adapt will help you stay afloat until the storm passes.
Aside from some new ideas that you can try to adopt during this crisis, consider partnering with other businesses to form a new relationship. In times like these, you might find out that more than one business is stronger and better than one that sticks to operating solo.
Examine Your Accounting Strategies
The real key to any business continuity plan is to closely monitor funds and accounting methods. As your cash flow will likely fluctuate wildly during this time, it’s important to decide if you need to make a few major changes to protect the company as a whole.
One way to do this is by working on a trigger-based accounting strategy to keep funds in a safe place. This method of accounting involves taking your balance above a specific, pre-set level and placing the excess funds into an investment account automatically.
You can set the parameters for your trigger balance so that it only moves money after you reach a certain threshold or only at specific times of the month. The money goes into an investment account so that it has the potential to grow.
Base your cash level for the trigger balance on a few different factors, including how much the bank fees will cost you every time you sweep funds out of one account and into another. If the rate on your investments is low, you could set the trigger balance higher. This means you won’t lose money from any investment income that could potentially be lost.
Alternatively, if the interest rate on your investment is high, your trigger balance should be set lower. Talk to your CPA about how you can adapt your current accounting methods to make it work in your favor. An intelligent business strategy involves much more than marketing; it also requires a keen mind and eye toward accounting-based practices.
You might also want to consider mix modeling marketing strategies. This method involves using data and statistics to determine the best way to market to customers. While it may not seem like now is the time to change direction, it could end up benefiting you in the long run.
Use brand awareness and longevity to help you determine some marketing strategies. Combine that with long-term trend forecasts and comparison models to decide if the mix modeling method will work for you.
Staying Strong During a Crisis
The coronavirus pandemic is creating a volatile environment for consumers and businesses. With the right COVID 19 recovery plan in place, you can weather the storm and come out profitable in the end.
If you’d like to talk about your marketing strategies or need help developing a plan, visit our website or contact us today for more information.