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Strategy

COVID-19: 3 Easy Steps For Business Growth During A Crisis

Staying out of trouble during unprecedented times

During these remarkable times, it is impossible to predict what the future holds for us. The outbreak of Covid-19 has brought the (fragile) world to a screeching halt. Affecting over 3.3 million people worldwide, Covid-19 has effectively reversed the recent economic growth of many countries. Governments across the world are enforcing lockdowns and social distancing measures to minimise the transmission.

They’re also contemplating methods to restart their economies to minimise the economic fallout. However, the public health system has to be prioritised to ensure the safety of people in the workplace. According to McKinsey, the most important factors determining the readiness of any region to restart operations are:

  • The abilities of existing public health system
  • An accurate assessment of the magnitude of virus transmission

Small business owners are also coming up with ways to deal with this crisis effectively. They are transforming their operations and formulating new business growth strategies to maintain their competitive advantage. This is an outline of strategies that business owners can use to keep their businesses running and growing:

1. Fostering lasting customer relationships

Currently, businesses are posed with a challenge to conduct their operations while minimising the health risks for their employees. This makes it easy for businesses to lose touch with their customer base, causing further damage to their operations. Therefore, it is essential for all businesses, regardless of size, to build goodwill with their customers.

This goodwill and trust would undoubtedly help them foster useful and lasting relationships with their customer base.

Sending emails or reminders can help businesses inform customers that they have not been forgotten. Businesses should work towards informing customers that they still have their services on offer during the pandemic.

2. Fulfilling emerging consumer needs

It is essential for businesses to stay up to date with the latest customer needs that might have surfaced recently. Working towards fulfilling these needs will go a long way as it would build a lasting bond between customers and businesses. Businesses can start by analysing their existing operations to better assess their abilities to meet the specific needs of their customers.

3. Going Digital

Going digital can also help businesses stay in touch with its customers while reaching out to a larger base. Recent surge in usage of online platforms should be a guiding force towards optimising businesses for digital operations. Studies have shown that going digital can help SMEs transform their operations, by equipping themselves with the tools necessary to survive during turbulent periods. Software offered by Atlassian, Freshworks and Mailchimp help transform daily operations during a crisis, by helping business communicate more efficiently and effectively with their customers.

If you or your business are finding it difficult to survive during this pandemic, contact our team at Soar360. There are plenty of strategic avenues on offer. Governments and city councils are offering many grants for small or established businesses, helping then re-focus their efforts towards sustainability. Our experienced team are here to help you evaluate and access these grants.